FATCA Compliance for U.S. Citizens Living Abroad People born in the United States, although people traveling away at a very young age, are often unaware that they are American citizens. The lack of this knowledge in many cases costs many thousands of dollars overseas because of the Foreign Account Tax Act, which forces banks to [...]
IRS Fresh Start Program: Eligibility and Tax Relief Options Are you struggling with tax debt? If you are, you’ve probably heard about the IRS’ Fresh Start Program and may be looking for further information on whether this scheme can benefit you or not. The answer to this question will depend entirely on you and your personal [...]
IRS Tax Filing Deadline Extension for 2020: What Taxpayers Need to Know A number of tax deadlines are being extended for individuals, estates, business corporations and other bodies by the Internal Revenue Service and the Treasuring Department due to the on-going corona virus pandemic. Tax payments were originally due on April 15th, 2020 but as [...]
IRS Payment Plans: Understanding Your Options for Tax Debt Relief You’ve had a rough year financially causing you to not pay the required income tax. Maybe, you just got the sums wrong and you didn’t pay enough, totally by accident. Don’t worry; the IRS is not going to kick down your door. Contrary to what [...]
IRS Underpayment Penalty: What It Is and How to Avoid It The tax system in the United States can be very complex. Taxes generally must be paid when income is earned, but these taxes are not always automatically removed from your earnings. In some cases, you may have to pay estimated taxes quarterly. The IRS [...]
Income Tax Debt Relief Options: Resolving IRS Tax Problems Delinquent taxpayers often look for a trustworthy company that provides services to alleviate income tax debt. The two most common tax problems taxpayers face are: first, not withholding enough federal income taxes, and second, finding a manageable way to get out of the resulting tax debt. [...]
IRS Offer in Compromise: Requirements, Process, and Eligibility An Offer in Compromise (OIC) is a great program offered by the IRS and some states to help taxpayers with financial problems re-comply with tax authorities. If an OIC is approved, it will allow you or a company to pay the taxes due for less. The IRS [...]
Tax Levy Help: How IRS and State Tax Levies Work A tax levy is one of the harshest collection mechanisms used by the IRS and state taxing authorities. A levy is the legal seizure of taxpayer’s assets to satisfy back taxes owed. This is different from a tax lien because a lien is only a [...]
CPA vs Tax Attorney: Which One Do You Need? This brings us to the matter of how to decide if you need a CPA or a tax lawyer. A decision can cause a considerable headache to many. Happily, some specific examples can help you determine whether you need a CPA or the servers of a [...]
Stop the IRS Wage Garnishment Yourself How Can I Get the IRS Garnishment Removed? This is one of many ways the IRS uses to garnish wages as a way to collect your unpaid tax debt. Although there are various ways of going after unpaid tax debt like liens and levies, the IRS wage garnishment is [...]
