Scams & Alerts

The IRS introduced its Fresh Start initiative to help taxpayers resolve their tax debt cases easily. The Fresh Start initiative has reduced qualifying requirements for certain tax debt payment plans, and provides greater flexibility in the process of paying IRS tax debt. The Fresh Start initiative affects only certain payment plans. IRS Tax Debt Resolution:... Continue reading →

The Treasury Inspector General for Tax Administrator (TIGTA) has come up with its annual report on the performance of the IRS during the year’s tax season. For the tax year 2013, TIGTA has a favorable report for the IRS. In spite of the delay in the opening of the tax season, the IRS is found... Continue reading →

Tax debt can be resolved through various methods, including making payments in installments, qualifying for bankruptcy or getting reduction in tax debt. For each taxpayer in tax debt, there is usually one method that will provide the most benefit. The first step, however, is to find out the eligibility requirements of each tax debt resolution... Continue reading →

Foreign Account Tax Complaint Act (FATCA) will introduce many new tax duties for American taxpayers living abroad. From 2014, not only American taxpayers living overseas, but also foreign financial institutes (FIIs) will be required to report to the IRS. Failure to report will mean heavy penalties. Forbes reminds Americans living overseas of their new tax... Continue reading →

Being in tax debt is distressing because the Internal Revenue Service can use collection actions to force taxpayers to pay back taxes. Wage garnishments, liens on property, levies on assets are some of the IRS’ aggressive collection actions that are best avoided. A case of IRS tax debt becomes more complicated through delays and inaction.... Continue reading →

American Citizens Abroad (ACA) wrote to the IRS informing the agency about “what appears to be a drafting oversight in the preparation of the Affordable Care Act that leads to double taxation of Americans resident abroad.” Tax News shares how the Affordable Care Act, also known as Obamacare, affects the taxation of Americans living overseas:... Continue reading →

There are many ways to resolve a tax debt, including bankruptcy, tax debt reduction and payment in installments, but out of all available methods for tax debt resolution there is always one that will suit your specific circumstances better than others. To choose the most appropriate resolution method and handle the resolution proceedings, taxpayers can... Continue reading →

After making agreements with France, Germany, U.K., Mexico and many other countries, the U.S. has now successfully made Foreign Account Tax Compliance Act (FATCA) agreements with the Cayman Islands and Costa Rica. Caribbean and Central American tax havens might not be as huge as Switzerland, but they do offer opportunities for tax evasion. The punishment... Continue reading →

When a taxpayer decides to hire professional help for the resolution of a tax problem, it is essential to consider whether the professional will be able to handle and resolve the case effectively. An important factor when hiring tax help is authenticity. Taxpayers must check the legitimacy and competency of a tax resolution service or... Continue reading →

U.S. taxpayers or foreign entities in countries that haven entered into the FATCA agreement with the U.S. are required to report their financial accounts in which U.S. taxpayers hold a substantial ownership interest. Trustees of U.K. charities are not required to report assets to the U.S. if they do not have holdings in the U.S.... Continue reading →