Tax Laws

To increase revenue, the government adopted the twin strategy of increasing taxes and reducing government spending. In regards to building revenue, increasing taxes does not only result in advantages. There has been much criticism of high corporate taxes in the U.S., which is known to result in widespread tax evasion, legally and illegally.Many individual taxpayers…

It is not always strict tax laws that improves compliance or increases revenue. There are unexpected and often unpredictable results of stricter tax laws. When the IRS increases its efforts to improve tax compliance among Americans living outside the country, it led to many wealthy citizens renouncing their U.S. citizenship. Many wealthy people consider taxes…

The IRS has many tax debt resolution programs to assist with the various financial circumstances of taxpayers. Some of the most commonly used back taxes resolution programs are the Installment Agreement, Offer in Compromise, Currently Not Collectible and Innocent Spouse. These programs allow taxpayers to resolve their back taxes with or without the full or…

Energy tax provisions are supposed to reduce greenhouse gas (GHG) emissions but have not effective in limiting GHG emissions, a study reveals. To counter this problem, the introduction of a carbon tax is seen as an effective alternative solution.Energy-sector tax expenditures reach roughly $48 billion, but have little to no impact on reducing GHG emissions….

Energy-tax provisions control greenhouse gas emissions in order to protect the environment, but current energy taxes are doing very little to reduce greenhouse gas emissions, meaning tax expenditures and subsidies are not effective in keeping down greenhouse gases while costing the government revenue.The impact of the current provisions is unclear because of the complexity of…

Taxpayers who evade taxes in the U.S. through secret offshore bank accounts may find the details of their financial transactions being handed over to U.S. authorities. That is because under the Foreign Account Tax Compliance Act (FATCA), U.S. authorities are making agreements with governments of various countries to bring more transparency into the financial transaction…

Tax evasion by the wealthy and large corporations amounts to billions in lost revenue for the Treasury each year. The U.S. government, looking to increase revenue, is now going after taxpayers who do not fulfil their tax obligations by hiding assets overseas. Apple Inc. is currently in the news for evading billions in taxes by…

Most taxpayers believe that if they cannot pay their IRS debt, they cannot resolve it. It is a myth that leads to many taxpayers facing tax liens and tax levies. Therefore, it is essential for taxpayers to know that the IRS provides them with various options to satisfy their tax debt.The IRS has payment plans…

Taxpayers who have tax debt want to reduce their tax liability and avoid IRS collection actions. Most taxpayers who are under tax debt want to resolve their tax debt, but they do not have the money to pay their entire tax debt. However, they do not necessarily need to pay back the entire IRS back…

Online retailers were eagerly waiting for May 6th because the U.S. Senate was likely to pass a proposed bill that would require online retailers to charge sales tax outside their physical borders. On Monday, the Senate passed the bill, making the bill that much closer to becoming law. Currently, online retailers only collect sales tax…