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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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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If you are being accused of tax evasion by the IRS but you have reasonable cause to fight the charges, you will need to provide concrete evidence to substantiate your claim. With IRS audits on the rise due to stricter enforcement, it will be wise to keep important records that may later help you prove your innocence to the IRS.
Due to a lack of substantial evidence, a highly educated CPA
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Obama’s latest program to promote environmental-friendliness has recently ran dry of funds. Congress was quick to reassure the American public that the program will continue by allocating $2 billion into the program. The CARS program has been hugely successful and the bill for more funding was passed with the final vote of 316 to 109.
The replenishment of the CARS fund will allow Americans to continue enjoying non-taxable cash vouchers when
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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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Losing the battle with an IRS tax audit can cripple your financial welfare for life. It is extremely helpful (and oftentimes crucial) to seek the professional help of a tax attorney in order to safeguard your financial future.
For those who are unsure whether they want to hire a tax lawyer, there are some helpful “Do’s” and “Don’ts” until you make a final decision on whether or not to seek professional
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Many people are skeptical about hiring professional tax attorneys to help resolve their IRS tax problems–some are concerned about saving service fees and others are downright skeptical about their chances of winning.
There has been a lot of misinformation going around about tax resolution scams. There have been stories of official looking IRS snail mail or email that not only steal your identity but also tricks some victims into writing big
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The Offer in Compromise (OIC) application process has been a challenging and burdensome process for many applicants. The privilege of being approved for a OIC closely resembles receiving amnesty from the IRS; you can save thousands of dollars in back taxes, IRS tax penalties and interest.
Recently, the IRS unveiled a simplified version of the OIC application form by splitting the original form into two parts: Form 656 and Form 656-B
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As a tax resolution specialist, I help individuals and businesses resolve their IRS debt and tax problems every day - and I can help you get the help you need to get the IRS off your back!
Got tax questions?  Send your questions about tax audits, wage garnishments, IRS bank levies, payroll tax problems, or income tax relief in general to advice@taxresolution.com with “Ask the Tax Expert” in the subject line.
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QUESTION:
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As a tax resolution specialist, I provide IRS tax help to individuals and businesses every day - and I can help you solve your IRS problems!
Send your questions about tax audits, wage garnishments, IRS bank levies, payroll tax problems, how to set up monthly payment plans with the IRS or general questions about tax relief to advice@taxresolution.com with “Ask the Tax Expert” in the subject line.
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QUESTION: If the statute
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While Geithner has told Congress that there will be no income tax increases until 2011, his recent proposal to Congress requested additional funding for improved IRS collection operations and increased scrutiny of tax returns.
We’re already seeing the IRS cracking down on both small businessess and individuals with increased tax audits and aggressive collection tactics including bank levies.
Anyone who owes back taxes in this down economy will need to know how
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I recently appeared as the tax expert on Financial Lifeline Radio with hosts Dave Harbison and John March.We talked about all the tax buzz this year. It’s almost become a cultural movement in this bad economy with everyone struggling with tax debt -  we’re seeing all the tax tea parties and stimulus packages making headlines.
Not to mention, it seems like you must have tax problems to be nominated by the
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In attempts to close the tax gap, the IRS is increasing tax compliance and aggressively taking action against tax cheats and tax promoters. As the tax gap grows, more Americans than ever will be facing audits and the IRS will be re-asserting it’s position on individuals who maintain frivolous arguments for not paying their taxes.
CCH (http://tax.cchgroup.com/) reports:
Sanctions were properly imposed on an individual who advanced a frivolous argument that he was not
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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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