Blogs

To file taxes correctly, taxpayers need to carefully recheck the information on their tax return even if their return was prepared by a professional tax preparer. Small mistakes can lead to rejection of a tax return, or worse, tax debt. To ensure that they file correctly every time, taxpayers should re-check calculations on the return... Continue reading →

The IRS shutdown that lasted for 16 days has impacted all its operations, be it the issuing of the tax refunds, collection actions, or corresponding with taxpayers. During the shutdown, more than 90 percent of IRS employees were not working. Now, the IRS has re-opened all its operations, but the backlog is huge, and it... Continue reading →

The federal shutdown that last for 16-days is continuing to take its toll on the IRS. Apart from tackling the delays caused by the large number of tasks that went unattended during the shutdown, the IRS is also considering the impact the shutdown will have in 2014. The agency has already announced that the 2014... Continue reading →

Even though the IRS has identified small businesses and sole proprietorships as the biggest contributors to tax evasion, unaccounted income and assets in tax havens are another major form of tax evasion that the IRS has started to curb.Many large multi-national corporations and wealthy taxpayers have been using tax havens to illegally and legally avoid... Continue reading →

Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 to curb tax evasion. Under the law, U.S. citizens living abroad must report their financial assets and income to the IRS if they exceed a certain threshold.Foreign financial institutions must also report to the IRS financial activities that involve U.S. taxpayers. Even if a U.S.... Continue reading →

If you are running a small business, you can take benefits of various tax credits that are available to the owners of small businesses. From the many tax benefits available to you, there are three important tax credits that you can use this season if you qualify for it.Work opportunity credit is a tax credit... Continue reading →

President Obama wants the U.S. to intervene in Syria on humanitarian grounds, but are U.S. taxpayers happy to oblige? It was the end of 2012 when the Obama administration was desperately looking for a way to avoid the fiscal cliff. Now, they want to spend billions in defense of another country. There would be a... Continue reading →

The Foreign Account Tax Compliance Act (FATCA) has been making headlines, for both positive and negative reasons. Under FATCA, the IRS has been making tax agreements with many countries, including Australia, Finland, Germany, Costa Rica, Cayman Islands, Ireland, Mexico, Italy, France, Denmark, Jamaica, New Zealand, Norway, Spain, Canada, and the U.K.FACTA was enacted in 2010... Continue reading →

The resolution of tax debt is not difficult if done with knowledge and experience. To assist taxpayers with the resolution of their back taxes, the IRS has simplified its most common payment plans. By streamlining the application process helps taxpayers pay off their back taxes quicker and easier.Taxpayers who cannot pay the entire amount of... Continue reading →

To understand if the increases in cigarette taxes are good you need to review its impact. A cigarette tax hike is expected to bring decrease smoking, but the increase in cigarette prices can also result in an increase in cigarette smuggling. Reports have shown that a hike in cigarette taxes leads to an increase of... Continue reading →