For those who owe the IRS back taxes, you will want to take note before the new tax year. There is a new tool in the IRS tax collection arsenal poised to better recover unpaid taxes, detect tax fraud schemes, and reduce the number of fraudulent refunds the agency pays out than ever before.  An Information Week article “IRS Uses Analytics to Help Collect Delinquent Taxes”, announced news of the
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This Tuesday, a deadline passed in which 11 Swiss banks were given an IRS ultimatum to hand over account information and pay billions in fines to avoid US tax evasion prosecution. However, what the banks have not divulged are the claims that they would also have to provide all correspondence of their offshore clients over the last 11 years. An online article from “US tax “ultimatum” has Swiss banks sweating”
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In a story straight out of a Hollywood movie, the estate of the late heiress, Huguette Clark has been shrouded in controversy since her death this May at age 104. Not only has her estate been slapped with $50 million in IRS penalties, her trusted financial advisors are facing allegations of tax fraud by the office of the public administrator of New York County. Born in 1906, the youngest child
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Many Americans like preparing their taxes every year; it helps them feel in control of their finances and they don’t want to pay someone else to do it. With a tough economy still lurking and the availability of low-cost often free tax preparation software, many are inclined to cut their basic costs, and doing their own taxes is one place they believe they can save. If a taxpayer has a
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Washington Redskins wide receiver Santana Moss has had an up and down week. On Sunday, Moss caught two passes for 40 yards with a touchdown in the Washington Redskins’ 23-10 win over the New York Giants. On a down note, the Detroit News reported that the elite receiver owes the IRS $258,017 in back taxes. According the source, the IRS filed a tax lean in November against Moss’s $5.2
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Every year, millions of taxpayers fail to file their federal taxes by the April 18 deadline. This inaction inevitably leads to paying more in the form of unnecessary fines and penalties on top of the taxes owed. Even those folks, who filed an extension, are still responsible for filing the taxes owed plus penalties for the delay. Depending on the tax amount due, continuing to neglect to file yearly tax
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The IRS has created its own storm of controversy by going after US Citizens worldwide to collect their taxes. But from the nearly one million American citizens who live and work in Canada, the IRS received a stern message: clarify the regulations for tax compliance. Initially, many law-abiding citizens living abroad who failed to file US tax returns or declare financial holdings were simply unaware that they needed to do
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The IRS is busy scrutinizing the hallowed halls of higher education. A recent article written by Michael McDonald of Bloomberg News, reports on IRS’ stepped up enforcement of non-profit colleges and universities across America to properly report income from all revenue streams. The American academic community is seeing first-hand the strong arm tactics of the IRS including the beloved Harvard University and the hotel it owns overlooking the Charles River.
Universities
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I thought we’d take a literary detour from tax resolution for a moment to point out two novels written this year (just in time for the holidays) that feature a character we are all familiar with: the IRS. The novels: “Ghost Lights” by Lydia Millet and “The Pale King” by the late David Foster Wallace, feature main characters who work in or around the IRS in rote, overly analytical duties
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If you are considering seeking expert tax help for your back taxes or IRS problems, you might be feeling overwhelmed by the sheer amount of tax attorny and tax relief agencies available. Don’t rush into selecting the first tax resolution service that claims to rid you of your IRS debt for life. That is probably a scam and could cost you a lot more in addition to what you already
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If you owe back taxes to the IRS, the Offer in Compromise could be the solution to a debt-free life. The Offer in Compromise program does not make outrageous claims – it is a tool that consumers can use to reduce and eliminate their debt, if they qualify.
The Offer in Compromise is not a free gift from the IRS. It can however significantly reduce your debt. The IRS offers this program
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As a certified tax resolution specialist, I have said it many times before; it never pays to hide from the IRS. Nowhere is that more apparent than with the government crackdown on off-shore tax evaders. The creation in 2010 of Foreign Account Tax Compliance Act (FATCA) set into motion serious U.S. efforts to combat tax evasion by U.S. taxpayers with investments in offshore accounts. Not only do FATCA regulations have
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I hope everyone had a great Thanksgiving.  With the holidays upon us, our attention shifts to spending more quality time with family and friends. As you take time off at the end of the year, it can be a great opportunity to do a little preparing for the new tax season just around the corner. The first order of business should be to protect your important documents by completing the
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As 2011 slowly draws to a close, the IRS wants to remind homeowners that there is still time in the year to take advantage of the tax relief of home energy credits. The Nonbusiness Energy Property Credit is available for homeowners who have installed or are installing energy efficiency improvements to their home before the close of the year. Installations such as new windows, insulation and furnaces can help qualify
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John Ivaldi, 59, of Palm Bay, Fla., and formerly of South Windsor, Conn., pleaded guilty to federal charges and was sentenced to three months in prison, to be followed by three months of home confinement and one year of supervised release, for failing to pay more than $123,000 in federal income taxes.
According to court documents and statements made in court, Ivaldi formerly owned and operated two businesses, Clean Fix Company,
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