IRS Targets International Businesses Over the last few years, the IRS has faced many dramatic cutbacks which have caused them to decrease their services and drastically reduce the actual number of IRS employees. However, in spite of the downsizing, the agency is determined to collect the money they are owed, especially that owed by larger taxpayers. They have… Continue reading →
Tax Levy
Tax Debt May Result in Loss of Passport
Tax Debt May Result in Loss of Passport One of the numerous bills passed by Congress toward the end of last year was the Fast Act (Fixing America’s Surface Transportation Act). Executed on December 5, 2015, the main focal points of the bill are improving the county’s transportation infrastructure, strengthening public transportation and improving highway… Continue reading →
Do Not Ignore Mail from the IRS….
Why You Should Not Ignore Mail from the IRS – Although the issuance of an IRS Notice of Deficiency is usually the first step in the collection of an outstanding tax liability, ignoring it can have serious consequences. The Notice of Deficiency is an official communication from the IRS informing a taxpayer that the tax amount… Continue reading →
Foreign Banks Take Advantage of Tax Amnesty Offer
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 →
IRS Levy – Must Follow Legal Guidelines
A tax levy is the confiscation of a taxpayer’s property for the purpose of covering a tax debt. It is one of the final steps taken by the IRS in the enforced collection of back taxes and is usually carried out only after all previous attempts to collect a tax debt have failed. Before the… Continue reading →
Late Tax Return? What Happens Next
It’s the day after taxes were due, April 18th, 2012. What do you do if you still haven’t filed your tax return? The IRS has some guidelines for what happens with returns that are past due. If the IRS doesn’t hear from you and you don’t file a return: The IRS will increase your taxes… Continue reading →
