Tax Relief Companies

Americans who live overseas already face the extra challenges of more paperwork and tax reporting requirements entailed in living abroad. Now, the American Citizens Abroad (ACA) organization has discovered that many Americans living abroad will be subject to double taxation due to certain clauses of the Affordable Care Act.Americans living overseas whose income reaches a…

Taxpayers that have the financial capability to pay the entire amount their tax debt should not apply for tax reduction plans such as Offer in Compromise or Partial Payment Installment Agreement. They must consider whether they can pay the entire amount in a single payment or prefer to pay it in installments.The advantage of paying…

Tax debt that remains unpaid will grow because the IRS charges interest and penalties on unpaid debt. Even after a taxpayer has qualified for a payment plan and has started to repay the tax debt, the interest and penalties keep accumulating on the amount that remains to be paid. Interest and penalties only stop with…

Tax evasion is the use of illegal means to avoid paying taxes. There are many different ways taxpayers evade taxes, including using tax havens to keep unaccounted money and assets, under-reporting income, filing a fraudulent tax return and claiming false deductions. Tax evasion is a crime and is punishable under law. The punishment for tax…

Tax evasion attracts stiff punishment that may include imprisonment. Penalties for tax evasion are harsh, but the IRS offers the Offshore Voluntary Disclosure Program (OVDP) to encourage taxpayers to get back into compliance. The OVDP allows taxpayers to get current with their tax filings without attracting heavy penalty and the risk of imprisonment. The penalties…

The U.S. has been targeting tax evasion through Foreign Account Tax Compliance Act (FATCA). Combating tax evasion is a long, hard battle, but the IRS is making rapid improvements. In November, the U.S. made FATCA agreements with the Caymans and Costa Rica. Many more agreements are expected to be made in the coming year.The U.S….

Tax debt especially if it is old and requires negotiation with the IRS, needs to be resolved with proper planning, analysis and expertise. It is essential for taxpayers to get professional help if they are seeking tax debt reduction, postponement of payment or payment through installments. There are many factors that affect tax debt resolution,…

Curbing tax evasion is difficult because taxes can be evaded both legally and illegally. Taxes are evaded legally using loopholes in the tax code. The recent case of Apple Inc. involved evasion of taxes using legal means such as creating a subsidiary of the company in a country, in this case, Ireland, with a much…

The aim of the Foreign Account Tax Compliance Act (FATCA) is to bring down tax evasion by introducing transparency in the financial activities of U.S. taxpayers and U.S. financial institutions. FATCA makes it mandatory for U.S. individual taxpayers to report information about certain foreign financial accounts and offshore assets if they exceed a certain threshold….

Tax fraudsters often use methods such as threatening, tempting and/or misinforming a taxpayer to obtain either confidential information or cash. They commonly use fake identities. Their usual methods of communicating with taxpayers is to send unsolicited emails pretending to be the IRS or a reputable financial institution.If taxpayers receive communication from any source that requires…