A tax crime occurs when a person willfully or unwittingly fails to comply with federal income tax obligations. As the IRS is charged with the responsibility of collecting taxes and enforcing tax laws, they aggressively seek out tax defaulters with the aim of...
One of the most confusing tax-related topics is federal tax liens. A lien occurs when you fail to pay or refuse to pay a tax debt and the government gets a legal claim against your property. It protects the government's interests in all the possessions you own,...
Each year, millions of Americans rely on tax preparation services to accurately file their tax returns with the IRS. From big-box names known on the national level to smaller firms and businesses that offer tax preparation services, these are lower-cost options that...
Many individuals turn to tax preparation services to file their taxes. In some years, more than 50% of filers use a paid preparer. Unfortunately, not all tax preparers are created equal, and you could find yourself facing questions from the IRS if your tax preparer...
COVID-19 made 2020 a challenging year for businesses. To help small and medium companies survive, the federal government passed legislation to return money to businesses through tax credits. Companies need to file through the IRS to claim these tax credits, which end...
Under a new administration comes the release of a new tax plan. For those who have been taking advantage of tax loopholes with their offshore accounts and keeping profits offshore, they may be finding new ways to submit their taxes since previous incentives may no...
Did you know that you will most likely continue to pay taxes even during retirement? The tax is calculated based on your yearly income, much like how it was before your retirement. However, understand that different tax rules can apply depending on the type of income...
COVID-19 choked international travel in 2020, so this might have slipped under your radar with everything else happening in the world. But it's true: you might be denied a passport if you owe substantial taxes! If you have a substantial outstanding balance with the...
As a basic rule, every state requires residents who live within its borders to pay taxes irrespective of whether they work locally, telecommute or work completely remotely. However, a few states have what they call the 'convenience of the employer' rule, which...
Offshore banking typically involves an individual opening up a bank account in a foreign country that they do not reside in. Many people tend to believe the reason for holding one of these accounts is to evade taxes or hides assets. However, in truth, there are a...
