Posted on September 9, 2023

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,... Continue reading →

Posted on September 8, 2023

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... Continue reading →

Posted on September 5, 2023

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... Continue reading →

Posted on September 4, 2023

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... Continue reading →

Posted on September 3, 2023

Even though the IRS has been able to curb illegal tax evasion, the government continues to lose tax dollars. There have been multiple cases that have made headlines in the past few months about large companies using tax inversions. It’s common knowledge that companies use tax strategies to minimize their liability, and inversions allow them... Continue reading →

Posted on September 2, 2023

Apple Inc. made news when they were criticized for attempting to reduce their tax liability in the U.S. by keeping their profits overseas. After that, cases of other companies using similar tactics were reported. Now Burger King is being attacked by lawmakers and critics for evading taxes. According to reports, Burger King paid substantially less... Continue reading →

Posted on September 1, 2023

When asked about legal tax evasion, corporations often blame the high corporate tax rate for prompting their tactics. Though it’s true that the corporate tax rate in the U.S. is the highest in the world at 35%, companies use strategies to avoid paying that. These companies often come under fire for reducing their tax bills... Continue reading →

Posted on August 29, 2023

When the IRS discovers that an individual owes taxes, they will begin efforts to collect on the debt. There are various kinds of collection actions the IRS uses, including sending notices, federal tax liens and, eventually, a levy. It’s important to take seriously the initial notices which the IRS uses to inform of the amount... Continue reading →

Posted on August 28, 2023

Back tax resolution may seem difficult, but it may be easier than you think if you get started early. First, you need to find out the amount of your debt. With the addition of penalties and interest, the original amount you owe may have increased. The longer your liability goes unpaid, the more it ultimately... Continue reading →

Posted on August 27, 2023

Each year, millions of taxpayers file their tax returns electronically using the IRS free tax filing program. Filing returns electronically is faster, as taxpayers can complete their taxes within minutes and without leaving their home. E-filing also provides taxpayers with a safe filing method, as there is little chance of the return getting lost, damaged... Continue reading →