Blogs

The IRS is reluctant to use its agents in enforcing the new health insurance plan that requires all Americans to buy health insurance. Under the plan, which was upheld by the court this year, anybody who does not have health insurance will need to pay penalty to the government.Although the penalty is $95 or 1... Continue reading →

The IRS sends notices for the payment of back taxes with details about the amount of taxes owed and the various options of payment. The taxpayer then has the choice to either to resolve their tax debt or challenge the IRS’ claim. The IRS has been known to make a mistake when determining the amount... Continue reading →

The IRS can begin the collection process for taxes owed at any time, and when it does, the total taxes owed are usually much more than original amount stated due to penalties and interest.Michael Jackson is in the news for back taxes years after his death. The IRS claims that the Jackson estate owes $702... Continue reading →

If you have an unused Individual Tax Identification Number (ITIN), the IRS may deactivate it if you have not used it for five consecutive years. This is in accordance with the new IRS policy that the IRS announced last week. Even though at present the IRS has not deactivated any ITINs, it will begin to... Continue reading →

Offshore Voluntary Disclosure Program (OVDP) allows taxpayers that have evaded taxes to get back into tax compliance without facing harsh punishment for it. The IRS initiated OVDP again in 2011 after its 2009 success. Along with Foreign Account Tax Compliance Act (FATCA), the IRS is using OVDP to get taxpayers that have been hiding income... Continue reading →

Currently, 13 U.S. states recognize same-sex marriage, including California, Connecticut, Delaware, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont, and Washington), plus the District of Columbia, several counties in New Mexico, and six Native American tribal jurisdictions.The movement to achieve equal marriage rights for same-sex couples began in the 1970s, but... Continue reading →

The IRS phone scam began even before the 2014 tax filing season and was called the largest tax scam ever of its kind. Sadly, it did peter out with the tax filing season, and still continues, claiming victims from across the country.The scam is carried out by the scammers pretending to be from the IRS,... Continue reading →

The Foreign Account Tax Compliance Act (FATCA) was established to fight tax evasion. On July 1, 2014, the law will take full effect. Under FATCA, both U.S. citizens living overseas and foreign financial institutions are required to report to the IRS.Before FATCA, the U.S. had agreements with various countries to limit tax evasion, but those... Continue reading →

Small businesses can get important information about their tax liabilities directly from the IRS through its webinars. The IRS conducts webinars on different topics to help taxpayers and tax professionals to gain information about tax laws. This year, the IRS is holding two webinars on small businesses on 13th May and 15th May. The webinars... Continue reading →

Identity theft has been a major problem for the IRS for years. Identity theft topped the IRS’ list of the top 12 tax scams in the country for two years running. Given the difficulty in identifying and tracking the fraudster, along with the complexity of the scam, the IRS continues to struggle in keeping this... Continue reading →