Posted on September 23, 2023

Tax evasion is defined as the illegal non-payment or underpayment of tax. Though this definition can be expansive, it is also simplistic. Tax evasion is conducted through various legal and illegal methods, including hiding income overseas, through tax inversions, understating income and by hiding funds in fake trusts and organizations. Tax evasion is not always... Continue reading →

Posted on September 22, 2023

Tax inversion is a method of legal evasion that entails relocating the company’s headquarters to a tax haven or a country with lower tax rates. Many companies also use mergers with the intention of drastically reducing their tax liability in their own country. They do that by undergoing a merger with a company that operates... Continue reading →

Posted on September 19, 2023

Millions of taxpayers find themselves in debt each year. An individual can use different methods to resolve their liability, including payment plans, paying the entire debt at once or possibly requesting innocent spouse relief. Many of the resolutions have eligibility requirements that must be met before approval is given. Some of the commonly used IRS... Continue reading →

Posted on September 18, 2023

The IRS can send you a notice about a change they made to your account, recalculations they made that alter the tax amount you owe, or an explanation of proposed collection efforts. Not every IRS notice requires you to take action. If, for instance, the IRS recalculates and determines that you don’t owe a debt,... Continue reading →

Posted on September 17, 2023

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... Continue reading →

Posted on September 16, 2023

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... Continue reading →

Posted on September 15, 2023

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... Continue reading →

Posted on September 12, 2023

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... Continue reading →

Posted on September 11, 2023

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,... Continue reading →

Posted on September 10, 2023

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... Continue reading →