Posted on August 12, 2023

Even though most tax preparers are honest, there are a few that file fraudulent tax returns on behalf of their clients to claim huge refunds. Sometimes, the fraud is conducted without the knowledge of the taxpayer client and sometimes with consent taken through persuasion or deception. There are a few signs that will help you... Continue reading →

Posted on August 8, 2023

In complex tax debt cases or if taxpayers are intimidated about interacting with the IRS, it is wise to use outside help. If a taxpayer can pay the entire amount of back taxes in a single payment, or if the amount of back taxes due is smaller where they have full capability of payment, there... Continue reading →

Posted on August 7, 2023

When you do not pay your taxes on time, the IRS will start collection efforts to recover the full amount of the tax debt. It’s important to remember that the IRS will always look to collect the most it can under the present circumstances, but will consider tax debt reduction or postponement of payment if... Continue reading →

Posted on August 6, 2023

The Treasury loses billions of dollars of revenue each year due to tax evasion. This sizable loss of money is due to both legal and illegal tax evasion. In an effort to thwart illegal practices such as hiding income in overseas banks or tax havens and under-reporting income, the IRS implemented the foreign account tax... Continue reading →

Posted on August 5, 2023

Tax evasion has been a problem for decades, but due to the recent economic crisis, the government is trying to prevent further loss of revenue. Even though the implementation of the foreign account tax compliance act (FATCA) has been able to limit illegal tax evasion to a large extent, the current government concern is legal... Continue reading →

Posted on August 4, 2023

An overhaul of the tax code has been due for some time, as effects of tax loopholes are apparent. Both corporate entities and individuals have been exploiting weaknesses in the tax code to limit their liability. Recently, news about companies using inversions to avoid paying taxes in the U.S. has been making headlines. The government... Continue reading →

Posted on August 1, 2023

Due to financial constraints, many individuals are unable to pay their entire tax debt all at once. Even though paying in a lump sum is the simplest way of resolving a tax debt, you may need to square away your tax debt in fixed monthly installments over a longer period of time. There are various... Continue reading →

Posted on July 30, 2023

Many U.S. companies merge with smaller foreign companies to reduce their tax liability, a tactic some critics to declare unpatriotic. Reducing one’s tax liability and whether this truly is unpatriotic is open to debate, considering that the U.S. has a very high corporate tax rate. President Obama has considered lowering this tax rate, and has... Continue reading →

Posted on July 29, 2023

There are two general categories in which corporate tax evasion can be divided: legal and illegal. The major difference between the two is that legal tax evasion can be curbed by removing the conditions that enable it, while illegal tax evasion can directly be punished under law. Corporations that have the resources often use legal... Continue reading →

Posted on July 28, 2023

Tax inversions are being used by American corporations to avoid paying taxes in the U.S. Basically, multinational companies avoid taxes by keeping their profits overseas. This became news, as word quickly spread how tax inversions are being used by corporations to minimize their tax liability in the U.S. When tax inversions first became rampant in... Continue reading →