Blogs

When asked about legal tax evasion, corporations often blame the high corporate tax rate for prompting their tactics. Though it’s true that the corporate tax rate in the U.S. is the highest in the world at 35%, companies use strategies to avoid paying that. These companies often come under fire for reducing their tax bills... Continue reading →

When the IRS discovers that an individual owes taxes, they will begin efforts to collect on the debt. There are various kinds of collection actions the IRS uses, including sending notices, federal tax liens and, eventually, a levy. It’s important to take seriously the initial notices which the IRS uses to inform of the amount... Continue reading →

Back tax resolution may seem difficult, but it may be easier than you think if you get started early. First, you need to find out the amount of your debt. With the addition of penalties and interest, the original amount you owe may have increased. The longer your liability goes unpaid, the more it ultimately... Continue reading →

Each year, millions of taxpayers file their tax returns electronically using the IRS free tax filing program. Filing returns electronically is faster, as taxpayers can complete their taxes within minutes and without leaving their home. E-filing also provides taxpayers with a safe filing method, as there is little chance of the return getting lost, damaged... Continue reading →

Taxpayers worry about preparing their tax returns themselves or hiring a legitimate and competent tax preparer. Prior to e-filing, tax filing was a lengthy process where there was a greater chance for errors. Now, with electronic filing, more and more taxpayers are doing their taxes using the IRS’ efile. E-file makes it easier for taxpayers... Continue reading →

Tax filing was far more cumbersome before e-filing. Paper forms had to be obtained, filed and posted. Once they were submitted, taxpayers were at the mercy of the postal service to trust that their returns were received without incident. That changed after the IRS introduced efiling. Now, you can send your return within seconds; you... Continue reading →

When taxes aren’t paid on time, the IRS can begin collection actions to get the taxpayer back into compliance. The IRS has several collection methods, including notices, federal tax liens, and tax levies. Using these methods, the IRS ensures they exhaust all efforts in order to collect the outstanding debt.Before taking aggressive collection actions such... Continue reading →

Innocent spouse is an IRS relief program which enables a taxpayer to avoid liability for a tax debt by transferring it to a spouse. When you have a tax debt as a result of a jointly filed return, you and your partner are generally both held responsible. If you had no idea there was a... Continue reading →

Corporate tax evasion has been in the news for a while. When Apple Inc. faced charges of evading taxes by not bringing their profits made overseas to the U.S., the company quoted high corporate tax rate as the reason many multinationals evade taxes legally. Even though this argument is considered to be the reason for... Continue reading →

Even though tax evasion is illegal, but there are plenty of tactics corporations use to reduce their tax liability to zero. One such method is known as tax inversion. Providing excessive bonuses to employees and showing these as legitimate expenditures are another. Loopholes in the tax code provide opportunities for companies to evade taxes legally.... Continue reading →