Tax Defense for Employees

by Tom Evans on September 25, 2009

Below is an article I wrote for the Employee Assistance Professionals Association has been posted on their website (click on  http://www.eapassn.org/i4a/pages/index.cfm?pageid=1).

What Every EA Professional Should Know About Client Tax Problems

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Proposed Legislation Could Ease the Way for OIC

by Lela Davidson on July 27, 2009

A recent bill could make it easier for taxpayers who owe the IRS significant amounts of money to make and Offers in Compromise (OIC). The bipartisan legislation would remove the requirement that taxpayers make a mandatory, nonrefundable payment as part of their OIC application. The Tax Compromise Improvement Act of 2009 was introduced by Ways and Means Oversight Subcommittee Chair John Lewis, D-Ga., and ranking member Charles W. Boustany Jr., R-La., on May 12.

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A "Tax Mill" Horror Story

July 23, 2009

Yesterday, I met with the head of a local accounting firm.  He’s been a strong supporter of TaxLifeboat for over a year and in this conversation he was even more adamant about the need for our services.  The IRS is under pressure to raise more taxes and close the tax gap so they’re adding 26,000 [...]

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Top 10 Ways to Spot a Tax Mill Scam

July 22, 2009

As the demand for delinquent income tax solutions grows, so will the supply of illegitimate tax mill scams. Many firms will promise to solve any kind of IRS trouble with an offer in compromise (OIC). However, that’s not the answer to every income tax problem. Maryland tax attorney Jeffrey Rogyom recently provided a very informative [...]

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Another One Bites the Dust

July 14, 2009

On May 29th Bloomberg reported Elizabeth Garrett’s withdrawal as President Barack Obama’s pick for Assistant Treasury Secretary for Tax Policy. If he doesn’t find someone soon, he’s going to have a hard time pushing any of his ideas through.
Garrett turned down the job, citing “aspects of my personal family situation” for her decision. Failing to [...]

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Debt Forgiveness and Insolvency: Documentation is Everything

July 13, 2009

If you’re making a deal with your credit card company to reduce the balance you owe, don’t forget about the other side of that transaction. The IRS considers debt forgiveness to be income – taxable income. The bigger your credit card debt, the bigger the tax bill. Just ask Angela Bibb-Merritt.
What Happens When a Debt [...]

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