July 10, 2012. Let us first talk about compliance as defined by the IRS. Compliance according to them is filing your income taxes. If taxpayers owe back taxes, they are prohibited from reaching a tax resolution if they have not filed their tax returns. Read more...
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July 9, 2012. There are two issues that one has to deal with when we receive inheritance. The first is an estate tax issue and the second an income tax issue and they are not one. You may be exempt form one but subject to another. Read more...
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June 14, 2012. I believe taxes are a necessary evil. I reluctantly accept them and whenever there is a chance for a tax cut or elimination I am wholeheartedly for it. Tax cuts for the poor and wealthy are no exceptions. Read more...
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June 12, 2012. There are three known ways by which you can get in trouble with the IRS. The first path to trouble is due to no fault of yours. It is an IRS audit. This assumes that the tax audit was not prompted by a flagrant error on your tax return. Read more...
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June 11, 2012. Many taxpayers are currently (as we speak) subject to an IRS levy, wage garnishment and tax lien as a result of, get this, suffering from an economic hardship. People who are facing a hardship and default on their credit cards, may have a brewing tax problem. Read more...
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June 7, 2012. Background: I had instructed my client to pay down the debt from $120,000 to $50,000 to be eligible for the new streamline Installment agreement threshold. My client borrowed $70,000 on his credit cards to pay it down to the $50,000 goal. Read more...
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June 6, 2012. Let us first define what an inventory is. This seemingly academic issue may have an impact on your tax liability and may or may not survive in audit depending on how to treat inventory. The simplest definition of an inventory is as follows: Inventory is all the goods or materials you buy with the intention of selling them. Read more...
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