I recently appeared on the Big Biz Show to discuss the new IRS enforcement initiatives for 2010 and the the post-April 15th tax developments Americans should be aware of! Though April 15th has come and gone, the IRS does not cease its operations. In fact, the first wave of collections for taxpayers who did not pay their returns in full is just around the corner!
Keep in mind that the
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Under the new health care mandate, the IRS has authority to withhold a portion of your federal tax return if you can’t demonstrate that you have health insurance coverage. Even though the IRS says they won’t audit you, your tax returns will be under greater scrutiny in the coming years. Increased IRS enforcement is a certainty, and now is the time to take action and get it right.

As much as you may fear the wrath of the IRS to levy back taxes and IRS penalties, the tax man is afraid of exposure too. In the audit battle, the IRS fears two things: 1) You hiring a tax attorney or Certified Tax Resolution Specialist, and 2) You learning these seven little secrets about reducing back taxes and IRS penalties.
With years of record deficits (and even more in the
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Congress is sending another $12.2 billion to the IRS this year. Most of the money will be used for enforcement. It’s time to watch out.
The United States Congress is finally putting to use the old cliché: its money where its mouth is.
That is to say, while Congress has always had a loud bark regarding tax cheats, its members haven’t always been eager to spend money on the bite.
That changed in
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Unfiled delinquent tax returns can weigh on you like a disease. Every unfiled delinquent tax return eats at you, year after year, compounding fear until you feel hopeless. So if you’ve got a late delinquent tax return, follow the simple steps outlined in this unfiled delinquent tax return checklist and get expert help from a tax attorney or a Certified Tax Resolution Specialist to check the IRS off your worry
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The IRS is stepping up its creativity by utilizing resources that stem beyond the basic IRS database. Recently, the IRS announced that it plans to expand a program that cross-references between the IRS database and mortgage payment databases to catch any inconsistencies.
The Treasury Inspector General for Tax Administration announced that the IRS will use the mortgage-interest payment databases to inspect and find non-filers as well as people who reported less
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For self-employed taxpayers whose taxes are not automatically deducted by their employer, it is especially important that they stay on top of their tax returns to avoid IRS penalties. Income from interest and proceeds due to real estate and stock sales are considered taxable income. If you receive money from your real estate or stock sales and do not report these revenues as taxable income, you are inviting yourself
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As the economy grows gloomier, identity thieves are getting more desperate and creative to trick people into paying up. The latest IRS warning urges  people to be cautious of identity theft scams that involve using the IRS name, logo, and web address to fool people into believing the IRS is contacting them to request personal information.
Protect your finances and personal information from identity thieves by staying alert and cautious around
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With the recent surge in IRS enforcement, small businesses have become a major target for the government. The staggering annual $345 billion tax gap can be largely attributed to small business tax evasion; much of this has been because small businesses are difficult to enforce and many can manage to slip through the tax cracks by underreporting actual income.
Therefore, the IRS has shifted into high gears to catch and penalize
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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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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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UBS has just struck a deal with the US Government to give up 52,000 names of Americans who have Swiss bank accounts. In the upcoming weeks, we can expect to see many guilty tax evaders being charged with heavy IRS penalties as well as innocent account holders who will need to defend themselves. (Read more about the latest UBS settlement.)
It is not uncommon for American businesspeople to hold foreign bank
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Check out our latest TRS IRS tax help newsletter for tax tips, IRS insider news, and income tax relief advice.
Many taxpayers who are in IRS trouble have found it difficult to be approved for IRS settlements such as the Offer in Compromise program. Historically, OIC application approval rates have remained under 25%. Recently, the IRS has updated the OIC application forms so that it is easier for applicants to understand.
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As a part of recent IRS efforts to find wealthy Americans who have been deliberately evading taxes by using offshore bank accounts, a deal has been reached today with UBS. The US Government and Switzerland have come to an agreement today that will force the Swiss bank, UBS, to turn over 52,000 names of suspected tax evaders.
According to the New York Times (www.nytimes.com), “UBS and the Swiss government have been
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