Archive for July, 2009

UBS Settlement Update: What Foreign Bank Account Holders Need to Know to Avoid Civil and Criminal IRS Penalties

Friday, July 31st, 2009

UBS has just struck a deal with the US Government to give up 52,000 names of Americans who have Swiss bank accounts. In the upcoming weeks, we can expect to see many guilty tax evaders being charged with heavy IRS penalties as well as innocent account holders who will need to defend themselves. (Read more about the latest UBS settlement.)
It is not uncommon for American businesspeople to hold foreign bank
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IRS Tax Debt Relief News-Leverage Your Tax Resolution Options to Get the Tax Settlements You Need

Friday, July 31st, 2009

Check out our latest TRS IRS tax help newsletter for tax tips, IRS insider news, and income tax relief advice.
Many taxpayers who are in IRS trouble have found it difficult to be approved for IRS settlements such as the Offer in Compromise program. Historically, OIC application approval rates have remained under 25%. Recently, the IRS has updated the OIC application forms so that it is easier for applicants to understand.
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IRS Audits of Thousands of Innocent Offshore Account Holders Expected as UBS Releases 52,000 Names of Potential American Tax Evaders

Friday, July 31st, 2009

As a part of recent IRS efforts to find wealthy Americans who have been deliberately evading taxes by using offshore bank accounts, a deal has been reached today with UBS. The US Government and Switzerland have come to an agreement today that will force the Swiss bank, UBS, to turn over 52,000 names of suspected tax evaders.
According to the New York Times (www.nytimes.com), “UBS and the Swiss government have been
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IRS Problems for Tax Evader Convicted of Underreporting Income

Thursday, July 30th, 2009

If you deliberately evade taxes by underreporting your income, you cannot always blame your accountant for the discrepancy. Underreporting income to skimp paying taxes is criminal and the penalties can be financially debilitating depending on the amount you owe.
Recently, an individual was convicted for tax evasion because he did not provide sufficient proof that he was unaware of the discrepancy between his reported income and his actual income. CCH (http://tax.cchgroup.com)
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Beat an IRS Tax Audit Without a Tax Lawyer: Is It Worth It?

Wednesday, July 29th, 2009

Losing the battle with an IRS tax audit can cripple your financial welfare for life. It is extremely helpful (and oftentimes crucial) to seek the professional help of a tax attorney in order to safeguard your financial future.
For those who are unsure whether they want to hire a tax lawyer, there are some helpful “Do’s” and “Don’ts” until you make a final decision on whether or not to seek professional
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Stop an IRS Property Levy – Don’t Let Tax Penalties and Interest Cause You To Lose Your Home

Wednesday, July 29th, 2009

It is extremely dangerous to sit and “ignore” IRS problems because a large accumulation of IRS tax penalties can lead you to eventually lose your home. Recently, an individual whose IRS penalties (debt and interest) were so high, she could not find a suitable alternative to pay back the IRS other than to give up her primary residence.
CCH (http://tax.cchgroup.com) reports:
Levy on Individual’s Principal Residence Judicially Approved
A levy on an
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IRS Tax Problems: The Guilty, The Innocent, And What to Do When You’re Caught in IRS Crossfires

Tuesday, July 28th, 2009

Recently I spoke with Russ and Sully on the Big Biz Show to discuss how the more aggressive IRS tax collection effort is affecting tax cheaters as well as innocent law-abiding taxpayers.
Unfortunately, during this tense climate of increasing IRS enforcements, even some innocent people are going to get weaved into the mix and may find themselves in IRS trouble. Many of these innocent taxpayers will be able to explain and
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Ask the Tax Resolution Expert – Tax Solutions for Tax Debt

Tuesday, July 28th, 2009

Don’t let your back taxes add up!  Tax Resolution Services is a team of tax attorneys and tax specialists that can help you!  We even offer tax advice and answer questions – for free! – on our tax blog!  Got a tax question?  Call our office at 10866-IRS-PROBLEMS or visit www.taxresolution.com
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Question: I owe a lot of money in back taxes to the IRS. I’d prefer not to go into details,
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Rising Payroll Tax Rates Encourages Taxpayers to Start Their Own Businesses to Take Advantage of Tax Write-Offs

Monday, July 27th, 2009

This year, Tax Resolution Services has been busier than the last few years. We have seen 30% more clients that are small businesses, sole proprietorship, and independent contractors who all gross less than $2 million; some with payroll problems and delinquent business tax problems. Payroll tax problems such as delinquent payroll tax deposits can result in severe IRS penalties, so it is important to stay informed and seek help when
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Tennessee Man Gets 3 Years Probation for Failing to File Tax Returns

Monday, July 27th, 2009

Jeremy S. Schmid, 31, of Sevierville, Tennessee, was sentenced to three years of probation and six months of home detention. He was also ordered to pay $204,723.47 in restitution to the IRS. Schmid pleaded guilty to three counts of failing to file tax returns with the IRS. According to the stipulation of facts filed with the court at the time of his plea, Schmid admitted to willfully failing to file
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Can’t Afford to Pay Your Taxes? Need Help Claiming the Tax Refunds You’re Entitled to?

Monday, July 27th, 2009

In the current economy, tax problems can confound anyone–especially if your spouse suddenly lost his/her job or if you default on a loan.  I recently had the pleasure of sitting down with Drew on the Money, Riches, and Wealth Radio Show to answer tax problem questions from regular taxpayers who may not be able to afford tax lawyers. Read on for information regarding paying the government taxes you owe and
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Following Obama’s Orders, IRS Begins War on Tax Cheats

Sunday, July 26th, 2009

In a high-profile Tax Day press conference, President Obama announced an even more aggressive war on tax cheats. Now, the IRS is planning the assault.
By Michael Rozbruch
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It was only a couple of months ago that President Barack Obama, still freshly inaugurated, stood in the White House and announced his plan to go after — and go after aggressively — tax cheats, no matter where they hide their money.
His plan focused
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Oregon Man Sentenced for Tax Evasion Charge

Saturday, July 25th, 2009

Mark Arthur Henriksen, of Monmouth, Ore., was sentenced to 12 months and a day in prison after pleading guilty to one count of income tax evasion for the 2001 tax year. Henriksen was a principal of Applied Technical Systems, a business in Lake Oswego. Henriksen evaded the assessment of his income taxes in 2001 by instructing employees of ATS to make his bonus checks payable not to him but instead
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An IRS Audit Battle Requires Professional Armor: Why A Tax Lawyer Is Vital to Success

Friday, July 24th, 2009

Many people are skeptical about hiring professional tax attorneys to help resolve their IRS tax problems–some are concerned about saving service fees and others are downright skeptical about their chances of winning.
There has been a lot of misinformation going around about tax resolution scams. There have been stories of official looking IRS snail mail or email that not only steal your identity but also tricks some victims into writing big
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Strike a Deal with the IRS – Solve Delinquent Tax Problems and Reduce IRS Penalties

Friday, July 24th, 2009

IRS tax problems can be overwhelming and confusing. It’s always a pleasure to me to appear on radio shows and give free tax advice to regular taxpayers who may not be able to afford a tax lawyer.
Recently I sat down with Drew on the Money, Riches, and Wealth Radio Show to answer some questions average taxpayers had regarding back taxes and resolving IRS tax debt with or without the help
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