Understanding the IRS’s Power to Seize Assets

No one enjoys handing over hard-earned income to the IRS in the form of taxes. However, failing to pay your tax liability has the potential to result in much worse than penalties and interest. We have previously discussed the potential for criminal tax penalties, which you can read about by clicking here, but what we are now referring to is the IRS’s power to seize assets. The IRS has incredibly broad and Read More

Advantages and Disadvantages of IRS Installment Agreements

What happens when you receive an eye-popping bill from the IRS which you know you will be unable to pay? There are a number of different programs and options which taxpayers can leverage to find some degree of relief, and the IRS Installment Agreement is one of the most commonly utilized. An Installment Agreement allows a taxpayer to pay off their tax debt in monthly increments over a specific period of time, rather Read More

4 Ways to Avoid Criminal Tax Charges

Not only does the IRS have the power to impose serious civil penalties, charge interest, and seize assets as a consequence of tax issues, there is also a whole section of the Internal Revenue Code that deals with criminal tax issues. While it is statistically rare,  you could face criminal charges including fines and even jail time for tax fraud. The IRS and other federal agencies may conduct criminal investigations Read More

Understanding the IRS Offer-In-Compromise

Unpaid taxes can create a nightmare scenario when one’s tax liability spirals out of control. It can ruin your finances, both personal and business related, and it is astonishing how quickly a small amount of unpaid taxes can snowball into crushing debt. Fortunately, when you are no longer able to afford your tax obligations, the IRS does offer potential options to help you reach a settlement, at least when they Read More

Understanding Money Laundering Charges

If you’ve ever watched a crime show on TV or a movie about organized crime, then you’ve probably at least heard of the term “money laundering.” For the unfamiliar, the term may elicit thoughts of bringing one’s cash to a laundromat to have it cleaned. Though this may sound comical, it is not all that far from the truth if you don’t think about it in the literal sense. Money laundering is a criminal enterprise whereby Read More

Are You Haunted By Past Criminal Charges?

If you are ever convicted of a crime, the actual punishment you receive, including fines, prison time, probation, and more, could be the least of your worries. Our society punishes criminals long after they have served their time and paid for their mistakes. A criminal blemish on your record will often stigmatize you in the eyes of employers, banks, insurance companies, and more. It may prevent you from getting a Read More

Understanding the Difference Between Criminal Tax Fraud, Civil Tax Fraud & Tax Negligence

The US Internal Revenue Code is notoriously complex and difficult for just about anyone who does not fall under the category of “tax expert.” Mistakes are frequent, and the fear factor for the common taxpayer with regard to the IRS is through the roof. But if you make a mistake on your income tax returns, do you really need to be worried? Is the IRS going to come bursting through your door, ready to arrest you for Read More

Understanding the IRS Summons

When an IRS examiner is conducting a tax investigation, he or she has the power to issue an administrative summons to a summonee—generally either the taxpayer who is the subject of the investigation or another third party involved in the case. A summons is a tool meant to be used by IRS examiners to compel the summonee to turn over information they need for their investigation when they cannot otherwise obtain the Read More

Understanding the Offshore Voluntary Disclosure Program

If on any one day in a calendar year you have foreign financial accounts which have a balance in excess of $10,000 or more in aggregate, you are required by law to report those accounts annually to the IRS and the Financial Crimes Enforcement Network (FinCen) through the filing of the Report of Foreign Bank and Financial Accounts (FBAR). Neglecting to do so can result in severe and expensive civil penalties, and Read More

6 Steps to Take if You Can’t Pay Your Tax Bill

Being unable to pay your federal tax bill can have major implications for your finances, your credit score, and your ability to live the life you want to live. Penalties and interest on unpaid taxes will begin to pile up and create a snowball effect that will eventually bankrupt you. Some people are faced with an inability to pay their taxes because something unexpected happened, like being laid off or injured in an Read More