Archive for the ‘From Our Blog’ Category

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IRS Procedures and Tax Debt Relief

Saturday, September 24th, 2011
Do you have significant tax debt and wish you could hit the reset button to escape the nightmare? A free consultation with an expert tax consultant at US Tax Shield can get you on the road to tax debt relief. 

The IRS will begin sending automatic notifications when they determine that you owe money to the government. A taxpayer typically has about four to six months to pay the debt or obtain tax debt relief before the IRS takes collection action (the actual time will depend on the amount and type of tax owed). If you need more time to pay, it is vital to file an extension request. If you are not responsive, the IRS will take action to collect.
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Are You Facing a Tax Evasion Penalty?

Tuesday, September 20th, 2011

Three percent of taxpayers in the United States do not file tax returns and as a result, face a tax evasion penalty. It is also possible to face a tax evasion penalty if you underreport your income, overestimate deductions, or use various fraudulent accounts for tax evasion. This can result in serious consequences including steep fines and imprisonment. (more…)

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Tax Resolution Cannot Help Tax Evaders

Sunday, September 18th, 2011
The IRS is not interested in ruining lives and taking away everything from taxpayers who have simply made mistakes on their taxes. Their goal is to work out a tax resolution with taxpayers that owe money. But when taxpayers try to purposefully avoid paying taxes and cheat the government, the IRS will come after them with severe penalties. Examples of this run the spectrum from well known celebrities such as Wesley Snipes to average U. S. citizens. The following is but one example of a citizen who is suffering greatly for attempting to avoid his tax obligations.  (more…)

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Innocent Spouse Tax Relief

Friday, September 16th, 2011
Married couples usually file taxes jointly, as 90% of the time this allows for more favorable tax rates rather than when filing separately. However when doing so, each spouse becomes responsible for each other’s taxes, this is called joint liability. Even if you are divorced and the IRS finds inadequately paid taxes, both of you will be responsible for them. However the IRS will ask for a payment from a party that is easiest to reach.
If you were unaware of your spouse’s mistake on the jointly filed taxes you are eligible for a tax relief called Innocent Spouse Tax Relief. This allows the “innocent spouse” to avoid paying for tax and tax penalties that were acquired due to mistakes made by the guilty party. However in order to qualify for this tax relief you have to comply with rules and regulations of the IRS.

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2011 Offshore Voluntary Disclosure Initiative (OVDI)

Friday, September 9th, 2011

The IRS formed the 2011 Offshore Voluntary Disclosure Initiative (OVDI) to encourage taxpayers to disclose their hidden foreign accounts and entities, in order to get into compliance with US tax laws. With an original deadline of August 31, 2011, the IRS decided to extend the due date for OVDI requests to September 9, 2011, due to the potential impact of Hurricane Irene on many states. (more…)

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Tips for Getting Through an IRS Tax Audit

Monday, September 5th, 2011

Getting audited by the IRS can happen to anyone – whether or not they owe back taxes. Taxpayers can be audited through the mail or in person, when IRS agents visit them or they are required to go to the nearest IRS office. In person, audits are more detailed and take more time. (more…)

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What is a federal tax levy?

Friday, August 19th, 2011
Most Tax Payers wait to receive a threat of Federal Tax Levy, before consulting Tax Professionals.  Federal Tax Levies are often utilized by the IRS to collect back taxes that are owed or believed to be owed by the taxpayers. The two most common forms of tax levy are IRS Bank Levy and IRS Wage Levy (a wage garnishment sent to payroll departments). The IRS can not only seize and sell property, but also take money from the bank account and take funds straight from the a paycheck to settle the debt. Federal tax levy is often initiated when taxpayers owe back taxes, failed to pay or file taxes, and refuse to make arrangements to satisfy the outstanding tax debt.
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What is an Offer in Compromise?

Wednesday, August 17th, 2011
Individuals who owe back taxes to the IRS and do not have the money to pay the total amount due may qualify for an Offer in Compromise. An Offer in Compromise is an agreement between the IRS and a taxpayer to settle back taxes for less than the full amount that is owed. An offer is generally accepted by the IRS when the taxpayer in debt has special circumstances and the amount offered is the reasonable collection potential. In other words, the IRS agrees that based on taxpayer’s circumstances, the amount offered is the most the taxpayer can be expected to have the ability to pay within a reasonable period of time.
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Why and When to Use a Tax Professional

Monday, August 15th, 2011

Most people do not require assistance from a tax professional, but those that owe back taxes should not procrastinate. It is important to choose the right professional – an attorney, CPA or Enrolled Agent – for the problem at hand.  If it is important to keep information confidential, it is best to consult a tax attorney. In most cases, when working with a tax attorney, information shared is protected by the attorney-client privilege.

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Don’t Face the IRS All Alone

Tuesday, July 26th, 2011
IRS rules are complex and dealing with the IRS is frustrating and can leave you exhausted with no resolution to your tax problems. If you have had a tax audit or a tax case with an outcome that you feel is unfair or too harsh, you need some Tax Relief in Chicago.
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