No matter how you look at it, living in a civilized society means you are obliged to file your taxes; if you owe, you pay. While many could argue the usual tax talking points such as fairness and tax rates, most of us would agree that taxes collected generate revenue to help fuel the economy. Yet there are people who believe that paying taxes is wrong, immoral and in some
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With the economy still sputtering, many tax stressed people teetering on the edge of IRS bankruptcy enter our offices wanting to know if their IRS tax debt could be wiped away with bankruptcy protection. While in some cases back taxes can be discharged (personal income tax), in most cases, they cannot. However,the good news is that taxpayers in this situation have options. Here are the five simple tax relief options
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No doubt about it, the IRS is making headway in their efforts to bring Americans with unreported offshore accounts into tax compliance with the Foreign Account Tax Compliance Act (FATCA) and (FBAR) regulations. IRS enforcement and data sharing from European banks, has made it possible for the U.S. to gather account information on wealthy American clients; something just three years ago was impossible.
But an article in Forbes entitled Expats Lobby
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I was recently quoted in an article for CreditCards.com entitled Pros and Cons of Paying the IRS with a Credit Card where I encourage taxpayers to compare the costs of using their credit cards to pay their taxes versus a negotiated IRS installment agreement if they don’t have the case on hand. I enjoy lending my expertise to this conversation because all too often, I see very smart people rush
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If you have unfiled and delinquent tax returns, you’re probably dreading this tax season; owing back taxes to the IRS is a big burden. Doing nothing to resolve them, however only makes matters worse and more expensive. Even if the IRS isn’t currently knocking on your door to remind you of your tax debt, you are not out of the woods and will need to devise a plan for
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Payroll Tax Problem Question:
Our business has done well financially until a year ago when some of our best customers got behind on their payments to us; the crushing blow came when one closed its doors before we could to collect. We are still behind and the loss in income has weakened our business finances so much, we cannot afford to make the payroll tax payments. I’m really worried about
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An MSN article titled IRS Targets Retiree Tax Cheats points to a report from The Treasury Inspector General for Tax Inspection that is critical of how the IRS processes reported retirement income. The report mentions the inspector general’s recommendations for improvements to the process that would provide tax help to the growing number of taxpayers who inadvertently under-report retirement income and end up with hefty IRS penalties and fines.
The Treasury
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Actress Lindsay Lohan, no stranger to off-screen troubles, was recently issued a tax lien for failing to pay both tax liabilities on both her 2009 and 2010 earnings amounting to $140,203.30.
An E! Online article Lindsay Lohan Evades Federal Taxes…Again! Working Out “Acceptable Arrangement” With IRS reports that the tax issued February 13 for both 2009 and 2010 earnings was assessed against her home in Encino, California and therefore making her
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Tax day is approaching and Americans like never before, are burdened with tough economic realities that include IRS tax debt they simply can’t pay. Some believe if they do nothing, these tax issues will go away.  Wrong!  Tax debt only grows larger and more stressful over time if not properly dealt with. By not filing a tax return or responding to IRS communication, you could be putting your assets in
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In a recent post from the ongoing story of the IRS versus Swiss banks, Wegelin & Company and three of its executives were indicted for helping wealthy Americans hide $1.2 Billion in assets from the IRS. Since I wrote that last post, the story has morphed into Wegelin & Co. now facing U.S. criminal charges for their failure to appear in a Manhattan Court to address those charges. As Bloomberg
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The U.S. Treasury Department announced this week a proposal for new regulations intended to make it easier for overseas banks to comply with Foreign Account Tax Compliance Act, or FATCA requirements.
An article in Reuters U.S. enlists 5 EU nations in offshore tax crackdown explains these proposals as the U.S. Government not only addressing concerns of foreign financial institutions regarding the Foreign Account Tax Compliance Act, or FATCA, but also the
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Question:
I have several years of unfiled tax returns and owe around $25 thousand dollars in back taxes to the IRS for my small business. I know I need to take care of this huge burden but I’m overwhelmed, what help is out there get me out of this mess?
Answer:
First, addressing your IRS tax issues right now is the first step towards finding the tax relief you need. There is a
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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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The Internal Revenue Service recently proposed new guidelines aimed at providing tax relief for more innocent spouses who request equitable relief from their income tax liability. A Forbes article entitled IRS Lowers The Bar For Innocent Spouse Relief, details how the new proposals address the criteria used in making innocent spouse relief determinations in equitable relief cases and adjust the factors used in granting equitable relief.
Since 2003, the Internal Revenue
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An article from TMZ titled Lil’ Kim Breaks the Million Dollar Tax Lien Mark reported on rapper Lil Kim and her current $1,026,862.42 IRS tax lien. Lil’ Kim appears to be no stranger to tax troubles as hers are well documented and stretch out over a ten year period. A spokesperson for Lil’ Kim said that she “hired professional attorneys to handle this matter” and that “she, along with her
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