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Taxation & Estate Planning

IRS Problem Solver Blog

IRS Problems and how to solve them
By Darrin T. Mish, Esq.

Post Frequency: 7.8/day

Last Entry: June 14, 2013 at 21:45:16

IRS-approved Legas Tax Havens (part 2)

Posted on June 14, 2013
Yesterday, I mentioned a few legal tax havens. Of course, I?m not telling you names of countries where you can stash your cash overseas to avoid paying taxes. That would not be legal. I?m telling you about legal tax havens right here in the United States...

IRS-approved Legal Tax Havens (part 1)

Posted on June 13, 2013
Since Fathers? Day is around the corner, I want to give you some good news (especially if you?re a tax-paying dad). I will share with you some IRS-approved legal tax havens. You never thought ?legal tax haven? and ?IRS? could be said with the same breath, did you? See? I told you this is good news...

Tax Breaks can Help Ponzi Victims

Posted on June 12, 2013
The most famous (or infamous) Ponzi scheme in recent years was the Bernard Madoff scandal where Madoff lost an estimated $65 billion in investor funds. But there are hundreds of other less known Ponzi schemes that continue to victimize innocent taxpayers just looking for investment opportunities...

Form 668(Y) by the IRS

Posted on June 11, 2013
What is Form 668(Y) and what is it used for? If you don?t already know, Form 668(Y) is known as the Notice of Federal Tax Lien. When the IRS issues one to you, it means they have placed a federal lien on one or more of your properties. A lien is a claim to the rights to a property...

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Tax Advocacy Help

Posted on June 10, 2013
Did you know there is an independent service within the IRS that is set up to help you resolve your tax issues? It is called the Tax Advocacy Service (TAS) and is known as ?your voice in the IRS?. The TAS will help you stand up for your rights as a taxpayer...

Tips on Paying Back Taxes Even When You're Broke

Posted on June 06, 2013
If you owe the IRS money in back taxes but cannot afford to pay it all off, I?ve got some tips for you. Using these tips, you will be able to eventually pay off all your back taxes and start afresh. More on Tips on Paying Back Taxes Even When You're Broke Tips on Paying Back Taxes Even When You're Broke is a post from: IRS Tax Problem Solver Blog - IRS Help Tips on Paying Back Taxes Even When You're Broke is a post from: IRS Tax Problem Solver Blog - IRS Help

How to Avoid FATCA

Posted on June 05, 2013
FATCA is the Foreign Accounts Tax Compliance Act. It is a law created to combat tax evasion by American taxpayers with taxable assets overseas who keep them in offshore bank accounts. FATCA creates a new tax information and reporting and withholding requirement, designed to gain information about US persons rather than to raise revenue...

Tax Reporting Requirements for Small Businesses

Posted on June 04, 2013
If you run a small business, you now have new tax reporting requirements to fulfill. Beginning last year, the new healthcare law requires businesses to send Form 1099s for every business-to-business transaction of $600 or more for both property and service...

8 Charity Donation Tips from IRS (part 2)

Posted on June 03, 2013
Last week I shared 4 tips for making charity donations. Here they are again: 1. Set a budget to donate regularly 2. Choose a cause that you are passionate about 3. A tip if you?re donating money 4. A tip if you?re donating gifts in kind More on 8 Charity Donation Tips from IRS (part 2) 8 Charity Donation Tips from IRS (part 2) is a post from: IRS Tax Problem Solver Blog - IRS Help 8 Charity Donation Tips from IRS (part 2) is a post from: IRS Tax Problem Solver Blog - IRS Help

8 Charity Donation Tips from IRS (part 1)

Posted on May 31, 2013
If you are thinking of donating money to a charity organization, you should bear in mind a few tips that can make the giving worthwhile. There are two main benefits in donating to charity organizations, firstly it can reduce your tax bill and secondly, it will bless someone else...

Procedures in IRS Audit

Posted on May 30, 2013
Tax audits are scary, aren?t they? Most people think so, and I don?t blame them. After all, knowing the IRS has you in their crosshairs would send shivers down anyone?s spine. So I?m here to help alleviate some of those fears by giving you information on the procedures take in IRS audits...

Tea Party Groups file Lawsuits against IRS

Posted on May 29, 2013
25 Tea Party-related groups filed a lawsuit against the IRS through the American Center for Law and Justice (ACLJ), a Washington advocacy, the biggest suit to-date over the IRS? targeting of conservatives for heightened scrutiny. Several conservative groups, not only the Tea Party, were subject to long-drawn and improper audits of their tax cases...

Declaring Foreign Income (part 2) ? What To Do

Posted on May 28, 2013
Yesterday, I told you about the two options for your foreign income. Both are not advisable and they were to carry on and hope you don?t get caught and make a ?quiet disclosure?. Today I will share the final two options on what to do with your foreign income...

Declaring Foreign Income (part 1) ? What Not to Do

Posted on May 27, 2013
If you have foreign income you have not declared, you face two possible outcomes. First, not reporting your income in your 1040 annual tax return will can result in significant fines and penalties. And secondly, if you have not been paying tax on your income earned in a foreign country you could face civil and criminal charges...

Overseas Bank Accounts Tax

Posted on May 24, 2013
Overseas Bank Accounts Tax The USA practices worldwide taxation which means all US citizens are to report their income earned regardless of where they earn it. This means even if you own an overseas bank account, you have to declare any taxable asset inside...

How Bankruptcy can Discharge Back Taxes

Posted on May 23, 2013
If you owe Uncle Sam some back taxes that you cannot afford to pay, you can fi le a bankruptcy petition that discharges your tax debt if certain requirements are met. Furthermore, there are two types of bankruptcy that will eliminate or reduce your back taxes namely Chapter 7 and Chapter 13 bankruptcy...

Wrong Filing Status

Posted on May 22, 2013
Wrong Filing Status What happens when you file your tax return under the wrong status? Well, it would certainly have broad ranging effects. For example, it can affect the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay...

IRS Reconsideration after Assessment

Posted on May 21, 2013
IRS Reconsideration after Assessment If you or your business has undergone an audit and you are dissatisfied with the result, you can make an appeal called an IRS reconsideration. This is allowed under Internal Revenue Code � 6404 (a). Furthermore, in Treasury Regulation 301...

IRS Files $170m Tax Lien on Miccosukee Indians

Posted on May 20, 2013
In the latest twist in their long-drawn battle with the IRS, the Miccosukee Indians have been recently slapped with a $170 million tax lien for the tribe?s failure to report and make withholdings in their distribution of gambling profits to their members...

Dionne Warwick files Bankruptcy owing $10m in Back Taxes

Posted on May 17, 2013
Singer Dionne Warwick who shot to fame with unforgettable tunes like ?Heartbreaker?, ?I?ll Never Fall in Love Again? and ?That?s what Friends are For? has filed for Chapter 7 bankruptcy saying she owes the IRS $10m in back taxes. Warwick, 72 won 5 Grammy Awards in a distinguished singing career that spanned four decades...

Acting IRS Commissioner Quits

Posted on May 16, 2013
Acting IRS Commissioner Steven Miller has quit his post over the IRS investigation on conservative groups after receiving an ultimatum from the Treasury Secretary Jack Lew. The scandal erupted last week after the IRS admitted to putting the tax cases of various conservative political and nonprofit organizations such as the tea party and Billy Graham Evangelistic Association and Samaritan?s Purse under extra scrutiny...

IRS Break for Offshore Account Holders

Posted on May 15, 2013
If you have an offshore account containing money you have not declared to the IRS as income, the IRS is giving you a break in the form of 2 programs. The first is the Offshore Voluntary Disclosure Program (OVDP). The second is a less-known guideline called FAQ 17...

IRS Targeted Nonprofit BGEA

Posted on May 15, 2013
Amidst the recent furor surrounding the IRS? admission of heightened targeting of the Tea Party comes another accusation against the agency, this time from the nonprofit Billy Graham Evangelistic Association (BGEA). Its President, Franklin Graham said this today in his letter to President Barak Obama...

What is an Offer in Compromise

Posted on May 13, 2013
If you are one of the many taxpayers who cannot afford to pay your taxes in full, one option you can take is to make an offer in compromise to the IRS. An offer in compromise allows you to pay less than the sum total of your tax debts provided you meet certain conditions...

IRS Investigates Offshore Accounts

Posted on May 10, 2013
In the face of what the IRS calls a ?substantial amount? of information on offshore accounts by individuals, companies and trusts, the agency has opened cases and begun investigation on these accounts. In fact, other countries namely the United Kingdom and Australia are collaborating with the US to analyze the data for potential tax-law violations...

IRS Form 433 A

Posted on May 09, 2013
IRS Form 433 A If you cannot afford to pay all the taxes you owe, you need to do something about it because the IRS has many ways to collect their dues such as liens, levies and seizures. But if you genuinely cannot pay your taxes due to financial reasons beyond your control, you can make an appeal to the IRS for an offer in compromise...

Kansas City Man Submits False W2, 1090 Documents to IRS

Posted on May 08, 2013
Kansas city Man Submits False Documents to IRS With tax season just ended, most taxpayers go about the business of making claims for refunds. Robert C. Logan of Kansas City, Missouri is no different from the many millions who claim tax refunds, except that Logan?s claims were false and fraudulent...

Accountants Give Suggestions to Fight IRS Fraud

Posted on May 07, 2013
The American Institute of Certified Public Accountants (AICPA) recently gave suggestions to the IRS on how to curb tax fraud and identity theft. "Some actions that we believe would reduce the threat of identity theft would require legislative or regulatory changes," Jeffrey A...

IRS Lien Information

Posted on May 06, 2013
Do you know what an IRS tax lien is and how it can impact you? Well, if you are one of those that struggle to pay your taxes every year, you should be informed of this. A tax lien is one of the many ways the IRS can use to collect outstanding taxes from you...

New Method to Calculate Home Office Tax Deduction

Posted on May 03, 2013
If you are a business owner running a small business, you should know that you are entitled to make certain deductions on your income tax returns. If you run your business from home (most small business owners do), the most basic deduction you ought to claim is the home office deduction...