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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It’s official–UBS, the Swiss Banking Giant has reached a deal with the US Government and the Swiss Government to release around 4,450 names of American account holders suspected of tax evasion.
The US Government estimates there to be $18 billion hidden in these offshore accounts–giving the IRS plenty reason to scrutinize and audit both the innocent and guilty in the upcoming months.
If you have a UBS account and have not paid
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With today’s tax scam horror stories and so many choices for tax lawyers, choosing the right tax attorney may seem a daunting task. When you’re faced with IRS tax problems such as back taxes and delinquent tax returns, there are many different tax attorneys in the yellow book who will “deal” with these issues. How do you know that you’ve chosen the correct representation for your unique situation? You must
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When you’re battling with the IRS, you need to make sure that you have chosen a qualified tax attorney who specializes in your type of  tax problem to represent you. There are many types of IRS issues out there–a corporation’s tax problem will differ substantially from a personal one. Therefore, it is the most prudent to first understand your personal tax situation before seeking a the appropriate tax attorney’s help.
Here
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There are a number of important questions to ask your prospective tax resolution firm before hiring them on as your IRS battle-mates. In order to ensure that your tax attorney will be working in your best interest instead of simply charging you enormous service fees, you will need to treat your research process as you would a job interview.
Before you hire your tax representation, ask the tax resolution firm the
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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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For small business owners, it can get tricky in gloomy economic times to keep up with making payroll tax deposits to the IRS.  Oftentimes, the challenges could be simply about how to keep the lights on while still paying employees every month.
In recent months, the IRS has been pressured to close down on the $345 billion a year tax gap by going after the largest contributor of this tremendous sum
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Although there never was a “good” time to cheat on taxes, now is worse than ever for taxpayers and tax preparers to file fraudulent tax returns. With the IRS getting more funding and 800 more agents to collect taxes, taxpayers and CPAs who deliberately report fraudulent information on tax returns will be hit with severe IRS penalties.
If the IRS detects and proves beyond a reasonable doubt that fraudulence was deliberate,
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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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Nobody wants to be in trouble with the IRS for someone else’ mistake.  If your spouse is in trouble with the IRS, his/her penalties will be transferred to you in a marriage. If you can prove to the IRS with reasonable evidence that you were unaware of the fraudulent activities of your spouse, you will qualify for Innocent Spouse relief.
Filing and getting approved for Innocent Spouse relief is crucial to
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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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If you deliberately evade taxes by underreporting your income, you cannot always blame your accountant for the discrepancy. Underreporting income to skimp paying taxes is criminal and the penalties can be financially debilitating depending on the amount you owe.
Recently, an individual was convicted for tax evasion because he did not provide sufficient proof that he was unaware of the discrepancy between his reported income and his actual income. CCH (http://tax.cchgroup.com)
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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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This year, Tax Resolution Services has been busier than the last few years. We have seen 30% more clients that are small businesses, sole proprietorship, and independent contractors who all gross less than $2 million; some with payroll problems and delinquent business tax problems. Payroll tax problems such as delinquent payroll tax deposits can result in severe IRS penalties, so it is important to stay informed and seek help when
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