Tax Relief Companies

The IRS has been successfully fighting tax evasion by making agreements under FATCA (Foreign Account Tax Compliance Tax) with the governments of various countries. By improving the transparency in the financial transactions American taxpayers conduct overseas, the incidents of tax evasion have been reduced.FATCA also requests details from foreign financial institutions when they conduct transactions…

Many tax reporting requirements were changed and some others introduced when the U.S. government began efforts to curb tax evasion; specifically, curtailing the practice of hiding income overseas. Under the Foreign Account Tax Compliance Act (FATCA), new reporting requirements were implemented for both individual U.S. taxpayers living abroad and foreign financial institutions.Although instances of this…

In most cases, if you were born in the U.S. you are considered a U.S. citizen, even if you are living abroad and have citizenship in another country. With dual citizenship, though, comes dual responsibility. There are specific guidelines for filing and paying taxes for individuals who have citizenship in both the United States and…

There are taxpayers who cannot afford to pay their entire tax debt amount due to financial constraints. Fortunately, there are payment plans that allow individuals to potentially reduce their liability. It’s important to note that not everyone can qualify for tax debt reduction, as there are strict qualifying factors.The Offer in Compromise (OIC) is a…

When you have a tax debt that requires resolution, you have various options. Some of the IRS resolution plans don’t require you to pay any amount of tax debt, or perhaps just a portion. These plans are Currently Not Collectible and Offer in Compromise, respectively. There are also other popular payment plans, such installment agreements,…

A tax inversion is often described as a byproduct of a merger between two companies, but for the companies, it may be the primary motive for the merger. Tax inversion is both legal and advantageous, which is why it has become increasingly popular among companies. A number of corporations have already employed this method to…

Tax evasion through both legal and illegal means the U.S. Treasury loses billions of dollars in revenue each year. In an effort to curb tax evasion through illegal means such as hiding income in tax havens, the IRS relies on the Foreign Account Tax Compliance Act (FATCA). This act, through the cooperation of participating countries,…

After it was discovered that many large companies are using tax inversions to limit their tax liability in the U.S., efforts have been made to curb this practice. The difficulty in limiting tax inversions is that they’re currently permitted under federal law. President Obama came out strongly opposed to tax inversions and is now following…

How you decide to handle your tax debt is critical in achieving a comfortable and an advantageous resolution. The more you know about the available payment plans, IRS penalties and interest, and tax law, the easier it will be for you to make the right choice.Familiarizing yourself with the various IRS payment plans is an…

When resolving a tax debt, you should choose the most appropriate payment plan. An appropriate payment plan is one that you can qualify for, provides you the most advantages, and allows you a comfortable resolution. If you have the ability to pay your entire tax debt amount, but not at once, then you may request…