What are the alternatives for not paying your taxes? For the year 2011, the consumers are going to get the benefit of an extended time to file and pay their taxes .Whether it is a lay off or managing debts through the debt management services, there can be several reasons for the consumers to fall short of paying their taxes. However, the important thing is to look for alternatives to pay the taxes. It is commonplace for people to...more
The Best Time to File A Tax Return April 15th - "The Day of Reckoning"! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that it is for taxpayers, and when are we actually required to file a income tax return? Let's take a look at the beginnings of the income tax date of April 15 and why it was chosen? The first known...more
US Tax Evasion:IRS offers second chance to disclose hidden income "This initiative offers clear benefits to encourage taxpayers to come in now rather than risk IRS detection. US taxpayers hiding assets offshore who do not come forward will face far higher penalty scenarios as well as the possibility of criminal prosecution."IRS News Release IR-2011-14,February 8, 2011In its February 8, 2011 news release, the US IRS announced an Offshore Voluntary Disclosure (OVD) initiative that allows US taxpayers who have any hidden income from undisclosed offshore bank accounts or other assets to come forward voluntarily and report their previously undisclosed foreign accounts and assets, and pay the related delinquent taxes.This new OVD initiative is a sequel to the 2009 offshore disclosure program and is available only through August 31, 2011.The OVD initiative levies a 25% penalty on the highest aggregate balance in the taxpayer's previously unreported foreign bank accounts or foreign assets during the period covered by the initiative (tax years 2003 through 2010). This 25% penalty is a 5% increase over that offered under the 2009 offshore disclosure program, so that taxpayers...more
Get Help With Taxes This Year People seeking free income tax help might be eligible for IRS sponsored volunteer tax assistance. Here are the ten primary things the IRS thinks you should be informed of regarding these programs. 1. The IRS funds both the Volunteer Tax Assistance program and the Tax Counsel for the Elderly program.2....more
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IRS Tax Settlement Advice Nonetheless, it may occur that you get right into a place in which people happen to owe the IRS some sum of cash which you can't pay. One example is, your taxes likely have also been improper over some number of time, and therefore you will have paid for a lesser amount of capital that might be owed. In case that will transpires for some period, this sum have to pay might be substantial where irs penalties in addition to irs interest may be taken into account. Tax offer in compromise: That plan was made by way of the U.S.A. government to let tax-payers a one time possiblity to minimize his or her tax-debt towards the (IRS) INTERNAL REVENUE SERVICE for some fraction of the amount which is really expected. The DEPARTMENT-OF-REVENUE will certainly check out your event but will, based on particular regulations, be agreeable to negotiate this irs debt for some certain amount. Then again, as you would visualize, there are specific limitations that has to often be beaten before your own irs debt is actually decreased. The leading dilemma using this type of program is the fact that it is really highly sought after. In fact a great number of...more
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Quite often, people are confused regarding the role of their accountant, given that tax preparation software has become very advanced and common. To get the biggest benefit for that fees you pay, you need to know very well what your accountant can...more
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Past year taxes can be intimidating, but dont despair! Taking care of them is a lot easier than it seems. Plus, at the end of the process, you could even have a nice fat refund waiting for you. Unfortunately you cant e-file past year tax returns. You...more
Tax preparation is the most important concern for a company irrespective of its size, domain, or workforce. With tax laws changing regularly and becoming more and more complex for a common citizen to understand, there is a constant need to entrust...more
Today reducing tax is important for just about everyone that is working or receiving income from investments. The options found to help you reduce taxes will help you to keep more of your money for yourself. By using a number of different choices, an...more