Frequently Asked Questions (FAQs)—IRS Tax Problems and IRS Tax Debt Relief. The IRS Offer in Compromise Program Defined 1. What is an IRS Offer in Compromise? In most cases, an IRS Offer in Compromise is a way to settle your IRS debt for less than the balance due, because you are unable to pay the
Filing Tax Returns—The Basics The following page applies to U.S. citizens and residents living and/or working outside of the United States. U.S. persons (citizens and permanent residents/Green Card holders) are required to file a tax return each year, no matter where they live, if their income is above US$9,350 when filing as single, or US$18,700
Taxpayer’s Bill of Rights In tough economic times, many business owners and self-employed people find it difficult or impossible to pay their Federal taxes. When the debt is too large to pay, you then get the joy of negotiating with the Internal Revenue service. NOTE: Of course, everyone has a hard time paying their taxes.
Getting Out of Trouble—the Offer in Compromise By Christian Reeves Tax Attorney “Chris, I’m in a big trouble,” started one of my clients. “I owe around US$50,000 to the IRS for the last three years and I’m now unemployed. My only asset is a car worth about US$1,000. Do I have options?” “Yes, you do,”
IRS & The Statute of Limitations By Christian Reeves Tax Attorney The bottom line is that the IRS usually has 10 years to collect from you once a tax return is filed, and generally has 3 years to audit your return to assess additional tax. Understanding the 10 year collection statute is important when negotiating
When the IRS Makes a Deal with You—the Installment Agreement By Christian Reeves Tax Attorney “I owe the IRS $20,000 because I didn’t have enough withheld from my paycheck over the last few years. I’m working full-time, but I have no savings. Is there any way I can pay off my debt?” Yes. In fact,
The IRS Collection Standards—Friend or Foe? By Christian Reeves Tax Attorney Chances are that you are reading this because you are considering paying your back taxes through an Offer in Compromise or an Installment Agreement. In the forms you have to fill out in both cases you’ll need to document all your expenses. There’s a
Can I Dump My Tax Debt in Bankruptcy? Bankruptcy and Tax Debts By Christian Reeves, Tax Attorney Personal income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. However, special rules apply to tax debts that make it difficult, if not impossible, for most people to dump
After the war, the spoils go to the victor - 2013 tax rate increases for the Democrats
The Foreign Earned Income Exclusion 2013 amount got a little bump up for inflation and managed to avoid the financial cliff.
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Dear New Reader, Thank you for signing up for my e-letter. Every Monday, Wednesday and Friday I will send you helpful research, information, and the occasional commentary on living, working and doing business offshore. In a few minutes, you will receive an email with additional information and links to our various Expat resources. Please watch
IRS Voluntary Disclosure Program is great news for some Expats and dual-nationals As an ExPat American, you know that you are required to file a U.S. tax return each year and report your foreign bank accounts if you have more than $10,000 offshore. If you have failed to file these forms, and want to get
401(k) Fees Revealed – Get Ready for a Shock! If you have a 401(k) account with a U.S. broker, you are about to get the shock of your life. When you receive your next quarterly statement, probably between Sept. 30 and Nov. 15, do not open it without taking precautions! I suggest you take the
Offshore banking is more secure and private than onshore banking. Here is the proof.
IRS Attacks Forcing High Net Worth Americans out of the Country The number of American expatriations is at a record high as tens of thousands of Americans a year are moving abroad in search of better lives. A root cause is how the U.S. government is treating its citizens these days. At least 1,788 Americans
If you are living and working abroad, convert your old IRA to a ROTH as soon as possible!
If you have ever attended an offshore conference, you have heard the story of two kings from Mr. Joel Nagel: Elvis Presley, whose estate was decimated by lawyers and the IRS, and Sam Walton, who left nothing but an old pickup for the vultures. Today I will tell you about Walter Samaszko Jr. of Carson
The HIRE Act will turn international bankers in to unpaid IRS Agents. By: Christian Reeves Since 2011, the offshore industry has been preparing for a storm originating from the United States and its increased attention on offshore tax evasion and desire to maximize revenues from international sources. To support these collection efforts, the United States enacted