IRS

Many times taxpayers think they can ignore or refuse to pay IRS tax debt without a reaction from the IRS. The truth is that the IRS takes aggressive collection actions such as lien and/or levy in cases of avoidance or non-payment of tax debt. Taxpayers are required to pay their IRS debt when they receive…

Taxpayers who are under tax debt can expect to receive notice of levy from the IRS if they have been ignoring previous IRS notices regarding their tax debt. Under an IRS levy, the IRS can seize or sell the property or rights to property of a taxpayer to fulfil tax debt. The IRS has various…

Taxpayers who ignore or avoid paying their tax debt may face aggressive collection action by the IRS such as IRS levy. Under a levy, the IRS may seize property of a taxpayer or any rights to property. It includes wages or salary of a taxpayer under tax debt. Under wage garnishment, the IRS slices off…

IRS levy are not pretty words. It is one of the most aggressive collection actions of the IRS. Taxpayers who are under tax debt and ignore or refuse to pay their back taxes may face IRS levy. Under it, the IRS seizes and may sell any property or right to property of a taxpayer. No…

Hiding income overseas is an all too common way some taxpayers and businesses evade taxes. The 2013 IRS Dirty Dozen Tax Scams lists ‘hiding income offshore’ as the four most common tax scam in the country. Over the years, many taxpayers have been found guilty of hiding their income in undisclosed overseas banks. To assist…

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…

Instead of recovering from the blows of the Tea Party controversy and their $4.1 million training conference, the IRS has stepped into another mess. The IRS gave tax credits worth $2 billion to paper industry companies in 2010. This has led to suspicions and questions regarding the IRS tax credit review process. There has also…

The Foreign Account Tax Compliance Act (FATCA), enacted by Congress in 2010, was introduced to curb tax evasion. Under FATCA, foreign financial institutions are required to share tax sensitive information about the financial accounts held by U.S. taxpayers in their country. Those U.S. taxpayers who hold a substantial ownership of interest in foreign entities also…

In June 2012, the IRS announced that its Offshore Voluntary Disclosure Programs (OVDP) recovered more than $5 billion in hidden tax money from overseas accounts. In April 2013, government investigators stated the IRS collected more than $5.5 billion under a series of OVDP programs. The success of OVDP is apparent. Under OVDP, taxpayers with hidden…

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…