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Blowing the Whistle can be more Lucrative than Winning the Lottery

Blowing the whistle on a tax-payer that has failed to pay taxes that they owe could be a cause for huge financial gain. Due to the large number of budget cuts within the IRS, the number of audits that the IRS can conduct has been greatly reduced. As a result of this, the Internal Revenue […]

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Innocent Spouse Relief for Spousal Abuse Victims

Taxpayers have the right to request relief from any liability that may be shown on a joint tax return. This what is defined by the IRS as innocent spouse relief. Years ago, the IRS would not usually grant innocent spouse relief based on domestic abuse unless the abuse included documented physical violence. However, in the […]

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Understanding Offshore Disclosure by Vivian Hoard

The Offshore Voluntary Disclosure Program (OVDP) and the Streamlined OVDP procedures are two programs that the IRS maintains to bring taxpayers that have undisclosed foreign accounts into accordance with the tax laws. Instead of multiple compounded penalties for failure to disclose the offshore account, the taxpayer is given one penalty of 27 and a half […]

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Credit Suisse and Declaration of Offshore Funds by Vivian Hoard

The IRS is cracking down on individuals with offshore accounts who have continued to withhold the declaration of the offshore funds. This is evidenced by the jury’s verdict in the case of Carl R. Zwerner on May 28, 2014. The IRS is not exclusively focusing on Swiss accounts. They are interested in information about the […]

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Tax Collection Reminder by Vivian Hoard

It is in the best interest of the individual who owes taxes to the federal government to enroll in some type of installment agreement to pay those taxes. Generally speaking, the IRS can requisition an assessed tax for 10 years from the date of assessment. Individuals are only expected to pay what they can afford […]

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Conservation Easements: Tax Shelters or Lifesavers by Vivian Hoard

Based on the advice of Nick Murray in his fifth edition of “Simple Wealth, Inevitable Wealth”, investment decisions should be based on more than taxes. This may be especially true when thinking about conservation easements. If done correctly, a conservation easement is a very good and legal way of protecting land, water, air, and nature. […]

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