Tax Relief for NJ Businesses
Governor Christie announced that tax relief will be provided for New Jersey businesses that suffered damage from the Seaside Heights and Seaside Park fire. The tax relief allows NJ businesses to...
View ArticleBeanie Babies Creator Ty Warner Pleads Guilty to Tax Evasion
Beanie Babies creator Ty Warner has plead guilty to a single charge of tax evasion for not reporting more than $3.1 million in foreign income generated in a secret Swiss bank account. The Bank Secrecy...
View ArticleQuestion: What is an essential component to resolving or negotiating a Tax...
Answer: Tax Compliance, Tax Compliance, Tax Compliance. My answer is a play on the slogan “location, location, location” which emphasizes the importance of location in real estate. Similar to the...
View ArticleHow to Defeat the IRS? Leave that up to Congress.
If Congress fails to approve a 2014 federal budget or short-term funding bill, then it is expected that Treasury and the IRS will reduce their operations. To date, Treasury has not announced a plan in...
View ArticleThe IRS is Closed… Now What?
Because Congress failed to approve a 2014 federal budget, the IRS has curtailed its operations. If you have a question, do not bother contacting the IRS. The IRS website states that no customer...
View ArticleQuestion: Will the IRS disallow my deductions because my tax records are lost...
Answer: Loss or destruction of tax records is common problem for taxpayers during a tax audit. Here in New Jersey, my clients have expressed frustration over the loss of records due to Superstorm Sandy...
View ArticleChris Christie Backs Away From New Jersey Same-Sex Marriage Battle
Chris Christie’s long fight against same-sex marriage in New Jersey has officially drawn to a close. The Republican governor had considered using the appeals process in the aftermath of a judge’s...
View ArticleThousands of Tax Delinquents have Security Clearances
Thousands of people holding security clearances are also tax cheats — a major problem considering that financial troubles are frequently considered a threat to national security. The reason? The...
View ArticleIRS Scam Warning: Taxpayers Targeted With Fraudulent and Sophisticated Phone...
Have you received a phone call from a person identifying themselves as an IRS employee, claiming you owe the IRS money? The IRS is warning taxpayers of a fraudulent phone call scheme, designed to trick...
View Article10 Commonly Missed Tax Breaks
Every tax payer wants to save money by paying as little to the Internal Revenue Service as possible. In order to achieve this, you must take advantage of every tax deduction, credit, or income...
View ArticleTax Breaks the IRS Hates
Are you aware of the tax breaks and loopholes that cost the IRS billions of dollars each year? The following areas are legal ways to keep your money and lessen the amount of tax that you send to the...
View ArticleTax Law Driving Americans Abroad to Give Up Citizenship
Though citizenship relinquishment’s have happened on and off over the years, they have risen recently from 742 relinquishment’s in 2009 to over 1,854 this year. Many politicians and tax professionals...
View ArticleQuestion: How long can the IRS collect back taxes?
Answer: It depends. Generally speaking, the IRS can collect a tax by levy or by a court proceeding if the levy has been made within ten (10) years from the date of an assessment. See IRC 6502(a). An...
View ArticleOhio Lieutenant Governor Candidates Backs Out After Tax Questions Surface
As news broke by several Ohio newspapers that Lieutenant Government candidate Sen. Eric Kearney (D) and his wife owed significant back taxes to the Internal Revenue Service and to state taxing...
View ArticleLast Minute Moves for 2013 that May Help if you have Under-Withheld Your Taxes
It is not too late to reduce your tax bill on April 15, 2014. As long as the below adjustments occur before December 31, 2013, you may be able to avoid or reduce a back tax liability if you have …...
View ArticleManny Pacquiao vs. the IRS
While Manny Pacquiao has won the boxing world championship in eight distinct classes, his fight with the Philippine and United States tax men is sure to be his most challenging yet. The Philippine...
View ArticleJeopardy Levy to Collect Back Taxes
Generally speaking, the IRS cannot levy upon the taxpayer’s property until the IRS has provided the taxpayer notice and an opportunity for a Collection Due Process Hearing (also known as an IRC 6330...
View ArticleCan the IRS Take my Home?
Yes, but §6334 requires the IRS to obtain a U.S. District Court judge’s approval in writing before the seizure of a “principal residence.” The definition of “principal residence,” as defined by IRC 121...
View ArticleCan the IRS hold me personally liable for a payroll taxes?
Yes. Although it’s the business entity that accrued and is liable for payroll taxes, interest, and tax penalties, the government can hold an individual personally liable for back payroll taxes by...
View ArticleTax Preparer Convicted of IRS Fraud
Be Careful in the 2013 Tax Season… A recent criminal conviction serves as a reminder that you must be careful when hiring a tax return preparer to prepare your 2013 tax return. Verlean Hollins, a...
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