Scams & Alerts

Taxpayers who are under tax debt often look for ways to reduce their back taxes through an IRS program. Although there are IRS debt payment plans, such as an Offer in Compromise and the Currently Not Collectible program that allow taxpayers to pay a reduced amount of their tax debt, these payment plans have strict…

Ireland is in the news but for the wrong reasons. The country is being accused of providing a tax haven to large U.S. corporations. After a U.S. Senate investigation into the tax strategy of Apple Inc., it was found that the company was using its subsidiaries in Ireland to evade paying taxes in the U.S….

Tax debt resolution often involves a partial payment of the tax debt amount. An Offer in Compromise is an IRS program where taxpayers can get their back taxes reduced. The amount that can be reduced under the plan depends upon the particulars of a taxpayer’s case. Tax Debt Resolution: Eligibility Requirements for Offer in Compromise…

With the governments of many countries aiming to clamp down on tax evasion, Swiss banks have little choice but to yield to the pressure. Switzerland is about to enter into a deal with U.S. authorities over Swiss banks accused of helping Americans hide billions of dollars of unaccounted money. To stop further this type of…

There are various IRS debt payment programs that are made to suit the various needs of taxpayers. One payment plan that does not involve any payment of a tax debt, and removes the threat of IRS collection actions is the Currently Not Collectible program. Taxpayers facing economic hardship can apply to this IRS program to…

The U.S. Treasury had a rare surplus of $113 billion in April, the best in five years. The country’s slow, but steady economic growth, coupled with higher taxes, has contributed in the surplus. Lex18 discusses the statistics on the deficit, “Through the first seven months of the budget year, the deficit was $488 billion. That’s…

Taxpayers under a tax debt payment plan or those who want to pay their tax debt in full with a single payment, have various options to pay. Currently, the IRS back allows payments to be made through electronic funds transfer, a check, a money order, cash or a cashier’s check. Many taxpayers pay their tax…

The US Senate may pass the bill it is currently debating regarding sales tax for online retailers regardless of geographical boundaries. Until now, retailers only collected taxes on sales from customers who live in the state in which the company has a physical store. The bill, if it becomes law, will make it easier for…

Taxpayers who have tax debt often find back tax relief a hassle because of bad legal advice, or ongoing fees. Many taxpayers believe they can resolve their back taxes on their own only to find themselves entangled in various IRS rules and policies. For a smooth resolution, taxpayers should consult with a tax professional before…

Since 2009, the Internal Revenue Service has retrieved more than $5.5 billion from more than 39,000 taxpayers who held undisclosed bank accounts overseas. According to a report by the Government Accountability Office, the number of people reporting their assets in foreign banks almost doubled from 2007 to 2010. Since 2009, 38,000 accounts have been undisclosed…