It is always a pleasure to be able to speak to others about the work I do as a tax resolution expert.
I recently had the unique opportunity to be interviewed by Opportunist Magazine’s Managing Editor, Leslie Stone for her article Talking With the Tax Expert-Michael Rozbruch.  She asked about the business of tax resolution, a subject of which I am WELL informed. The questions ranged from how my early business
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Self-employment can be a liberating experience. You get to make your own rules, work your own hours and say goodbye to the horrors of a demanding boss. With this freedom comes responsibility and handling all your business affairs now solely rests on your shoulders, including paying your own taxes. A recent Ledyard-Patch article entitled Self-Employed? IRS Says You Should Read This reminds us that the self-employed are urged to get
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While cutting government spending is often seen as a good thing, in the case of the IRS, it may be having the opposite effect. Forbes featured an article IRS Advocate: New Taxpayer Rights Crisis Is Brewing highlighting the release of a recent annual report to Congress by National Taxpayer Advocate, Nina E. Olson. Olson, known for being one of Washington’s most outspoken officials, states her concerns for current IRS policies
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According to a new article by the Los Angeles Times, the IRS is increasing the number of audits on taxpayers making over  $1 million a year.  In the article titled Big earners more likely to face audits by Tiffany Hsu, the majority of audits done by the IRS are done on those making $1 million and very rarely on anyone making under $20 k a year. Hsu states that in
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Retired and on a fixed income, our client Carol and her husband ended up owing the IRS $18,000 after a bad real estate situation.  With no options, Carol started to do some research and discovered the great help Tax Resolution Services had done for others in her situation. Tax Resolution Services negotiated with the IRS and Carol and her husband’s IRS debt was reduced to $5300. To hear Carol’s personal
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The IRS revealed last week a new program where business owners, particularly those that own small businesses, need to reclassify contractors as employees and make a small payment to cover past payroll taxes. The article Price of Reclassifying Workers, written by Sarah E. Needleman and Emily Maltby comes after an ultimatum by the IRS for small businesses (which tend to have less staff and a looser structure): raise operating costs
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There has been a lot of buzz about the IRS’s New Voluntary Worker Classification Settlement Program (also known by the acronym VSCP).  It’s on IRS.gov, going out in newsletters and major media publications are covering it in stories.  What I am not seeing covered yet is how this new settlement program as a disguised as amnesty for small businesses – like a payroll tax “fresh start” settlement program of sorts
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Today’s Tax Resolution Tip:
Once you file your yearly tax return, you might be tempted to get rid of all the receipts, forms, calculations and documentation lying around on your living room floor or home office. However, it is important you keep your tax documents for each tax return for at least 7 years. Copies of your tax return should be kept indefinitely.
Your tax returns do not disappear once you file them.
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Are wealthy Americans shuffling around the states in the attempt to gain some tax relief? In an article on MarylandReporter.com, Len Lazarick interviews a man who explains that his future move to Florida is not just an attempt to avoid the cooler climate. In the article, Tax flight a reality for Frederick business owner, Lazarick quotes Mark Graver, a Maryland native and a man with high financial success (earning over
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Being audited by the IRS can be a scary and stressful situation. Whether you are being audited for tax problems from investment mishaps, offshore accounts or any other reason, it is important to make sure a tax professional is there to make your audit goes as smoothly as possible. Karen E. Klein of the LA Times offers great advice to a reader about to be audited:
Karen: You answered a question
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The IRS has been making huge increases in its workload of audits and taking your tax payments and they won’t be stopping anytime soon.  TRS blogged back in March about the government’s pressure to close the whopping $345 billion tax deficit which in turned caused the IRS to increase audits by 11% last year-targeting both consumers and business owners. Arden Dale’s  article Why Paying Taxes Takes Longer from  SmartMoney, examines
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I recently came across a post on The Global Resolution from the Thorn Law Group. The Global Resolution is the agreement the U.S. government and European banks are currently working on in a continued effort to put a stop to offshore tax evasion.
How will it work:
1) Any foreign bank under U.S. investigation will pay a fine to the government
2) Said bank will disclose U.S. client names to the government
3) U.S. government
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Michael Jackson’s former manager is facing some major IRS tax problems. Raymone Bain was charged on two counts of failure to file tax returns from 2006 – 2008 despite large earnings from working for the star as his general manager and spokeswoman during that period.
Bain pleaded guilty on Wednesday, June 22 for failing to file both federal and District of Colombia returns.  She is scheduled for sentencing on August 13,
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Should you be afraid of an IRS audit?  The answer is yes.  More than 50% of the referrals that the Criminal Investigation Division (CID) gets are from the IRS Revenue Agent that conducts the audit interviews.  IRS audits are there to keep the innocent on track and to expose those that are not so innocent, from small time tax cheats to big time tax evasion like in the article below.
Clarissa
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Today’s Tax Resolution Tip:
Do you own a home-based business? Ensure you can easily track your expenses by saving a copy of each and every business transaction and deduction!
While good record keeping is a great practice when it comes to filing taxes, it is all the more important if you own a small home-based business. If the IRS decide to audit your business you need to show proof of every deduction
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