Swiss banks are shutting the accounts of Americans as the Internal Revenue Service accelerates the hunt for tax dodgers. The country’s biggest banks, UBS AG and Credit Suisse Group AG, have told Americans to move their money into specially created units registered in the U.S., or lose their accounts. Smaller private banks such as Geneva-based Mirabaud & Cie. are closing all accounts held by U.S. taxpayers.
After the American government’s legal
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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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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!
Got 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? Call our office today at 1-866-IRS-PROBLEMS or visit www.taxresolution.com for a free risk-free tax resolution
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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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To prepare taxpayers for unexpected disasters and to protect important tax documents, the IRS has issued detailed guidelines on how taxpayers need to duplicate their records in order to safeguard their financial welfare.  As part of the National Hurricane Preparedness Week (May 21-27), IRS encouraged taxpayers to keep an electronic version of their tax records at a location that is separate from the location of the original documents. Since the
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In an effort to bring more tax evaders to the surface, the IRS has issued a new voluntary offshore compliance initiative in March of 2009, which provides more lenient penalties for tax evaders who have placed their assets overseas. In this initiative, taxpayers who voluntarily disclose their wrongdoings will only be punished with paying back taxes, certain penalties, and interest. Those who come forward will not face criminal charges unless
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The president outlines a plan to work with overseas banks and target tax cheats. He also wants to hire 800 new IRS agents to hunt down those not complying.
By Michael Rozbruch
———————————-
Just months into office, President Barack Obama has publicly announced the targets of his administrations.
Worldwide terrorist networks?
Check.
Guantanamo Bay?
Check.
Carbon emissions?
Check.
Tax cheats?
Che— Say what?!
That’s right. Among President Obama’s high-value targets are tax cheats who hide money in overseas bank accounts. On May
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The former chief executive of a Nevada sports energy drink company has been indicted on tax evasion charges.
Xyience CEO Russell Pike, of Las Vegas, is charged with one count of tax evasion for failing to file a federal individual income tax return for 2006 and failing to pay taxes on more than $6.9 million in income he earned in 2006. Pike is also charged with using nominees and a forward-dated
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President Obama has been working hard to ensure that American taxpayers are held more financially accountable. I recently blogged about how new tax enforcement regulations have been put in place in order to make it more difficult for business owners and wealthy people who put their assets overseas to escape taxes. In my recent interview with Mike Jaxson on KSVP, I discussed with him some important new changes to tax
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When our clients retain our tax help services, the first thing they often want to know is how their life will change and when they can expect these changes to happen. Upon retaining our firm to resolve your tax debt, some of the relief will be instant and some will be over time. Remember that IRS problems don’t start overnight and consequently they can take some time to resolve.
To help
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In an effort to curtail corporate financial irresponsibility, the Obama administration has been working fervently to control white-collar tax cheats. The media has successfully portrayed the businesses that have overseas bank accounts as “suspicious” and potentially guilty of tax evasion.  In 2001, there was a $345 billion tax gap–most of which can be accounted for by the underground economy of tax evaders who have strategically utilized foreign tax havens and
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It is extremely important for both parties entering into a marriage to understand the joint financial liabilities that come with matrimony. If someone enters into a marriage without fully knowing the extent of his/her partner’s financial situation with the IRS, he/she may find that IRS debt will apply to both persons in the marriage. During my talk with TJ McCormack last month on LA Talk Radio, we discussed the repercussions
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Former executives of Bank of Durango in Colorado pleaded guilty to tax evasion charges.
Cheryl McMillan, 56, and Marion McMillan, 61, husband and wife residing in Kansas, submitted their plea in Denver.
The tax evasion took place when Marion McMillan was the president of the Bank of Durango, and Cheryl McMillan was the vice president and chief cashier of the Bank of Durango.
According to the stipulated facts in the plea agreements, for
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When you have decided to seek professional tax help to battle your debt with the IRS, there are many factors to seriously research and consider before handing over your financial file. I spoke with TJ McCormack last month on LA Talk Radio regarding the important indicators taxpayers need to pay attention to in order to find the best tax attorney available. After all, taxpayers are putting their financial fates in
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In the current economy with people losing their jobs left and right, the one word we have not heard as frequently as “recession” is “bankruptcy.” There are more mentions of foreclosures in the aftermath of the credit crash than mentions of people filing for personal bankruptcies. When I was on the LA Talk Radio with TJ McCormack last month, we chatted about the possible boons of filing for bankruptcy and
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