Posted on July 11, 2023

Many taxpayers use professional assistance for help resolving tax debt, particularly if their tax debt is large. Hiring expert help has obvious advantages such as better preparation of the case, representation and negotiations. When resolving a large tax debt, even when they cannot qualify for tax debt reduction plans, taxpayers can potentially pay less in... Continue reading →

Posted on July 7, 2023

To successfully resolve a tax issue, taxpayers must be aware of some of the basic IRS policies that may impact their debt. When in the process of resolving back taxes, one of the most important factors to consider is penalties and interest. The IRS charges penalties and interest each month on back taxes owed. After... Continue reading →

Posted on July 3, 2023

When seeking tax debt resolution, taxpayers should use IRS rules and tax laws to their advantage. There are certain rules the IRS must follow for tax debt and collection. Knowing these rules helps a taxpayer avoid drastically increasing their tax debt or facing aggressive IRS collection actions, which are two consequences a taxpayer may face... Continue reading →

Posted on July 1, 2023

Large multinational companies find ways to evade taxes in the U.S. by using the loopholes in the tax code so that they can avoid paying taxes without breaking the law. The government cannot force individuals and corporate companies to stop evading taxes until there is a change in the law. To stop legal tax evasion,... Continue reading →

Posted on June 30, 2023

The IRS has been aggressively pursuing tax evasion and successfully brought billions of dollars of lost tax revenue back to the Treasury. Each year the Treasury loses billions of dollars in taxes, some due to tax evasion by large corporate companies that legally evade taxes and some by individuals that hide assets abroad. With the... Continue reading →

Posted on June 27, 2023

When a taxpayer does not file and pay taxes during the tax filing season and does not file for an extension, the IRS begins collection of unpaid taxes after the season is over. To estimate how much taxes a taxpayer owes, the IRS uses third party information from the Information Returns Processing (IRP) System. After... Continue reading →

Posted on June 26, 2023

Taxpayers often prefer to hire outside help to resolve their tax debt because they find it time consuming and difficult to resolve their tax debt case themselves. Knowledge of tax laws and IRS policies is essential to successfully resolve a tax case. Along with that, experience in negotiating with the IRS is also crucial. A... Continue reading →

Posted on June 24, 2023

Taxpayers that have unreported income and/or assets overseas may gain tax compliance by using the Offshore Voluntary Disclosure Program (OVDP). Under OVDP, taxpayers can pay a lower amount in penalties and face less severe punishment for tax evasion, while becoming compliant with the U.S. tax laws. The U.S. Treasury loses billions of dollars each year... Continue reading →

Posted on June 23, 2023

Americans living overseas have been finding it difficult to comply with the U.S. tax laws after the implementation of the Foreign Account Tax Compliance Act (FATCA). After FATCA came into effect, many American expatriates renounced their U.S. citizenship. As a result, the IRS has decreased the penalty for accidental tax evasion while modifying its Offshore... Continue reading →

Posted on June 19, 2023

Taxpayers can achieve back taxes relief using Currently Not Collectible even if they cannot pay any amount of their back taxes. Under this agreement, the IRS judges the financial capacity of the taxpayer to see how much amount of tax debt can be paid by the taxpayer. If the IRS finds that the payment of... Continue reading →