Posted on May 15, 2023

Resolution of IRS tax debt does not necessarily mean payment of the entire tax debt. IRS payment plans are designed to assist in the resolution of tax debt for taxpayers that cannot pay the full or partial amount of tax debt. For payment of the tax debt in installments, there are various Installment Agreement plans... Continue reading →

Posted on May 14, 2023

Businesses need to fulfill various tax responsibilities. Often, it is the lack of knowledge rather than the intention to evade taxes that leads many small businesses into tax non-compliance. Along with paying taxes on their income, estimated taxes, etc, small businesses also need to withhold taxes from their employees’ wages and pay them to the... Continue reading →

Posted on May 13, 2023

Small businesses are often charged with tax evasion. Even though both large and small businesses use legal means to reduce their tax liability, small businesses often do not have the resources to gain information about every tax law that may affect them. Sometimes, lack of knowledge also leads to the unintentional evasion of taxes. Often,... Continue reading →

Posted on May 9, 2023

Any amount of taxes that remain unpaid after the filing deadline are treated as back taxes. Having a tax debt means collection actions by the IRS such as lien and levy, and the assessment of penalties and interest on the tax debt amount. After the filing deadline, the IRS reviews tax information to identify the... Continue reading →

Posted on May 8, 2023

Tax debt amounts increase every month, due to the penalties and interest the IRS charges. For each month that taxes remain unpaid after the filing date, the IRS charges 0.5% in penalty. The maximum amount of penalty the IRS can charge for a month is 25%. Along with that, interest also keeps accumulating on the... Continue reading →

Posted on May 7, 2023

Not only do expenditures impact your tax liability, but also how you plan your finances. To save on taxes, you must be aware of the tax deductions that you can claim. It will help you to plan your finances better as well as save on taxes. Savings are an important method to reduce your taxable... Continue reading →

Posted on May 6, 2023

Nobody likes to think about taxes throughout the year, but if you spend a little time to plan your finances; your efforts will also pay in a reduced tax bill. When planning your finances, you must consider investing in places from where you can get the maximum tax relief. For instance, maxing out the limit... Continue reading →

Posted on May 1, 2023

When resolving tax debt, taxpayers need to first explore their options to reach a resolution method that provides them with the most benefits in terms of saving time, effort and money. For those taxpayers that are not able to pay their entire tax bill in a lump sum, the IRS has payment plans. These plans... Continue reading →

Posted on April 30, 2023

Americans living overseas are making life choices owing to Foreign Account Tax Compliance Act (FATCA). Due to the new, much stricter compliance rules, many Americans living overseas feel they have to choose between being a citizen of the U.S. or of the country of their residence. For many Americans living abroad, the decision to renounce... Continue reading →

Posted on April 29, 2023

Foreign Account Tax Compliance Act (FATCA) was established to curb tax evasion by improving transparency by intensifying reporting requirements. After the IRS began to aggressively pursue tax evaders that evaded taxes using offshore tax havens, things changed for the millions of U.S. citizens that lived overseas. Complying with the U.S. tax laws became difficult. To... Continue reading →