As the Tax Day Countdown series continues on the Big Biz Show, don’t miss tomorrow’s segment on the 7 Things small business owners should know about payroll tax problems! It will air at 1:10pm PST.
As the tax day quickly approaches, are you prepared as a small business owner to own your tax returns? Are there things about payroll taxes that you may not know about? Oftentimes, what you don’t
[Read More]

Armed with a large federal budget and under pressure to close the whopping $345 billion tax deficit, the IRS has increased audits by 11% last year-targeting both consumers and business owners.
Last week I sat down on the Big Biz Show to continue the Tax Day Countdown and to share some top red flags that trigger IRS audits. So here are some things to watch out for:

Hire a professional. On average,
[Read More]

The IRS strikes again. This time, Hollywood bad boy Al Pacino and Martin Scorsese are getting slammed with the expensive tax bills.
According to The Boston Herald, Al Pacino owes the IRS $188,000 in unpaid back taxes. Pacino claims that he did not mean to cheat Uncle Sam, but rather that his former business manager Kenneth Starr was responsible.
A similar story is heard from Martin Scorsese, who owes a whopping $2.85
[Read More]

We are always honored to receive acknowledgement for the tax relief advice we make available to readers on this blog. That’s why we were so excited to make BSchool’s list of “50 Best Blogs to Get You Through Tax Season“!
Ranking under the headline of Personal Finance and Advice, the Tax Resolution Services blog is featured for its educational content that helps consumers deal with IRS problems and  regain their
[Read More]

As I continue my weekly appearances on the Big Biz Show for the Tax Resolution Tax Day Countdown, I sat down last week for a chat about the latest IRS announcement to offer tax relief for struggling consumers by making changes to the lien process.
We’ve heard this before: the IRS is kinder and gentler by promising to speed up tax relief for homeowners who are looking to refinance (2008) and
[Read More]

After a consumer retains us for professional tax representation to help them resolve their tax debt, they often ask us what they can expect.  At this point we share our “Road Map to Tax Resolution” which begins with immediate relief because we will take over all correspondence with the IRS, assign them a case manager who will develop a strategy for tax relief and insure that they are compliant with the IRS (which means helping to file any delinquent tax returns).  After these steps are accomplished,
[Read More]

As I’ve blogged before, owning up to your IRS problems, such as back tax debt, is what our team at Tax Resolution Services encourages people to do.  Some think that tax evasion is the answer to their IRS problems and, as we repeatedly see, the only thing that evading taxes can guarantee you is a stint in prison.  Case in point, in the article below:
The owners of a Sedona, Ariz., drug and alcohol
[Read More]

Recently the IRS announced its new efforts to help struggling consumers by making changes to the lien process that are meant to give people “a break.”
But what does that really mean? Are consumers really going to have an easier time financially now that the IRS adjusted their lien process? You may be asking yourself: wait, aren’t the IRS supposed to be going after my money and not helping me? Is
[Read More]

Last week I appeared on the Big Biz Show to continue my Tax Day Countdown advice. This time, we focused on top tax help tips for the self-employed.
Filing tax returns for the self-employed can get complicated. Independent contractors and small business owners must be extra careful about claiming deductions on their tax returns to avoid IRS problems. Oftentimes, claiming too many deductions will raise the IRS red flag for an
[Read More]

The IRS is giving foreign account holders another chance to get back into the system with their Limited Amnesty disclosure program to expire in August 2011.
Last time the IRS offered this amnesty program in 2009, some 15,000 consumers with undisclosed offshore accounts fessed up, paying the IRS a collective $400 million in revenue. Hoping for a repeat, the IRS is offering the limited amnesty program again this year to give
[Read More]

On this tax blog, we frequently write about people who have evaded taxes, by not filing tax returns, and we acknowledge that this is construed as criminal behavior by the IRS.  Filing a tax return – with under reported income – is not any better than not filing your taxes at all.  Filing a false tax return is also regarded as criminal behavior.  The IRS catches people for tax evasion and
[Read More]

Recently, I appeared on the Big Biz Show with Russ and Sully to continue my Tax Day Countdown with what I call the “IRS Dirty Dozen”–which is a list of tax frauds that the IRS is looking to catch and penalize for.
You may have heard of some of these in the past or on the news; taxpayers and tax preparers are getting themselves in some serious trouble by trying to
[Read More]

I came across a recent Wall Street Journal article on why paying for a tax professional for tax prep is a good idea. According to the article, many small business owners are cutting costs by doing tax returns themselves. However, the downfall comes in the enormous amount of time spent on these tax forms due to a general lack of understanding of the complex tax code–which could result in overpaying
[Read More]

Tax laws are always changing and it can be a full time job keeping up to date with the laws, not to mention making sure you understand them thoroughly. If you took advantage of the 2008 home buyers tax credit you may be surprised to be reminded that you’re due to start paying back your credit starting with your 2010 return.
A recent article on MSN by Allison Linn titled “Uncle
[Read More]

Earlier this week, I kicked off the Tax Resolution Tax Day Countdown with Russ and Sully on the Big Biz Show by talking about celebrity tax woes and what we can learn from them.
Unlike what the tabloids may suggest, celebrities don’t get better or worse treatment from the IRS than regular Joe Six-Packs. But what IS different is that the IRS leverages the celebrity of the name as a deterrent
[Read More]