Taxes and Passport Revocation

Did you know that not paying your taxes on time has serious ramifications, not only financially, but also personally? If you have a seriously delinquent tax debt, the Internal Revenue Service can certify that debt to the State Department in order for them to take action. In most cases, the State Dep...
Read More

Benefits of Filing Your Taxes on Time

All other things in life may not be sure, but there is one thing that you cannot change or run away from which is death and taxes. Procrastination will only put you in more trouble, you need to do the necessary whenever the time comes to prevent dancing to the music of the law. There [...]...
Read More

Tax Reform and Your Business

The first few months of the year are typically a great time to gather financial documents and receipts to prepare for the impending tax season and the year ahead. This year, the Tax Cuts and Jobs Act (TCJA) that passed in late December, has business owners caught off guard. It is no surprise that th...
Read More

Increased IRS Installment Fees

The IRS has dramatically increased the fees on installment agreements. Effective January 1st, 2017, the fees for regular installment agreements have gone from $107 tp $225 and the fees for Direct Debit installment agreements has gone from $52 to $107. The fees for direct debit online installment agr...
Read More

The IRS Restructuring and Reform Act of 1998

In 1997, Congress held extensive hearings about IRS abuse. During those hearings, there was testimony about taxpayers literally committing suicide because of the harassment they say they were receiving from IRS collection agents.  In response to public outrage, Congress enacted The IRS Res...
Read More

FBAR in a FATCA World

FBAR is an acronym standing for Report of Foreign Bank and Financial Reports. This report is due annually June 30th on all Taxpayers with offshore assets; it is a Report that Taxpayers must file in addition to disclosure on schedule B of their 1040s. There are extremely harsh penalties of up to 50 p...
Read More