The Blog

IRS/ Offshore Bank Accounts IRS Becoming Aggressive About Offshore Tax Evasion One problem the IRS has to tackle is that of United States taxpayers who dodge paying taxes by placing their funds in offshore accounts and then failing to report them. In the last several years, the IRS has made it clear that this is breaking the law and that taxpayer’s who are caught hiding foreign assets may face penalties, fines and even criminal prosecution. “It’s a bad bet to hide money and income offshore,” said IRS Commissioner John Koskinen. “Taxpayers are best served by coming in voluntarily and getting their taxes and filing requirements in order.” The IRS has recently become more aggressive in finding taxpayers who are hiding their money in offshore accounts. … Continue reading →

Are You Prepared for Tax Season 2015? Are You Prepared for Tax Season 2015? While no one looks forward to tax season, there are a few simple ways get prepared and make the whole experience a little less painful. While it is best if some of these steps are taken before tax season starts, timing is not crucial. It is better to get organized now that Tax Season 2015 is underway rather than not get organized at all! The good thing is that each passing tax season presents a chance for the development of a new and better system of organization based on what has worked in the current year. We offer the following suggestions to get Tax season 2015 off to a good start: … Continue reading →

2015 Tax Filing Date Announced 2015 Tax Filing Date Announced – The tax filing date for the New Year has recently been announced by the IRS. Tax filing will begin on Tuesday, January 20th, 2015. In addition, as part of the tax extenders package which President Obama signed into effect on December 19, 2014, all taxpayers can file at the same time. Although the tax extenders package was approved just weeks ago, the Internal Revenue Service has announced that the 2015 tax season will be begin in a timely fashion. The opening date is actually 10 to 11 days earlier than it was in previous tax seasons. In addition, rather that having a tiered tax season opening, the new legislation allows all taxpayers to begin … Continue reading →

Tax Bill Passed By Congress Tax Extenders Bill Passed – With time running out, Congress has passed the long awaited tax extenders bill. Although President Obama has not yet signed the legislation into effect, his signature is expected. The bill, officially identified as the Tax Increase Prevention Act of 2014 (HR 5771), extends some very significant tax breaks through the end of 2014 and makes them retroactive to January 1, 3013 when they originally expired. It important to note, however, that the new legislation only covers items that are put into effect before December 31, 2014. At his point, there are no plans to extend the bill’s tax benefits into 2015 and beyond. Some of the tax saving provisions of HR 5771 are summarized below: … Continue reading →

Important Year End Tax Considerations Important Year End Tax Considerations – Although tax planning is important all year long, it is especially important at the end of the year. End of the year tax moves such as accelerating or postponing income, balancing capital gains and losses and placing funds in tax deferred accounts have the potential to produce significant tax savings. On the other hand, failing to consider such tax planning options could very well result in paying taxes in excess of what would otherwise be owed. Consider deferring income into 2015. This tax planning strategy provides a tax advantage if you expect to have an equivalent or lower income in 2105 and the deferred amount will not push you into a higher tax bracket … Continue reading →

Let IRS Notice of Deficiency be a Wake-Up Call Let IRS Notice of Deficiency be a Wake-Up Call – If you have received an IRS Notice of Deficiency, let it serve as an official wake-up call, informing you that you have a back tax issue that needs attention.  Although a Notice of Deficiency is usually sent went the tax balance shown on a tax return is less that the amount the IRS believes you owe, it can sometimes be sent when no tax return has been filed. Either way, the Notice of Deficiency is an official communication from the IRS informing a taxpayer that they have a back tax balance. It is always sent by certified United States mail to the last known address of … Continue reading →

IRS Announces 2015 Tax Changes IRS Announces 2015 Tax Changes  – Although the Federal Reserve predicts that inflation will be under two percent again in 2015, the IRS has modified certain tax rates and ceiling amounts to cover the anticipated increase.  While none of the changes seem particularly significant, any or all of these can become important to an individual taxpayer or a business that is bumping up on one of the interval markers. The new list of 2015 inflation adjustments was released just a few days ago, on October 30, 2014. Some of the 2015 IRS inflation adjustments are highlighted below: Standard Deduction The standard deduction will increase to $6,300 for single taxpayers and $12,600 for married couples filing jointly (up from $6,200 and … Continue reading →

Reality Stars Suffer the Consequences of Owing Back Taxes Reality Stars Suffer the Consequences of Back Taxes – The recent indictments of reality television stars Mike Sorrentino and Teresa and Joe Giudice highlight the importance of staying current with the IRS. All three, together with Mike’s brother Marc Sorrentino, were charged multiple offenses that included failing to file federal tax returns, misreporting income and underpaying income taxes. While these individuals operated under the radar for years, their attempts to avoid paying income taxes eventually caught up with them. They now face serious consequences that seem much more painful that paying the back tax balances they originally owed. Jersey Shore star Mike Sorrentino and his older brother Marc, who was acting as his financial manager, were … Continue reading →

Professional Tax Resolution Enrolled Agent Earns Prestigious Title- Professional Tax Resolution is pleased to announce that one of our talented Enrolled Agents, Jean Krieger, recently earned the elite Fellow designation from the National Association of Enrolled Agents (NAEA). This prestigious title is awarded each year to a select group of tax practitioners who complete all three of the rigorous levels of study offered by the National Tax Practice Institute (NTPI). The Fellow designation recognizes Jean’s expertise in the field of tax as well as her commitment to protecting taxpayer rights. For more information visit us at www.professionaltaxresolution.com. For more information about Jean and the rest of the talented staff at Professional Tax Resolution read About US or call us at (877) 889-6527.      

Did You Miss the Tax Extension Deadline? Tax Deadline Reminder – September 15, 2014 – Did You Miss the Tax Extension Deadline? Final deadline for 2013 Corporate Tax Returns if an extension was requested. Final deadline for 2013 Partnership Tax Returns if an extension was requested. Final deadline for 2013 Trust Income Tax Returns if an extension was requested. Did you Miss the Tax Extension Deadline? Do you have Tax Issues? We can help. Don’t let Tax Liabilities ruin your life. Is the IRS demanding full payment for unpaid taxes? Have you received an IRS Notice of Deficiency or a State Tax Notice? Is there a lien against your property or have your wages been garnished? The Professional Tax Resolution team, which has over 100 years of … Continue reading →