Blogs

With the Foreign Account Tax Compliance Act (FATCA) and Offshore Voluntary Disclosure Program (OVDP) under its belt, the IRS is seriously battling tax evasion and using soft and aggressive tactics to increase tax compliance.Tax evasion by hiding money in overseas accounts is widespread. It has been listed fourth in IRS’ 2013 Dirty Dozen Tax Scams... Continue reading →

The best time to resolve back taxes is the right after you discover you owe. If you are able to pay the entire amount in a single payment, which is the easiest method to resolve back taxes, it is highly recommended you do so. However, if you owe taxes of past years as well, or... Continue reading →

Social Security is a promise every American citizen receives from the government for basic survival after retirement. Even though all taxpayers fund Social Security through payroll taxes, the benefits they enjoy may not be equivalent to the amount of taxes they paid, due to their level of income through the years.The Social Security wage base... Continue reading →

The IRS says it issues a refund 21 days after submission of a tax filing, but there can be delays due to additional reviews. Taxpayers should review the status of their refund to determine when to expect the funds to reach them. Now, checking the status of your refund has become easier with the IRS’... Continue reading →

Attempting to steal the identities of taxpayers to file false returns and claim huge refunds is a tax crime most taxpayers will encounter during tax season. Identity theft efforts are made both online and offline by identity thieves.Tax frauds use fake websites and unsolicited emails that are exact replicas original IRS and financial institutions to... Continue reading →

The top five tax scams that rocked the country in 2012 were identity theft, i.d. phishing, tax preparer fraud, hiding income offshore, and “free money” promises from fake IRS solicitations.Identity theft still rules the number one position on the IRS’ Dirty Dozen tax scams. For 2012, identity theft remained the most prevalent tax scam of... Continue reading →

The U.S. federal budget deficit is lower than it was in 2012. The deficit grew February 2013 by $203.5 billion, the Treasury Department said, but it is still lower than 2012.This February, the gap was $28 billion less than what it had been the same time a year ago. If the first five months of... Continue reading →

Analysts believe that in 2013 the budget deficit will shrink to $845 billion, which will be the lowest during Barack Obama’s presidency. Even thought that might bring a sigh of relief to many, the relief is short-lived because the deficit is expected to rise again after a few years.The cost of health for the elderly,... Continue reading →

With the introduction of the Foreign Account Tax and Compliance Act (FATCA), the IRS has made a strong move to recover hidden money in offshore accounts. Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed a certain threshold are required to report those assets to the IRS.To enforce compliance, the IRS has made... Continue reading →

The fact that the rich are now paying higher taxes comes as a surprise because most of us do not think of the rich as being abused in a tax system that notoriously favors the wealthy.President Barack Obama is reluctant to raise taxes for any tax bracket, except the rich, “I am prepared to do... Continue reading →