Category Archives: Tax Tips

How does an offer in compromise work? What guidelines are necessary to take advantage of it, and when should a tax attorney be retained to help with the process?

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Learn about the relationship between the IRS and bitcoins, as well as the legality and tax implications of owning and mining bitcoins.

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There are close to a million people every year who face tax debt. Are you among them? If you are, don’t panic. Your situation is uniquely problematic for you, which means it also has a unique solution. With the right knowledge and legal support, you’ll be able to deal with your tax issue and move on with your life. Here are seven things you need to know to help resolve your tax debt issues.

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In an increasingly connected economy, it’s important that private citizens and business owners tread carefully with tax implications both at home and abroad.

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If you have tax issues stemming from underpayment or non-disclosure of foreign assets, you may have heard of the “OVDP” — the IRS’ Offshore Voluntary Disclosure Program. It’s a program the IRS offers taxpayers who are exposed to potential criminal liability and/or substantial civil penalties, due to mishandling of tax payments due on their foreign […]

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Each year, the deadline for filing your taxes (usually April 15) sneaks up on many people, who end up missing it. So, you missed the deadline — now what?

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There is a new deadline for FBAR filing: taxpayers will have to submit their FinCEN 114 forms on April 15, with a 6-month extension available.

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The IRS will negotiate a settlement for taxpayers who meet specific requirements. A tax attorney is highly recommended when negotiating with the IRS.

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Penalty Relief options are available under the expanded IRS Fresh Start Initiative. The IRS still provides Penalty Relief through FTA and Reasonable Cause.

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To avoid penalties, a U.S. person with offshore assets will have to disclose those assets and the related income to the IRS, as well as pay taxes on foreign income.

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