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IRS Meets Robocop – The IRS Turns to Data Mining to Find Tax Evaders

Does tax evasion warrant widespread government spying? Welcome to the 21st Century.  The United States is fighting a "tech war" against its own citizens, assuming they are tax dodgers. By using "data mining", the IRS is seeking  to track down and collect taxes from those who move their income to Swiss banks and other offshore tax havens. Granted, these are “edge” cases, which were brought to light from the disclosures found in the Panama Papers (the set of documents from the Central American law firm Mossack Fonseca that were hacked by tech activist, Anonymous).. The question is “How [...]

Where’s my refund?!? What you need to know BEFORE you call the IRS

Where's my IRS refund? Here's your checklist for calls to the IRS! Based on information provided by the IRS itself we've put together this cheat sheet to help you get an answer to the question "Where's my refund?!?" the first time, every time. In fact we've compiled three checklists, one for each of the following scenarios: Personal Tax Refund, Letter 4883C, someone else's account or a deceased person's account. First up: the Where’s My Refund?” tool! It's the "Quick, Easy and Secure." way to find out the status of last year's refund. In fact you are explicitly encouraged [...]

2017-05-23T10:01:50+00:00 February 28th, 2017|Income Tax Problems, IRS News|

Taxing Billionaires is a Loser’s Game

Current tax policy isn't working. The U.S. federal deficit is approaching $20 Trillion.  Note that we said Trillion with a ‘T’ (click here to see the “up to the second” debt clock). The deficit didn't happen overnight, and suffice it to say, it won't get solved overnight.  When you look at the numbers the current populist are calling on "tax billionaires", aka the "Buffet Alternative Tax" to solve this problem, things just don't add up. Here is a rundown of the sobering truth: A quote from the Wall Street Journal from Tuesday, Sept. 20, 2011 states "(Donald Trump) [...]

Is Bankruptcy a Viable Option to Eliminate Your Taxes?

Part 1 of 3 Most taxpayers are unaware that bankruptcy may be a viable option to discharge income taxes.  Although bankruptcy may work to relieve IRS tax debt, it also has the ability to cause issues.  Nonetheless, people are declaring bankruptcy in record numbers so that they may wipe away their personal debt.  Faced with financial difficulties, they hope that by filing for bankruptcy they will gain a fresh start. In fact, bankruptcy is an option that is used to relieve debt obligations not just by everyday people, but also by some of the world's largest businesses.  Two questions that [...]

IRS Offers in Compromise

IRS Offers in Compromise Tax Resolution expert Peter Y. Stephan of the Tax Resolution Institute talking about how IRS Offers in Compromise can help taxpayers who don't have the ability to pay their back taxes. You probably see TV commercials in the middle of the night from Tax Resolution companies talking to you about pennies on the dollar. Well, what they're talking about are Offers in Compromise. And yes, they are doable in certain circumstances. I've been doing this work for over 25 years and I can tell you that 90% of the offers we send from [...]

According To The Wall Street Journal, 57% of Americans Complain About High Income Taxes

Many Americans believe that high income taxes are a big problem in this country.  The Wall Street Journal reported on a recent Gallup poll that revealed 57% Americans think their own Federal income tax bills are too high.  Up from 51% last year, this is the highest level since 2001.  To further support these numbers, the Tax Policy Center reported that only 55.5% of American households will pay Federal income taxes in 2016.  As a result, the IRS is coming after delinquent taxpayers. High Income Taxes = Delinquent Taxpayers The Burden of High Income Taxes Although the earned-income [...]

IRS Unfiled Tax Returns & The Penalty For Failure to File (Part 1)

Did you know that not filing IRS tax returns often triggers IRS collection and in extreme cases can lead to criminal investigation?  In the first part of this two-part article, the Tax Resolution Institute will illuminate the process of how the IRS investigates these type of cases.  If you failed to file your tax return, we will show you what happens and the first steps taken by the Internal Revenue Service.  We will also explain why you need to take action by accessing the help of a qualified professional.  In the second part of this article, we will delve deeper [...]

What To Do About Unfiled IRS Tax Returns And Unpaid Income Taxes (Part 2 – IRS Tax Liens)

If your account has been red flagged by the IRS with regard to unfiled tax returns or unpaid tax liability, you can expect collection action against you to occur quickly.  Collection typically begins with notices requesting delinquent returns be filed or unpaid income tax be paid.  The IRS encourages taxpayers to file returns and pay delinquent liabilities on a voluntary basis.  If this is not done, they more surely will us a "call to action" to get your attention. Unpaid Income Tax = IRS Collection Action If you are in the midst of receiving the chain of IRS letters the [...]

Three Strategies You Need to Know to Abate IRS Penalties Stemming from Back Taxes and Unfiled Tax Returns (Part 2)

Penalty Abatement Strategies Be diligent in doing what you can...even if that means not paying your taxes Get your facts in order and keep your story straight Be organized and provide complete and accurate supporting documentation   In the second part of this two-part article, the Tax Resolution Institute provides taxpayers with insight into IRS penalty abatement and the best strategies to obtain a favorable outcome.  In the first part, we pointed out the importance of being diligent with the IRS.  If you are not complete and honest with the IRS when trying to obtain a desirable outcome, odds indicate [...]

Three Strategies You Need to Know to Abate IRS Penalties Stemming from Back Taxes and Unfiled Tax Returns (Part 1)

What is IRS penalty abatement? If you think the IRS has or is going to penalize you for back taxes owed or not filing tax returns, you need to know about IRS penalty abatement. It could be the answer you need to protect your financial future.  In this two-part article, the Tax Resolution Institute explains what penalty abatement is and offers three strategies that can significantly reduce and possibly eliminate the penalties assessed based upon IRS back taxes or unfiled tax returns. […]