Philadelphia, PA - The city of Philadelphia is offering a tax amnesty for property owners, residents, workers, and businesses who currently owe back taxes. This is the first time the city of Philadelphia has offered a tax amnesty. Right now the city of Philadelphia has about $1 billion in back taxes and tax amnesty programs in ... Read More
Tax Law Changes
IRS Could Take Refunds for Health Insurance Penalties
The IRS could potentially take personal tax refunds to collect fines from those who do not purchase health insurance in accordance with recent healthcare legislation. Under the new law, most people are required to buy health insurance. If they don’t, they will face harsh penalties. By 2016, those who do not purchase coverage ... Read More
How the New Healthcare Bill Expands IRS Authority
With the new Healthcare Bill, Congress expanded the responsibilities of the Internal Revenue Service and essentially changed the relationship between taxpayers and the IRS. With the new health care legislation, the IRS is the chief enforcer for the new government-operated health insurance system. The IRS will have the authority ... Read More
Income Tax Settlement More Likely This Year, According to IRS
The IRS made an announcement yesterday that it is more willing to work with taxpayers this year who have become unemployed or financially strapped. In other words, the IRS is relaxing rules on income tax settlement methods such as an Offer in Compromise, which is one way a taxpayer can pay less than they owe. Moreover, the IRS ... Read More
Tax Relief for Disaster Victims
After a disaster it is safe to say that bills and other expenses can begin to add up fast. In this case, you need to know where you stand from a tax point of view. Believe it or not, there are many tax relief options for disaster victims. If you do not take full advantage of what the IRS offers you are making a mistake. Why not ... Read More
IRS Creates Global High Wealth Unit & Adds More Offices Worldwide
The IRS received a budget increase from President Obama and congress to help with tax compliance earlier this year. The IRS is using those funds wisely. Doug Shulman, the IRS Commissioner made a speech at a Conference recently announcing a few changes or increased efforts regarding offshore accounts including a new "Global High ... Read More
Making Work Pay Credit Will Most Likely Cause IRS Back Taxes
At the beginning of this month, the Treasury Inspector General released a report describing the negative effect that reduced withholding associated with the Making Work Pay Credit (MWPC) could cause. What the report mentioned is that 15+ million taxpayers could owe taxes when filing in 2009 and 2010 due to the fact that the ... Read More
IRS Gives Tax Evaders Until October 15th to Fess Up
A couple days ago, the IRS extended their deadline for taxpayers with hidden offshore accounts to voluntarily come forward and report any account over $10k. This pushed back the deadline from September 23rd to October 15th, 2009. Remember, as a US taxpayer you need to file a tax return and report income whether working abroad, ... Read More
Maryland Tax Amnesty Will Last for 2 Months
This week, the State of Maryland will start their program "Maryland's Tax Do Over" that will last from September 1st through October 30th, for Maryland taxpayers who did not pay or file their taxes as SB552 was approved by the governor on May 7th, 2009. The amnesty will cover penalties and 1/2 the interest attributed to those ... Read More
