Blogs

If you are considering applying for an Offer in Compromise (OIC) to achieve tax debt resolution, be sure to check the qualifications. After you apply for an Offer in Compromise, the IRS will request information on your income (from all sources), liabilities and assets. The information required can vary depending upon the amount of tax... Continue reading →

The IRS follows certain rules and processes when collecting a tax debt. When the IRS discovers that you have unfiled returns, they will likely file a substitute tax return on your behalf to ascertain the amount you owe. If you filed a tax return and the taxes due were not paid, then the IRS will... Continue reading →

Tax evasion cannot be completely halted, but it can be limited. The Obama administration has been taking bold steps to control tax evasion, both legal and illegal. Although the latter is being controlled through the implementation of the foreign account tax compliance act (FATCA), restricting tax evasion conducted through legal means is more difficult.The Obama... Continue reading →

Tax evasion is defined as the illegal non-payment or underpayment of tax. Though this definition can be expansive, it is also simplistic. Tax evasion is conducted through various legal and illegal methods, including hiding income overseas, through tax inversions, understating income and by hiding funds in fake trusts and organizations.Tax evasion is not always conducted... Continue reading →

Tax inversion is a method of legal evasion that entails relocating the company’s headquarters to a tax haven or a country with lower tax rates. Many companies also use mergers with the intention of drastically reducing their tax liability in their own country. They do that by undergoing a merger with a company that operates... Continue reading →

Millions of taxpayers find themselves in debt each year. An individual can use different methods to resolve their liability, including payment plans, paying the entire debt at once or possibly requesting innocent spouse relief. Many of the resolutions have eligibility requirements that must be met before approval is given.Some of the commonly used IRS plans... Continue reading →

The IRS can send you a notice about a change they made to your account, recalculations they made that alter the tax amount you owe, or an explanation of proposed collection efforts. Not every IRS notice requires you to take action. If, for instance, the IRS recalculates and determines that you don’t owe a debt,... Continue reading →

The IRS has been successfully fighting tax evasion by making agreements under FATCA (Foreign Account Tax Compliance Tax) with the governments of various countries. By improving the transparency in the financial transactions American taxpayers conduct overseas, the incidents of tax evasion have been reduced.FATCA also requests details from foreign financial institutions when they conduct transactions... Continue reading →

Many tax reporting requirements were changed and some others introduced when the U.S. government began efforts to curb tax evasion; specifically, curtailing the practice of hiding income overseas. Under the Foreign Account Tax Compliance Act (FATCA), new reporting requirements were implemented for both individual U.S. taxpayers living abroad and foreign financial institutions.Although instances of this... Continue reading →

In most cases, if you were born in the U.S. you are considered a U.S. citizen, even if you are living abroad and have citizenship in another country. With dual citizenship, though, comes dual responsibility. There are specific guidelines for filing and paying taxes for individuals who have citizenship in both the United States and... Continue reading →