The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act which was signed into law in 2010 increased the amounts of the estate, gift and generation skipping tax exemptions and, at the same time, lowered the tax rates for each of these taxes. However, unless Congress takes some action before the end of the year,… Continue reading →
Help with IRS
Wage Garnishment Process
If you have back taxes from unfiled or late tax returns, you could be subject to wage garnishment. Under IRS wage garnishment, 70% or more of your wages can be legally seized by the federal government to pay your back taxes. If you do not respond to IRS notices about your back taxes, the IRS… Continue reading →
Tax Penalties: What is Failure to Pay?
A tax penalty is assessed when a taxpayer fails to meet a tax filing deadline or fails to make a tax payment when it is due. The IRS and State Tax Agencies impose such penalties as a method of encouraging taxpayers to meet their tax obligations. Both the Failure to File Penalty and the Failure… Continue reading →
IRS Penalties for Hiding Income Offshore
You may remember Mitt Romney’s refusal to make his complete tax returns public due to his offshore accounts in the Cayman Islands in January. Romney at least reported the income to the IRS, if not the American public. The OC Register reported this week that Lake Forest resident Louis Joseph Vadino is being investigated by… Continue reading →
3 Ways to Start Eliminating Your Tax Debt
If you have a large IRS tax debt, the amount you owe can be daunting. To avoid being charged additional fees and making the debt larger, it is important to act and begin the tax settlement process quickly. Even if you cannot pay it off all at once, there are options you can pursue to eliminate… Continue reading →
7 Ways to Guarantee an Audit
As the National Debt grows, the IRS has become increasingly vigilant with enforcing taxes. Therefore, returns that could have been accepted in prior years may now be flagged for an audit. Even small mistakes can influence whether or not you are audited. Here are 7 ways to guarantee an audit: Your income is suspiciously low… Continue reading →
