Financial Advisor

While an Injured Spouse could get relief if the Internal Revenue Service keeps a joint tax refund because of the debts and obligations of the other spouse, an Innocent Spouse could get relief if the other spouse falsifies information on a joint return. This could include unreported income or improper deductions. In order to qualify, you must not have known, or had any reason to know, about the false reporting. The intent behind this program is to prevent you from unfairly being held accountable for a spouse’s actions. Continue reading ‘Quick Overview of Innocent Spouse Relief’ »

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Taxes are utilized to benefit the whole citizenry. Tax collections support health care services, national defense budget, social services, and many more. To ensure a balance and continuous revenue, the federal government encourages taxpayers to responsibly pay in time. Otherwise, the law imposes penalties to all non- compliant individuals. To avoid tax problems with the Internal Revenue Service (IRS), it is highly recommended to file tax returns ahead of time.

Most of the citizens would probably undermine paying of taxes, failure to pay and its corresponding penalties. However, the government recognizes it as stealing from the national and local budget and so must be penalized by law. The deadline for filing income tax returns is on the 15th day of April. Failure to comply with payment means accumulation of debts to your account. The IRS begins to penalize you with interests and penalties on your unpaid taxes on April 16. Then your tax problems begin to amass. Continue reading ‘Avoid Tax Problems, File Tax Returns ASAP!’ »

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If you have offshore financial activity, the Internal Revenue Service (IRS) asks that you come forward with voluntary disclosure of this information. Taxes are required to be paid on the activity and coming to the IRS voluntarily eases much of the pain on both sides to get the taxes paid and the matter closed. This is done through the Offshore Voluntary Disclosure Program that the IRS offers each year. Yet, many choose to not participate with dire consequences once the IRS begins to examine them.

Detailed Examination
Whether you participate in the Offshore Voluntary Disclosure Program or not, you will have your offshore financial activity looked at. The difference is how the IRS approaches it. It can be extremely in depth when you try to avoid letting the IRS know of your financial activity. Continue reading ‘Results of Avoiding the Offshore Voluntary Disclosure Program’ »

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