Foreign Banks Take Advantage of Tax Amnesty Offer: In its latest attempt to tackle the problem of offshore tax evasion, the United States Department of Justice offered Swiss banks that are not currently under criminal investigation the chance to apply for tax amnesty. Banks that chose to accept the offer were given until December 31st… Continue reading →
Resolution
Expatriates Renouncing Citizenship
In the face of increasingly strict asset disclosure legislation, more and more United States citizens are renouncing their citizenship in order to avoid potential tax consequences. In the second quarter of this year, the number of expatriates turning in their passports to United States embassies abroad was up almost 500% from that same time period… Continue reading →
Beanie Babies Creator Admits Tax Evasion
The creator of Beanie Babies, Ty Warner, has been accused of tax evasion due to the non-reporting of income earned on funds held in a secret Swiss bank account. Mr. Warner failed to report $3.2 million in income on an account which held as much as $93.6 million in assets. He will be assessed over… Continue reading →
Summer Tax Basics – Tax Tips to Keep You Ahead of the Game!
It’s summertime and probably the last thing you want to think about is taxes! However, I am an organizer and I like to be prepared so at least I feel like I am ahead of the game…. Here are some easy and simple summer tax tips that will help you save money! Most people wait… Continue reading →
Tax Penalties: Removing the Failure to Pay Penalty
Have you received an IRS notice of Failure to Pay? Last week, we discussed the IRS penalties and consequences of Failure to Pay, which is when a taxpayer fails to either meet a tax filing deadline, or make a tax payment by its due date. The consequences for Failure to File include 5% per month… Continue reading →
You Have to Pay Your Taxes
What is the law regarding the payment of federal income taxes? Although taxpayers are initially given the responsibility of determining the amount of tax they owe by completing and filing the appropriate tax returns, paying income taxes is not voluntary. The requirement to file an income tax return and pay income taxes is clearly stated… Continue reading →
