Injured Spouse Relief
Injured Spouse relief is available for married taxpayer who wants to enjoy the benefits of filing a joint return without having to worry about having that benefit wiped out by their spouses’s pre-existing debts.
Taxmasters Scam: More insight
April 18, 2012 | MiscellaneousWhat to do if you were scammed by Taxmasters
As I said before, if you fell prey to the Taxmasters Scam, the chances of getting anything but a nominal check back are incredibly slim. Therefore, don’t think so much about getting even with TaxMasters, it’s not going to happen. Focus on the reason you hired them in the first place. Your tax problem. TaxMasters is going away, but the IRS is not.
Taxmasters Bankruptcy: Bad News
April 18, 2012 | MiscellaneousTaxMasters Bankruptcy
A client of ours, who claimed to one of to be many ripped off by TaxMasters, gave me a copy of a recent motion filed in the TaxMasters Bankruptcy. The news is not good for those who were ripped off — not good. Very little in the way of assets as I suspected.
Kinder, gentler IRS? A mixed report card for 2011
March 28, 2012 | Federal Tax Liens, How to Stop the IRS, NewsLast year, I expressed skepticism over the IRS’ claim that it would be more understanding regarding collections matters. Here and here. So what do the numbers for 2011 show? Did the IRS ease up a bit? Anyone wondering if now is the time to settle back tax debt with the IRS, should read article to get our latest update of the state of affairs with IRS collections.
The IRS is sending me mail… am I being audited?
March 21, 2012 | Tax AuditsThe Audit Process
What’s the first thing that comes to mind when you think about an IRS Audit? I’d bet the first image that comes to mind is a man in a suit – a man you’ve never seen before – showing up at your home or place of business and asking you invasive questions about your income and assets. That’s a pretty scary experience, and the physical presence of a Revenue Agent (as IRS auditors are called) is going to encourage you to take steps to resolve the problem.
Form 8938 FAQ
March 21, 2012 | FBAR Penalties, OVDI Offshore Voluntary Disclosure Initiative, Voluntary DisclosureThe IRS is requiring a new information reporting form that taxpayers will use starting the 2012 tax filing season to report specified foreign financial assets for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply. In addition, this creates an additional trap for taxpayers attempt to “soft” or “quiet” disclose previously unreported accounts.
Taxmasters files bankruptcy..but what about those left high and dry?
March 20, 2012 | News, Tax Scams & FraudsThe bearded one, Patrick Cox, has found himself joining other tax resolution promoters such as JK Harris, Roni Deutch and American Tax Relief in tough times. His company (which amazingly became public traded) has filed for bankruptcy. But what about their clients left in the lurch? This article addresses what any clients of this and other so-called “tax relief” companies should do immediately.
Immigrant or Dual Citizenship? Must use FBAR Voluntary Disclosure
March 15, 2012 | FBAR Penalties, OVDI Offshore Voluntary Disclosure Initiative, Voluntary DisclosureIMPORTANT UPDATE: Today’s Supreme Court decision in Kawashima v. Holder is bad news for any US resident alien who has not come forward using the FBAR Voluntary Disclosure Initiative. Essentially both spouses, because they were found guilty of evading taxes in excess of $10,000, the Department of Immigration was free to deport them.
OVDI Extension
March 1, 2012 | FBAR Penalties, OVDI Offshore Voluntary Disclosure Initiative, Voluntary DisclosureWith offshore account crackdowns in the news, such as today’s stories that HSBC is giving up clients’ names and Wegelin and Co. under investigation, we talk to taxpayers everyday wondering if it is too late to utilize the OVDI, even if their bank is under investigation. However, the good news is that, no it’s not too late.
Bite the Bullet and Disclose Properly
February 29, 2012 | From the Firm, OVDI Offshore Voluntary Disclosure Initiative, Voluntary DisclosureAnthony R. Parent, Esq. of Parent & Parent LLP warns taxpayers about properly disclosing offshore accounts.
WALLINGFORD, CONN. – The Offshore Voluntary Disclosure Initiative (OVDI) is the Internal Revenue Service program offering a chance for taxpayers to declare foreign income and assets, pay a penalty, and avoid criminal prosecution.
