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Tax debt must be resolved early to avoid the accumulation of IRS penalties and interest, as well as to avoid aggressive collection actions by the IRS. It is important for taxpayers to know that they can resolve their tax debt even if they cannot pay the entire amount of the debt. The IRS has various…

President Obama is slowly gaining more support for strikes in Syria, but it will only be after the support of Congress that he will be able to lead the U.S. in an intervention in Syria. Amidst the talk of saving Syria on humanitarian grounds, American taxpayers have been forgotten. The “limited” strike might cost the…

If the U.S. decides to use its military force in Syria, it will cost American taxpayers billions. Indications have been made that the U.S. might launch cruise missiles in Syria, with the cost of each missile around $1.1 million. President Obama proposed that the U.S. must intervene in Syria on humanitarian grounds, but do the…

The IRS had increased its efforts to bring down tax evasion. The newest result is that many Americans staying abroad are now renouncing their U.S. citizenship because of the strict regulations of the Foreign Bank and Financial Accounts (FBAR). As the IRS has increased its efforts to increase tax compliance, U.S. citizens overseas are finding…

An increase in tobacco taxes is seen as an increase in revenue and a possible deterrent to smoking, but it remains largely unspoken that an increase in tobacco taxes leads to the expansion of its black market. Higher tobacco taxes in some states can encourage smuggling tobacco from high-tax areas to low-tax areas. Professor David…

It is hard to estimate how long your retirement savings will serve you. There are various factors, including inflation, your living standard, and the amount of savings that must be considered to determine your total retirement savings will be able to fulfil your lifestyle while retired. BlackRock has come up with a tool, CoRI, to…

Saving for your retirement is essential to comfortably living in old age. The government also makes efforts to ensure that citizens reach their retirement goal. Recently, the U.S. Chamber of Commerce and American Association of Retired Persons (AARP) proposed solutions that will help provide a secure retirement to more people. Determining your net worth and…

The U.S. Chamber of Commerce and American Association of Retired Persons (AARP) are pushing for improvements in retirement savings for all Americans. Millions of Americans live without any retirement savings or have insufficient retirement savings. It is expected that their number will increase in the near future as more people retire. To find and implement…

After facing tough questions over the Tea Party controversy, the IRS now has to answer questions regarding the billions in tax credits given to the paper industry. In the Tea Party controversy, the IRS focused on the biases of a few employees, but the tax credit controversy has revealed that top officials of the IRS…

The energy tax provisions that include bio-fuels provisions, production tax credits for wind, oil and gas depletion allowances, and wind and other renewable energy source provisions are doing little to nothing to reduce greenhouse gas emissions, according to a study sponsored by the U.S. Department of the Treasury. The findings of the study have revealed…