If you are currently dealing with tax problems, now is a good time to get tax help before the new tax hikes kick in. The Obama Administration is continuing with its steadfast endeavor to collect back taxes as well as to collect more taxes from the wealthy and powerful.
Currently planned for 2011, Obama’s biggest tax hike will affect married filers making over $250,000 and singles making more than $200,000. In
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Whether or not you are legally obligated to report tip as income has been somewhat of a fuzzy area (especially cash tips!). Skimping on reporting your full tip (100% of your tip retained) is considered deliberately underreporting income and may be subject to severe IRS audits and penalties.
If you made more than $20 in tips in any one month, you will have to report the full amount of the tip
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With the new surge in IRS enforcements, you could find yourself in serious IRS trouble if your tax returns are falsified—even if you hired someone else to file your taxes for you. Be careful about signing your tax returns to ensure that you will not be audited and penalized for false returns prepared by someone else.
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Question: I just received a letter from Maine Revenue Commission asking me to file amended
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It can happen to any of us–you go through all the paperwork, fill in all the necessary information to the best of your abilities, and you drop the tax return in the mail. No sooner had you sent out your tax return did you remember that you forgot to add something from another W-2 or 1099. Now you have to file an amended tax return…
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Question: How do I go about
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When taxpayers file for bankruptcy, some taxes and penalties may be discharged–giving people a chance of obtaining tax relief.  When someone files for bankruptcy, the “automatic stay” stops taxing authorities from collection actions including seizures and wage garnishments. The extent of the tax relief from bankruptcy may depend on a few factors including: the kind of tax involved, the age of the tax, whether a return was filed, and the
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A recent report released by Treasury Inspector General for Tax Administration (TIGTA) found that taxpayers may be getting their statutory rights violated by the IRS’s improper adherence to tax lien notification requirements. The report released on June 25 revealed that the IRS failed to take the necessary actions when notifying taxpayers and their tax representatives of liens. Procedurally, the IRS is required to mail written notification of the lien to
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In economic times when people are strapped for cash, it is tempting to cut corners when filing taxes in order to save some of your disposable income. After all, small tax savings from many different areas can add up to a substantial amount of money. However, no matter how tempting tax evasion may seem - whether it is small or large in sum - it is a terrible financial strategy
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According to a recent article in the Wall Street Journal, a push by the IRS to be more aggressive with wealthy taxpayers means that it’s critical to know the common tax audit red flags.
The IRS has been strongly disputing a report this week from the Transactional Records Access Clearinghouse that says audits of the wealthy Americans have significantly dropped off.
nificant drop in audits of richer Americans
Taxpayers who make more than
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Under the NEW IRC Section 165 Safe Harbor Rules the IRS estimates it will refund victims of the Bernard Madoff’s massive ponzi scheme around $17 billion!!
The Safe Harbor provisions are crucial to obtaining relief for victims of investment stock fraud because it converts what would ordinarily be a capital loss (which is offset against capital gains and any unused capital loss is then limited to a deduction of only $3,000
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I was recently interviewed by My Business Magazine for an article titled “Tools of the Tax Trade” - about how technology can help us take control of tax documentation.
Taking Control of Your Business Finances - and Protecting Yourself From IRS Audit Penalties

Cool new products like the Neat Co.’s NeatReceipts handheld scanner has helped many taxpayers by making it easier and less time-consuming to keep track of thier expenses. NeatReceipts
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I was recently interviewed by Business Pundit blogger Lela Davidson. She asked me lots of great questions about small business taxes and how to avoid being an IRS target. I provided her with insight into important tax issues facing new businesses and how to avoid the big mistakes that many small business owners make.
There are many things small businesses can do to avoid getting audited. But if you still find
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The Wall Street Journal reported that the IRS has come under fire for mishandling mail audits by a senior agency official— who is questioning the effectiveness of correspondence audits. A typical mail audit requires taxpayers to send documentation for items claimed on their returns, such as deductions for charitable donations.
But according to Nina Olson, the Internal Revenue Service’s National Taxpayer Advocate, many taxpayers have faced needless stress and aggravation when
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I just wanted to thank Bob McCormick at KNX 1070AM for his enthusiastic support for Tax Resolution Services. Bob is an award-winning journalist who covers the money beat and contributes reports about Wall Street, the economy, business matters for CBS 2 and KCAL 9 News. He is also the host of the popular “Money 101” on KNX 1070, where he examines the most relevant news affecting consumers and small business
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The IRS’s years-long trend of getting more and more aggressive with taxpayers continued in FY 2007. Tax enforcement revenue reached $59.2 billion.
The numbers are in, taxpayers.
For those who questioned whether the IRS could continue its years-long trend of increasing audits with more vigilant enforcement, the numbers released for fiscal year 2007 show the tax-collecting means business.
During 2007, the IRS audited 84 percent more returns of individuals with incomes of $1
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