This time of year, clients call for last minute tax guidance that will help them maximize their returns. While we advise our clients on a year round basis – not just at tax time – here are a few last minute tips you might find helpful. Here are a few things you can do in the… Continue reading →
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IRS Tax Code and Money Earned Abroad – Could it Change?
Money earned abroad by American corporations is free from U.S. taxes until it is returned to the United States. However, once these foreign earnings are repatriated, they are taxed at a rate of 35%. The current tax code allows multinational companies to avoid this tax, but only if they invest in certain domestic assets such… Continue reading →
Back Taxes and Small Businesses -Tips to Avoid Tax Debt
Back Tax Issues for Small Businesses What back tax issues are commonly encountered by small businesses? Due to the complexity of tax law, many small business owners do not know how to use available deductions to reduce their lax liability and therefore end up with tax balances that are more than the business can afford… Continue reading →
Have IRS Tax Debt? Need a New Passport? The GAO wants to know.
As of the end of fiscal 2010, the balance of reported unpaid federal taxes was about $330 billion according to the IRS. This is a huge amount and as we have written about in the past, the enforcement of the tax laws and the tax code is on Government Accountability Office’s list of high-risk areas…. Continue reading →
IRS Tax Debt – Cancellation of Debt – Mortgage Forgiveness Expires in 2012
Tax Alert! The Mortgage Forgiveness Act is Set to Expire at the end of 2012 As many of you who have had a short sale or home forclosure know, under ordinary United States tax law, a short sale produces a tax liability. When a lender agrees to accept a short sale, the amount of mortgage… Continue reading →
IRS Innocent Spouse Relief – A $1,200,000 Tax Settlement Success Story
Mrs. M. was referred to us by a local attorney. Her husband had recently passed away and, shortly after his death, she became aware of an outstanding IRS tax liability in the amount of an astonishing $1,200,000. Mrs. M. had had no knowledge of this tax debt before her husband’s death. A few months later… Continue reading →
