“When Bad Things Happen to Good People” is an appropriate title for the recent episode of Business Day TV with Terry Bradshaw featuring an interview with the leaders of Tax Resolution Services, Co.

This special episode acknowledges the poor economic realities currently facing many Americans, some for the first time and often through no fault of their own. Negative life altering events such as job loss, death of a loved one
[Read More]

For anyone with outstanding tax debt, I wanted to provide additional information to the IRS’s advisory list of Ten Tips for Taxpayers Who Owe Back Taxes or Have Other Tax Debt newsletter published a few weeks ago. The IRS’ objectives on this subject are simple; collect every cent of taxes owed as soon as possible. In order to achieve this, the IRS has made the payment process easy by widely
[Read More]

The IRS newsletter Ten Tips for Taxpayers Who Owe Back Taxes or Have Other Tax Debt published a few weeks back, alerted Americans seeking tax debt relief there are ten options available to pay off their outstanding tax debt. These new IRS programs and policies are an effort to get delinquent taxpayers to avoid additional fines penalties or tax liens by making easy payment methods available such as a
[Read More]

Foreign Bank Account Report (FBAR) violators be warned that time is running out to report offshore bank accounts.
The time to file is now!

The second (and possibly the last) IRS amnesty program is set to expire on August 31, 2011. We had a recent press release hit about this called Tick, Tock, Tax – IRS Amnesty Program’s August 31st Deadline is Approaching Fast.
With no replacement program on the horizon,
[Read More]

Feel like you deserve to deduct something and push the limits of what is legal? The IRS isn’t putting up with frivolous deduction claims, and in fact, will slap you with a fine.  U.S. legal code 6702 states that “A person shall pay a penalty of $5,000 if such person files what purports to be a return of a tax …and is based on a position which the Secretary has
[Read More]

There are a myriad of reasons why people have tax issues.  In my decade plus of expertise in guiding people to resolve theirs, I’ve just about seen them all. Our tax mediation firm specializes in working with the IRS to secure the best deal for clients seeking relief for their tax problems. Years of practice in careful listening and observing combined with a brazen approach and natural proclivity
[Read More]

I recently came across a post on The Global Resolution from the Thorn Law Group. The Global Resolution is the agreement the U.S. government and European banks are currently working on in a continued effort to put a stop to offshore tax evasion.
How will it work:
1) Any foreign bank under U.S. investigation will pay a fine to the government
2) Said bank will disclose U.S. client names to the government
3) U.S. government
[Read More]

Many people spend a lot of time, effort and money into preparing accurate yearly income tax returns, even if a professional is giving tax help.  The process is often complicated and accuracy is important. With that combination of factors errors can become common and the IRS wants to see those errors fixed in a timely fashion. The Wall Street Journal Article titled If You Goofed on Your Taxes, Fix It.
[Read More]

This week, the Internal Revenue Services announced a new program for limited amnesty to help crackdown on Offshore Tax Evasion cases.  The Wall Street Journal covered this in an educational article called: IRS Sets Offshore Amnesty, Part II.
Author Laura Saunders quotes the IRS in regards to the first limited amnesty program that ran in 2009 from March to October, “More than 15,000 taxpayers stepped forward to confess to holding offshore accounts.”  The penalties are tougher than
[Read More]

The Washington Associated Press wrote a great article called: IRS reduces penalties if tax cheats come clean. “This tax season it’s best to fess up and come clean when it has to do with hidden overseas assets, says IRS Commissioner Doug Shulman.”  The International Revenue Service just announced that it is willing to give offshore tax evaders until August 31st, 2011 to settle their dispute with a reduced fine and penalty
[Read More]

Every year, hundreds of thousands (potentially millions) of taxpayers fail to file legally required tax returns. The longer people put off filing their tax returns, the more severe their IRS tax problems become. An important step in avoiding IRS tax trouble is to understand how the IRS approaches delinquent tax return penalties. Read on to learn more.
———–
Question: I filed my tax return late and was shocked when I saw my
[Read More]

Sometimes back taxes happen to good people. If you owe the IRS money for unpaid taxes, then you are probably feeling overwhelmed by the desire to stick your head in the sand and are in desperate need of professional back tax help. If you owe back taxes you can’t afford to pay, don’t panic. Check out these insider tax tips that can help you obtain immediate tax relief to help
[Read More]

For those taxpayers who filed last April for an extension, time is running out to file any delinquent tax returns and avoid crippling IRS problems. However, if you were one of many who lack the funds to pay IRS back taxes in full, you may be tempted to not file a tax return at all. And that is a big mistake.
The worst thing to do is avoid tax obligations. I
[Read More]

In recent U.S. Tax Court News, Treasury Secretary Tim Geithner, who owed $34,000 in back taxes and didn’t pay all of it until Obama nominated him, was not granted penalty abatement. His defense that he relied on TurboTax to prompt him to pay his self- employment taxes was rejected and does not excuse him from penalty or errors on his tax return.
I know from negotiating cases with the IRS day
[Read More]

Businesses and employers must be very cautious when it comes to classifying workers as employees or independent contractors – misclassification can get you in deep IRS trouble. Employers must be aware of these IRS audits and employee classification assessments because if the IRS finds a misclassification that has deprived employees of their tax benefits (such as classifying employees an independent contractors) they can demand the employer provide for these missed
[Read More]