IRS Offer In Compromise – What You Need To Know

IRS Offer in Compromise: find out if you qualify before submitting your offer! Every taxpayer in trouble seems to want to settle for pennies on the dollar which involves doing an Offer in Compromise (OIC), but very few understand what an IRS Offer in Compromise entails. In many instances, an Offer in Compromise is not the best option, even if you qualify. To make sure that you are making the right tax resolution decision, we will detail for you the benefits and challenges of an IRS Offer in Compromise. Our goal is to help you move forward with [...]

Can the IRS really revoke my passport?

IRS ANNOUNCES PLANS TO MOVE FORWARD WITH PASSPORT REVOCATION PROGRAM Don't lose your passport, we can help - (818) 704-1443 Are you planning a trip outside the United States?  Are you an American ex-pat who lives and works overseas?  Does your passport need to be renewed?   If you owe back taxes then your passport renewal may be denied or even worse, your valid passport may be revoked. Additionally, U.S. citizens living abroad should be aware that they may be forced to return to the United States until they resolve their tax debts.1 Below are 5 threats to [...]

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) [...]

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 [...]

The Potential Consequences of Not Filing Tax Returns (Part 2)

In the first part of the two-part series, the Tax Resolution Institute examined what triggers an IRS investigation, and the first round consequences that come from not filing tax returns.  In the second part, we will look at how not filing a return can become a criminal matter if the IRS believes you willfully chose to not file your income tax returns.  If willful tax evasion is suspected, IRS Criminal Investigation Division (CI) may be called upon.  This is the last thing you want to face if you have not filed a return.  In addition we will look at what [...]

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 [...]

What To Do About Unfiled IRS Tax Returns And Unpaid Income Taxes (Part 1 – The Initial Assessment)

If you have unfiled IRS tax returns and unpaid income taxes, the Internal Revenue Service will be contacting you. Given the evolution in IRS technology and their computerized capabilities, it is no longer typical to have the luxury of time waiting for an IRS Revenue Officer tracking you down.  Rather it is a faceless computer "picking up your scent" and in short order, comes "knocking at your door".   It is important to know that most common reasons the IRS comes after you is for unfiled tax returns and unpaid income taxes.  In this two-part article, the Tax Resolution Institute will [...]

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. […]