Tax Relief Companies

Many back taxes help dub IRS’ Offer in Compromise as ‘Pennies on the Dollar’ to attract taxpayers to hire their services. If it had remained a marketing technique, it would have done less damage, but many tax companies and tax professionals use Offer in Compromise to extract large upfront fee from taxpayers without providing any…

Resolution of back taxes require expert help if taxpayers are not able to pay off their tax debt in a single payment. Taxpayers need to negotiate with the IRS to enter into an agreement where they can comfortably pay their tax debt. Usually, American taxpayers take back taxes help to match them with an IRS…

Tax scams have increased in number in the last few years, leaving thousands of taxpayers vulnerable to fraudsters. Busting of scam tax relief companies namely American Tax Relief, Roni Deutch and Tax Masters raise questions about how deep scams concerning taxes really are.Scams of Tax Relief CompaniesAfter the above mentioned tax relief companies were exposed…

If you have U.S. filing or income reporting requirements and are required to use an Individual Tax Identification Number (ITIN) on your tax return, there are some important factors to remember. If you have not submitted a return with your ITIN for five consecutive years, then your ITIN may be deactivated by the IRS. Even…

If you have an unused Individual Tax Identification Number (ITIN), the IRS may deactivate it if you have not used it for five consecutive years. This is in accordance with the new IRS policy that the IRS announced last week. Even though at present the IRS has not deactivated any ITINs, it will begin to…

Offshore Voluntary Disclosure Program (OVDP) allows taxpayers that have evaded taxes to get back into tax compliance without facing harsh punishment for it. The IRS initiated OVDP again in 2011 after its 2009 success. Along with Foreign Account Tax Compliance Act (FATCA), the IRS is using OVDP to get taxpayers that have been hiding income…

Currently, 13 U.S. states recognize same-sex marriage, including California, Connecticut, Delaware, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont, and Washington), plus the District of Columbia, several counties in New Mexico, and six Native American tribal jurisdictions.The movement to achieve equal marriage rights for same-sex couples began in the 1970s, but…

The Foreign Account Tax Compliance Act (FATCA) was established to fight tax evasion. On July 1, 2014, the law will take full effect. Under FATCA, both U.S. citizens living overseas and foreign financial institutions are required to report to the IRS.Before FATCA, the U.S. had agreements with various countries to limit tax evasion, but those…

The IRS phone scam began even before the 2014 tax filing season and was called the largest tax scam ever of its kind. Sadly, it did peter out with the tax filing season, and still continues, claiming victims from across the country.The scam is carried out by the scammers pretending to be from the IRS,…

Small businesses can get important information about their tax liabilities directly from the IRS through its webinars. The IRS conducts webinars on different topics to help taxpayers and tax professionals to gain information about tax laws. This year, the IRS is holding two webinars on small businesses on 13th May and 15th May. The webinars…