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- What Happens If I Donít Pay Taxes for Several Years?
People may not pay taxes for a variety of reasons. They may think that they will not owe anything and the cost to prepare them will outweigh whatever small return they might receive. A recent divorce or death may make the process confusing. Someone may know that they will owe taxes and may try to avoid tax liability by simply not filing. Whatever the reason, the consequences for not filing taxes can be very serious.
- Why You Should Not Represent Yourself in an IRS Audit
Representing yourself or your company in an audit initiated by the Internal Revenue Service (ďIRSĒ) is likely to be an exercise in futility. The IRS employs highly skilled revenue agents who will seek to take advantage of taxpayers who, understandably, are not knowledgeable on the rights and powers of the IRS.
- Coming Out of the Shadows: IRSís OVDP and Streamlined Disclosure Programs
In part because of the high levels of noncompliance with foreign tax reporting requirements (oftentimes out of innocent ignorance), the IRS has developed voluntary disclosure programs that allow taxpayers to come forward, correct their past mistakes, pay past-due taxes, and pay a set penalty (or, in some circumstances, pay no penalty).
- Enforced Tax Collections: IRSís Power of Lien and Levy
The IRS collection process is a series of actions that the IRS can take to collect taxes that taxpayers owe if they do not voluntarily pay them. Generally, a taxpayer is required to pay a tax along with filing a tax return. The IRS will assess a taxpayerís delinquent tax obligation if the taxpayer fails to pay a tax obligation when due. Subsequently, the IRS will send a notice and demand for payment to the taxpayer.
- Inherited IRAs & the Taxes Involved
Receiving an inheritance can be a blessing, but there are typically tax obligations involved including the inheritance of an IRA. If you inherit an IRA, you should check with an attorney or financial advisor as soon as possible to find out what your options are.
- In Florida, Couples Should Consider Property Division Before Creating Tax Strategies
Wealthy Florida residents who are married or planning to get married might want to consider creating a prenuptial or postnuptial agreement before they consult their financial advisor to plan their tax strategy for the coming years.
- What Benefits Is My Same-Sex Spouse or Domestic Partner Entitled to?
Due to a number of important Supreme Court decisions in the 21st century, married same-sex spouses are entitled to a number of benefits that were previously outside their reach. While domestic partners may be entitled to some benefits, married spouses are typically eligible for more benefits. Marriage is a factor in many federal benefits.
- Four End of the Year Ideas to Save Money on Your Taxes
For millions of Americans, the holiday season is about giving and charity, and few stop to consider the state of their personal finances and taxes. But, the end of the year is also the end of a tax period for individuals, meaning that come December 31, they cannot make any more changes that will help reduce the taxes they will have to pay in a few months.
- Tax Implications Depending on Immigration Status
Tax implications on certain immigrants and non-immigrants.
- How to Write Off Expenses for Meals and Entertainment on Your Corporate Taxes
One of the most common questions often asked of corporate attorneys by small business owners who are just setting up their first company is how to write off expenses. Usually, two of the most important expenses these people want to write off are meals and entertainment expenses.