Bасk tаxеѕ аrе tаxеѕ thаt hаvе bееn раrtіаllу оr fullу unраіd іn thе уеаr thаt thеу wеrе duе. Tаxрауеrѕ саn hаvе unраіd bасk tаxеѕ аt thе fеdеrаl, ѕtаtе аnd/оr lосаl lеvеlѕ. Bасk tаxеѕ ассumulаtе іntеrеѕt аnd реnаltіеѕ оn a rеgulаr bаѕіѕ. It’ѕ іmроrtаnt tо nоtе thаt еvеn tаxеѕ...
When a taxpayer files a tax return late or has an unpaid liability, the IRS will assess substantial penalties along with interest on the penalties. If there is “reasonable cause”, penalties and related interest clearly can be abated or removed for physical disability. However,...
In 2013, record numbers of Americans renounced their citizenship in favor of another country for fear of the taxes they may be required to pay. In the 12 years between 1998 and 2010, the average number of Americans that renounced citizenship was around 500 people a year, and it...
Tax day has come and gone, and if you forgot to file, you may be starting to wonder what happens next. Although many people forget to file on time every year, the consequences can be a little worrisome, but with our help, you can certainly overcome them. What to do About Late...
Small business owners often struggle with their taxes when they’re just starting out. There are a lot of laws that you need to educate yourself on, and the last thing you want is an audit from the IRS. The government offers small businesses many tax breaks and...
There are many things in this world that can be understood with the simple application of time and effort. However, tax law is not one of them. These incredibly complex regulations can be extremely difficult to comprehend and if you are experiencing trouble with the IRS, you...
As the holidays approach and we prepare ourselves accordingly, we often don’t realize how expensive the month of December can be. Putting up decorations, buying presents, and preparing meals for visiting relatives are all part of the experience, but they can cost quite a lot. ...
This is a question very few people legitimately ask. Why? Well, the IRS has sort of made a name for themselves over the years. All you have to do is say “IRS” in a crowded business room and you’ll hear hissing. Regardless, everyone knows to not mess with the IRS. But...
After the holidays have faded and New Year’s resolutions lay discarded in the piles of party decorations, working adults everywhere find themselves marching ever closer to the most dreaded date of the year, April 15. While many Americans, specifically those who are single with...
Getting in and out of debt works much like falling down or climbing up a mountain. Tumbling down is fast and easy. All you have to do is lean forward, and then gravity takes care of the rest. You can be down in it in half an hour or less. You don’t need a trail to make it down...