Chad Silver

Managing Partner of Silver Tax Group, author of the book "Stop the IRS". Practicing a variety of tax issues, regulations, laws and rights. Specializing exclusively on tax matters involving IRS audits, negotiation, settlements & compromises. 

pay off the IRS with a payment plan

Why A Payment Plan Can Save Your Taxes

Due to changes in federal income tax withholding, more Americans are paying Uncle Sam this year. In fact, 23.4 million Americans owed a balance to the Internal Revenue Service (IRS) for 2018. This was nearly a 5.5 percent increase from the prior tax season. The impact of this unanticipated increase is striking. When To Think …

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what is FBAR

What is FBAR Reporting?

It doesn’t matter if you live in the United States or overseas. If you have a financial interest or any authority over one or more foreign financial accounts, and if the value of the foreign financial accounts is more than $10,000 at any time during the calendar year, you need to file an FBAR. What …

What is FBAR Reporting? Read More »

business tax attorney

Why You Need a Small Business Tax Attorney

Many people who open up a small business don’t think about hiring a business tax attorney. They don’t think they need one. But hiring a business tax attorney is one of the smartest things they can do for themselves and their business. A business tax attorney who is with you every step of the way …

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my passport

Don’t Prepare for Take Off: Can the IRS Take My Passport?

When you owe back taxes, the penalties you face don’t only deal with things like tax evasion charges or lots of bills — it can also affect your quality of life. One of the biggest ways the IRS can affect your quality of life is by snatching your passport. If you’re wondering “can the IRS …

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tax fraud

Tax Fraud: What’s A Felony And What’s Not

The number of Americans that are not paying their taxes is stunning. Did you know that 1 in 30 taxpayers fail to file their taxes each year? This is not an insignificant amount. According to the same source, it adds up to approximately 14 million taxpayers. This group owes over $130 billion in penalties and …

Tax Fraud: What’s A Felony And What’s Not Read More »

Offshore Accounts moving abroad

Moving Abroad? Here’s How Taxes Work

Moving abroad for work can be an exciting undertaking. You get to take in new sights while furthering your career.  However, though you may have long since hopped on a plane and started your new life — you still have a tax obligation waiting for you back home.  You’re still responsible for filing federal taxes …

Moving Abroad? Here’s How Taxes Work Read More »

payment plans

Setting up a Payment Plan with the IRS: What That Means for Your Taxes

You’re still on the hook for your taxes, whether you pay them on time or not.  When you fail to pay on time, however, there are some options you can exercise that’ll help you out. You can set up payment plans that will allow you to pay your tax bill month by month.  If you …

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Pay Back Taxes

Financial Aid for Taxes (Is It Possible And What It Means)

When you have tax debt to handle, it can be a scary proposition for your personal and financial life. No one wants trouble with the IRS, so it’s important that you face this situation head-on. Thankfully, there are financial aid options in place that can help you pay back taxes that you owe to the …

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what is tax fraud

What Is Tax Fraud vs. Negligence?

You think you may have made a mistake on your taxes when you filed. Or you think maybe you knew you made a mistake on your taxes when you were filing. But since it wasn’t that big of a mistake you didn’t think anyone would notice. Now you need to know what is tax fraud? …

What Is Tax Fraud vs. Negligence? Read More »

offshore asset protection trust

Strategies and Trusts: How Offshore Asset Protection Works

As you grow your wealth, it’s important that you learn to protect your money. There are a number of reasons to do this, and one of the best ways to protect your money is through an offshore asset protection trust. You’ll need to learn the ins and outs of these trusts, how they can help …

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irs dispute

IRS Disputes: 9 Steps To Appealing and Eliminating Penalties

When you’re dealing with the IRS, you need to always have your ducks in a row. Dealing with an IRS dispute particularly requires you to be detail-oriented.  Since IRS audits are always a reality, you’ll need to know how to address your IRS tax problems head-on. Consider these points to get assistance with your situation.  …

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divorcing

Divorcing? Here are 10 Essential Tax Considerations

The process of getting a divorce can be a stressful life event. Aside from the obvious personal turmoil, you will have family, business and financial matters to contend with. More specifically, you need to know the tax implications that come with splitting up. If you are divorcing, it’s important that you consider the tax details …

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irs audit triggers

IRS Audit Triggers: Payroll Mistakes That’ll Land You in IRS Hot Water

You finally realized your dream when you opened up your small business. At the time you opened the small business, you had no idea how many IRS payroll tax rules and regulations there were which apply to businesses. IRS Payroll tax rules are important ones you need to learn more about so you never have …

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learn when tax evasion becomes a felony

Tax Evasion: What’s A Felony and What’s Not

In recent years, the IRS found close to $230 million in fraudulent tax refunds.  With this in mind, there are a number of different instances of tax fraud that you need to know about. Tax evasion is a serious crime that can leave you on the hook for big penalties.  To this end, consider the information below …

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are you married to an innocent or an injured spouse

Innocent vs. Injured Spouse Relief

Going through marital separation is hard enough. You shouldn’t have to deal with tax complications on top of heartache. Yet, you may find that issues from your past continue to haunt you every April. You file the right forms, check the right boxes, and you’re still denied your return. Or, it’s lower than you expected.  …

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learn about how to get your business out of tax debt

Tax Debt Help for Businesses: 9 Tips If You’re in Drowning in Business Unpaid Taxes

You still daydream about the last day you spent at your old job. Leaving behind that cramped cubicle and setting out on your own has been your goal since you got your first full-time job. Walking into your office every morning and turning on the lights, you breathe a huge sigh of relief knowing you’re …

Tax Debt Help for Businesses: 9 Tips If You’re in Drowning in Business Unpaid Taxes Read More »

tax problems

Tax Problems: How to Fix Problems With Already Filed Tax Returns

For many people, death and taxes might as well be the same thing. Tragically, taxes show up every year, while death only happens once.  But if you made a mistake on your taxes, it can feel like the torture never ends.  If you’re dealing with tax problems, here’s what you need to do to correct your …

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learn the differences between tax avoidance and tax evasion

Tax Avoidance vs Tax Evasion: What Is Legal and What Is Criminal?

Tax avoidance or evasion is rampant since no one loves paying taxes. With the tax percentages ranging from 10 percent to 37 percent depending on annual profits, paying the taxman could easily be among the heftiest expenses, individuals or businesses deal with in a fiscal year. Finding ways to pay as little as possible without …

Tax Avoidance vs Tax Evasion: What Is Legal and What Is Criminal? Read More »

tax debt

Tax Debt Relief: How To Lower Your Tax Debt

When you owe tax debt, you’ll need to address the issue head-on.  The Internal Revenue Service (IRS) is not an entity that you want to owe a lot of money to, so the sooner you weigh your options for debt relief the sooner you’ll be able to move forward with your financial life.  Thankfully, the …

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Tax Debt Relief

Tax Debt Relief: The IRS’ Best Kept Secret to Pay Off Taxes

We know you meant to pay your taxes when the time came. We also understand life got in the way with its other responsibilities. Your tax debt does not have to turn into a never-ending cycle of penalties and fees you can never seem to pay down. We can help lower your tax debt by …

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Tax Law tax attorney

Why You Should Hire a Tax Attorney for Criminal Tax Defense

You know you are about to face your worst nightmare and you need help. You are not alone. Everyone fears and becomes confused when facing an issue with the IRS. When this happens what you need more than anything else is a tax attorney who has experience and offers stellar tax advice. A tax attorney …

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Tax Court

Tax Court Litigation & Defense: How to Choose the Best Tax Court Litigation and Defense Attorney

Anytime you are being audited or headed to tax court, it’s only right that you get the help of the best lawyer that you can find.  There are lots of great tax attorneys that you can touch base with, but it’s vital that you learn what they do and how they can assist you.  We’ve …

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audit defense

The Audit Defense Process: How it Works

You’ve heard about tax audits, but you never dreamed that you’d be the subject of one. The truth is, IRS audits are uncommon, but if you become one of the one million people the IRS audits each year, then you’re probably feeling a little lost about what to do. Navigating the tax code is not easy, …

The Audit Defense Process: How it Works Read More »

the irs fresh start is a great program for you with taxes

A Short Beginner’s Guide to the Fresh Start Initiative

An estimated 51% of Americans do not view the Internal Revenue Service (IRS) in an especially favorable light. When thousands of people don’t fully understand their taxes or end up owing money to the federal government every year, it’s not hard to see where these frustrations stem from. If you are one of the many …

A Short Beginner’s Guide to the Fresh Start Initiative Read More »

are you a freelance writer looking to file your taxes

Freelance Writers: Tips For Filing Your Taxes

Are you a freelance writer struggling to understand the best way to file taxes? With well over 7.5 million words regarding tax regulation in the tax code and around 2.4 million words making up the federal income revenue code, knowing just where to start can be overwhelming.. Well, know that you are not alone. Whether …

Freelance Writers: Tips For Filing Your Taxes Read More »

tax lawyers can help you

What You Need to Know About Tax Attorneys

Hiring the best tax attorney will depend on several factors. A tax attorney is a lawyer certified to deal with IRS tax code and provide the needed advice on the complicated legal issues associated with IRS. Mostly, tax attorneys deal with trusts, tax disputes, business law, and estate planning. If you are in one of …

What You Need to Know About Tax Attorneys Read More »

wage garnishments

How To Stop IRS Wage Garnishments

Wage garnishments are the most painful way to be subjected to debt repayment. It’s a process that was devised more than 100 years ago to make debtors pay their debts. Although it’s a process that many people don’t want to talk about, you should if you’re facing wage garnishments. In the history of the wage …

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employee vs independent contractor/emergency tax service

IRS Questions Answered: Have You Classified Your Employees Correctly?

When you’re a business owner it’s up to you to classify your employees. You need to know the rules and difference between an employee vs. an independent contractor, or it could cost you a lot in the long run. Keep reading to learn more.  Employee vs. Independent Contractor Your business could pay an independent contractor and …

IRS Questions Answered: Have You Classified Your Employees Correctly? Read More »

business claims

Excessive Business Credit Claims Makes the IRS Dirty Dozen List

Each year the IRS issues a “dirty dozen” list for tax scams. This annually updated list explains each scam so that taxpayers will be aware of what they should and should not do. Excessive and improper business claims have made the list this year, along with eleven other scams. Improper business claims include fuel tax …

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back taxes

Your Guide To Paying Off Back Taxes

According to CNBC, over 30 million people might receive tax bills in 2019. Having a standoff with the taxman because of unpaid back taxes can be one of the most stressful moments ever. You can find yourself in crossroads when owing to the IRS. What should you whenever you find yourself in any of these …

Your Guide To Paying Off Back Taxes Read More »

tax attorney

The Top 10 Scams Targeting Taxpayers

Each tax season, scams targeting taxpayers appear out of the woodwork in an attempt to steal your returns, tax payments, or even your entire identity. These tax scams are so well known that the IRS calls them the “Dirty Dozen,” and lists the most common types of fraudulent transactions on its websites. We all think …

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what does it mean if your spouse has tax debt

If My Spouse Has Tax Debt What Does That Mean For Me?

Did your spouse accumulate some hefty debt before your marriage occurred? Once two people marry, working through situations like these can become tricky and time-consuming. After all, you should not be responsible for a tax debt that you had no part in, right? That seems logical, but the IRS will not always side with that …

If My Spouse Has Tax Debt What Does That Mean For Me? Read More »

federal income taxes small business

How To File Federal Income Taxes For Your Small Business

Independent businesses play a major role in American finance. In 2015, small businesses contributed 1.4 million new jobs to the marketplace. 39% of those jobs were from very small businesses, illustrating why small business is so essential to a thriving economy. Between 2009 and 2013, roughly 60% of new jobs were created from small and …

How To File Federal Income Taxes For Your Small Business Read More »

gambling income

Deducting Your Gambling Income & Losses

According to data covered by Market Watch, US citizens suffered a total gambling loss of $107 million in the 2018 financial year. At the same time, bettor James Adducci garnered a staggering stake of $1.2 million thanks to wagering on Tiger Wood’s success at the Masters. Guess what these two events have in common? Disclosure …

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offshore bank account

DOJ on Alert for Offshore Tax Evasion

Sometimes, doing your taxes can feel like a full-time past time. Figuring out how to save money and huge fees can take hours of work and research. But not every money-saving effort you can take for your taxes is necessarily legal. Some efforts people take to avoid money ride the line between legal and criminal. …

DOJ on Alert for Offshore Tax Evasion Read More »

estate plan

Kickstart Your Tax Planning: When to Update Your Estate Plan

$33.3 trillion — that’s how much the entire U.S. housing market was worth in 2018. That also represents a whopping $1.9 trillion increase from its total value the year before. With all that money invested in houses alone, owners should at least have an estate plan prepared. Unfortunately, this isn’t the case — up to …

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Tax Education tax debt

How Your Delinquent Tax Debt May Affect Your Ability to Travel

Are you looking to travel outside of the country? If you owe more than $51,000 in back taxes, the federal government has the right to keep you in the United States. The IRS has issued rules for those who travel outside of the country to pay up or lose the ability to get a passport. …

How Your Delinquent Tax Debt May Affect Your Ability to Travel Read More »

IRS audit

What Happens During An IRS Audit?

You’re getting ready to face your worst nightmare and you need help. You are not alone. Many people become anxious and confused when facing an IRS audit. If an IRS audit happens to you we have the IRS information you need to make the IRS audit as painless as possible. Believe it or not, the …

What Happens During An IRS Audit? Read More »

tax court litigation

What Happens During The Tax Court Litigation Process

So you’ve come out on the bad end of an audit with the IRS. You strongly believe that you have followed the right course of action with your taxes and you have the documents to back it up but what can you do? After appealing your audit it’s starting to look like you’ll be getting into a …

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tax audit

11 Red Flags that Capture the Attention of an IRS Audit

In 2017, the Internal Revenue Service (IRS) audited only 1 in 160 individual returns. The number of people audited every year has been on a decline for several years now. However, filing taxes is still a very stressful activity for most. This is because any mistake while filing can result in a full-blown audit by …

11 Red Flags that Capture the Attention of an IRS Audit Read More »

las vegas locals sentenced for tax fraud

Two Las Vegas Locals Sentenced After Stealing $2 Million in Tax Refunds

Two individuals thought that they could get a little- or a lot- of extra cash by filing incorrect information on their tax return forms

can i get my w2 online for free/2019 Tax Changes

The Biggest 2019 Tax Changes You Need To Know

Tax laws are one of the biggest mysteries business owners have to deal with. It’s hard to keep up with the annual changes. Unknown details fill the tax code itself and even tax lawyers have to research the facts. If someone undertook the effort to fully comprehend it, it would take a year of straight …

The Biggest 2019 Tax Changes You Need To Know Read More »

tax deductions//business tax deductions

Top 10 Tax Deductions For Small Business Owners

Taxes daunt professionals even when they’ve done them for years. Tax codes change every year, and it’s hard to keep up with new laws. Government officials approve or deny business tax deductions based on the current political market. This makes it harder to track for individuals who don’t work in the tax field. How do …

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Business Tax business tax deductions

22 Uknown Business Tax Deductions You Can Write Off

The day of reckoning is drawing near. Tax season is upon us. It’s a time that strikes fear in the hearts of many. Nevertheless, it doesn’t have to be a traumatic experience is you have all your affairs in order. A great place to start would be to be aware of all the possible deductions …

22 Uknown Business Tax Deductions You Can Write Off Read More »

tax preparation fees

Tax Preparation Fees: How Much Does It Cost to Get Your Taxes Done?

The time people spend in complying with federal tax laws translates to about 8.9 billion hours. This explains why they would rather pay tax preparation fees and spend their time in more productive activities. In the same breathe; tax preparation software cost approximately $30 billion annually. Having a professional compile your tax returns is a …

Tax Preparation Fees: How Much Does It Cost to Get Your Taxes Done? Read More »

alimony and taxes

Divorced with Taxes: Reporting Alimony as Income on Your Tax Return

Paying taxes as a married couple means the IRS automatically involves itself in your marriage. If you get divorced and agree on alimony payments, the involvement doesn’t end – unless you get divorced in 2018 or later. In the 1940s, the IRS allowed spouses paying alimony to deduct their payments from their taxable income for …

Divorced with Taxes: Reporting Alimony as Income on Your Tax Return Read More »

list of tax credits

Tax Breaks and Benefits: Guide to the Top IRS Deductions of 2019

If you think taxes are boring then it’s obviously because you haven’t seen the cheat sheet. You’re probably not aware of the fact that tax deductions could save you hundreds if not thousands of bucks off your taxes. Think about all the interesting things you could you do with all that extra cash in your wallet. …

Tax Breaks and Benefits: Guide to the Top IRS Deductions of 2019 Read More »

Tax Education tuition tax credit

Going Back to School Pays Off: Understanding the Tuition Tax Credit

“We don’t need no… education!” Wait a minute Pink Floyd, yes we do. In today’s economy? Most of us definitely do. I know, I know… Bill Gates dropped out of school! Mark Zuckerberg and Steve Jobs both dropped out of school! True, there are plenty of millionaires and celebrities who dropped out of college and turned out …

Going Back to School Pays Off: Understanding the Tuition Tax Credit Read More »

tax credit for seniors

A Guide to Senior Tax Credit for the Elderly and Disabled

Once you reach 65, you qualify for Social Security and other retirement benefits. But did you know that you still file tax returns if you earn a gross income of $11,850 or more (outside of Social Security income)? If you still earn, you still pay. Thankfully, there’s a tax credit for seniors that can help …

A Guide to Senior Tax Credit for the Elderly and Disabled Read More »

adoption tax credit

New Addition? Why You Need to Know About the Adoption Credit

Couples who struggle with infertility often decide they want to adopt. Adoption can be a beautiful and life-changing experience for both the child and the adoptive parents. But it’s an expensive and complicated process. Adoption can cost couples as much as $45,000 when all is said and done. Plus, there are approximately 2 million couples …

New Addition? Why You Need to Know About the Adoption Credit Read More »

gambling loss deduction

A Comprehensive Guide to Deducting Your Gambling Income & Losses

Do you like to gamble? Do you ever win? Do you lose sometimes? If the answer to any of these questions is yes, then you should know that the IRS knows that as well. Most people aren’t aware that the government requires you to report all the money you win when you gamble. The same …

A Comprehensive Guide to Deducting Your Gambling Income & Losses Read More »

know what to do with an fbar

Should you File an FBAR?

How to Know When You Need to File an FBAR If you own a foreign bank account, we highly recommend filing an FBAR. This complex form is also known as FinCEN form 114. The ins and outs of filing an FBAR are a bit complex, and some people view the form as an invasion of …

Should you File an FBAR? Read More »

when does irs update refund status

Your Burning Question Answered- When Does The IRS Update Refund Status?

The IRS pays 9 out of 10 tax refunds within 21 days. Still, when you need your refund payment to cover important expenses or debt the money can’t come soon enough.  Taxpayers who need their refunds right away usually file right away hoping the IRS is on standby to issue out refund checks. But when …

Your Burning Question Answered- When Does The IRS Update Refund Status? Read More »

there are plenty of new taxes in 2019

2019 Federal Tax Changes You Need to Know About

Federal Tax Changes in 2019 To Stay Updated On Every year, tax laws change. While some of these changes are minor, others are pretty significant. Keeping up with any changes that happen, both at the local, state, and federal level, is extremely important. Otherwise, you could be in for a surprise when tax season rolls …

2019 Federal Tax Changes You Need to Know About Read More »

injured spouse

Marry Someone with Tax Debt: Here’s What to Do If You’re an Injured Spouse

“For better or for worse, in sickness and in health…” If you’re an injured spouse you probably never imagined how appropriate those vows would be when tax season rolled around. Those words take on a whole new meaning when you file your first joint tax return with your spouse and unearth some deep dark secrets …

Marry Someone with Tax Debt: Here’s What to Do If You’re an Injured Spouse Read More »

IRS mail scams

The Top 5 Tax Scams Targeting Taxpayers (And How To Spot Them)

Tax day was only a couple of weeks ago. In that time, the internal revenue service (IRS) issued $142 billion worth in tax refunds. For the W-2 employees, tax time means they get the extra chunk of cash because the IRS takes too much out of their checks (unfortunately, the same can’t be said about …

The Top 5 Tax Scams Targeting Taxpayers (And How To Spot Them) Read More »

taxes on bonds

Taxes on Bonds: Taxation Rules for Bond Investors

Bonds are an essential component in diversifying your investment portfolio.  Sadly, they create a rather taxing situation when April rolls around.  In theory, the rules behind form 1099-INT are straightforward. In practice, the tax rules are many and varied as the types of bonds. Here’s how taxes on bonds work and what you need to …

Taxes on Bonds: Taxation Rules for Bond Investors Read More »

irs wage garnishment

What to Do If Your Hit with an IRS Wage Garnishment

An IRS wage garnishment is financially crippling. The IRS can take almost your entire paycheck, leaving you crumbs. They do not care about other debts, like credit card or cell phone bills. The IRS will continue to keep significant portions of your money until the debt is paid in full, other payment arrangements are made, or …

What to Do If Your Hit with an IRS Wage Garnishment Read More »

freelance taxes

Freelance Filing: Here’s How to Do Your Freelance Taxes

Filing your taxes is rough, especially when you’re self-employed. Thanks to the shifting gig economy, there are now over 86 million freelancers in the U.S. That is a huge jump from recent years, but no matter what industry the freelancer is in, there is always one hurdle to jump that they all share. Self-employed taxes …

Freelance Filing: Here’s How to Do Your Freelance Taxes Read More »

can i get my w2 online for free/2019 Tax Changes

Knowing The Facts: Can I Get My W2 Online For Free?

You’ll face a 5% penalty of your unpaid tax for each month you’re late on filing the returns. Tax documents are due at the end of January, a time when taxpayers ask “can I get my W2 online for free? They strive to get all their tax documents in order, targeting a refund as hefty …

Knowing The Facts: Can I Get My W2 Online For Free? Read More »

tax scam

How to Know a Tax Scam When You See One

You are at risk whether you owe the IRS or not.  No one is immune from a potential IRS scam. Tax scams are not going anywhere. They target everyone. In fact, you may not owe the IRS any money, but a scammer may convince you that you do.  Or maybe you owe money so you …

How to Know a Tax Scam When You See One Read More »

Difference Knowing

Knowing The Difference: Are Salespeople Independent Contractors?

If you are running a small business or franchise, you may have a diverse team of people who support your business in a variety of ways. When tax season rolls around, it is critical that you categorize these people correctly. The penalties for miscategorizing people whom you pay can be steep. You may get audited, then …

Knowing The Difference: Are Salespeople Independent Contractors? Read More »

what happens if you don't file taxes

What Really Happens If You Fail to File Taxes

Oh, taxes. They’re the thing that everyone vaguely understands and never wants to do. That’s why most people either push off doing their taxes until the last minute or hire someone to do them immediately so they don’t have to think about it. Most of us fall into the former category, for whatever reason. We …

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mistake on taxes already filed

When You Make a Mistake on Taxes Already Filed, Here’s What Happens

Filling out your tax return is incredibly complicated. There are dozens of numbers to add, deductions to find, and countless forms and schedules to include. With all that, the average American spends roughly eight hours preparing their tax return each year. That’s the length of the average work day! So, it makes sense that mistakes …

When You Make a Mistake on Taxes Already Filed, Here’s What Happens Read More »

Getting a subpoena is scary, but with Silver Tax's help you have nothing to worry about

What to Do If You’re Subpoena’d Under Rule 45

Your Guide to Quashing a Rule 45 Subpoena Have you been served a subpoena under Rule 45? Specifically a subpoena for the production of evidence (duces tecum)? In this article, we are assuming that you, the federally subpoenaed party, do not wish to comply with the subpoena. We aim to help you better understand a …

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unpaid taxes

Top 5 Consequences of Unpaid Tax Debt

Nobody likes tax season. In fact, this time of year is a major source of anxiety for thousands of people. But, it’s a necessary evil that you’ll have to face if you want to stay out of trouble. One of the worst things you can do is assume there aren’t consequences for not paying the IRS. …

Top 5 Consequences of Unpaid Tax Debt Read More »

not filing taxes for 10 years

What Happens After Not Filing Taxes for 10 Years

Without proper attention, it can be easy to fall into the rabbit hole of not staying up to date on your taxes.  Life happens; and whether it was a death in the family, an unforeseen illness, or another life-altering instance, certain circumstances can distract you from filing. However, if not corrected, these actions can warrant dire …

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Man stressing over IRS tax problems

In Trouble With The IRS? How To Get The IRS Off Your Back

You know the drill: the dreaded notice has arrived in the mail, and the IRS is now asking you for money. Whether you owe a few hundred or several thousand dollars, being hassled by the IRS is definitely stressful and a bit confusing. If you’ve got an official notice that says you owe money, don’t …

In Trouble With The IRS? How To Get The IRS Off Your Back Read More »

what is the irs

What Is the IRS and What Does It Do?

Thinking about the IRS can strike fear into anyone’s heart. The thought of an audit, even when you’re sure you’ve done everything right, is scary. Completing your tax returns each year can be challenging, especially in years with significant changes to the tax code. So what is the IRS? Aside from tax season, the IRS isn’t …

What Is the IRS and What Does It Do? Read More »

are gambling losses tax deductible

Gambling Losses and Taxes: The Answers to All Your Questions About Tax Deductions and Gambling Losses

When Ryan Gordon won $321,000 at a year-long raffle in Hudson, South Dakota, he probably knew immediately that he wouldn’t be bringing home $321,000. After all, raffle winnings are taxable.  He probably didn’t know that he could also deduct the cost of his tickets on his 2020 taxes, because many consumers do not ask the question, “Are …

Gambling Losses and Taxes: The Answers to All Your Questions About Tax Deductions and Gambling Losses Read More »

irs garnish wages

Why Does the IRS Garnish Wages and How Does it Work?

For many people, January 1st signals the start of the season in which they can get a big payout from the government in the form of a tax return. But for those who’ve failed to file their taxes in the past or those who know they’ll owe the IRS a large sum of money, January …

Why Does the IRS Garnish Wages and How Does it Work? Read More »

does bankruptcy clear irs debt

Chapter 7 or 13: Does Bankruptcy Clear IRS Debt?

Are the feds chasing you for past IRS debt?  Maybe you have a hefty debt you are trying to chip away at. It doesn’t seem to be going away.  It would be such a huge weight off your shoulders if you could start fresh.  You are now considering bankruptcy. But you are wondering, “Does bankruptcy …

Chapter 7 or 13: Does Bankruptcy Clear IRS Debt? Read More »

being audited

7 Reasons Why You Might Be Being Audited by the IRS

Did you know that 1 in 75 people get audited by the IRS? That means there’s a very high chance you could be on the receiving end of what can often be an intimidating process. Being audited by the IRS can be scary. Especially if you don’t know that means, or are worried about you were …

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learn about whether you qualify for insolvency or not

Do I Qualify for Insolvency?

Confused About the 1099-C Form? Are you considering filing for insolvency but unsure if you completely qualify? Every year many businesses and individuals miss out an opportunity to file for insolvency because they don’t know about it, while others file incorrectly because they don’t understand it. Here at Silver Tax Group our team handles cases …

Do I Qualify for Insolvency? Read More »

make an irs payment

7 Ways to Make a Payment to the IRS

The only thing worse than paying taxes is paying a penalty because your payment was late. In 2017, the IRS assessed $11.0 billion in penalties on individuals, estates, and trust tax returns.  If you don’t want to pay a penalty, file your return and pay your taxes by the April 15 deadline.    When you don’t …

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irs tax bill

Can’t Pay in Full? Here Are Five Tips to Help You Pay Your Tax Bill

When you file your taxes, finding out that you owe the IRS some money can feel overwhelming. Maybe you underpaid your taxes throughout the year, or maybe you suddenly owe a large sum due to capital gains or forgiven debt. In any case, the key is to take action as soon as possible. After all, if you …

Can’t Pay in Full? Here Are Five Tips to Help You Pay Your Tax Bill Read More »

health insurance penalty

What Happened to the Health Insurance Penalty in 2019?

2019 will be the first tax year in almost a decade without an individual mandate on health insurance. With 27.4 million Americans currently uninsured, it is best to know about the current tax laws. The IRS tax codes can be tricky, and a lot of Americans don’t know about the health insurance penalty they can face when …

What Happened to the Health Insurance Penalty in 2019? Read More »

do i owe the irs

Do I Owe the IRS? How to Find Out If and How Much You Owe

When tax season rolls around, everyone is curious: do I owe the IRS? Not everyone is lucky enough to receive a tax return. The pure fact of not knowing how much you’ll be owing by April 15th is enough to add stress to your life. Or maybe you simply want to know so you can …

Do I Owe the IRS? How to Find Out If and How Much You Owe Read More »

bouncing a check

Bouncing a Check to the IRS: What Now?

Benjamin Franklin said, “Nothing is certain but death and taxes”. If you’re thinking about eluding the IRS — think again.  Tax evasion is a serious crime, punishable by fines, back taxes, and potential jail time! Whether you intentionally skipped out on your taxes or miscalculated funds, you eventually need to pay what’s due. If you’re …

Bouncing a Check to the IRS: What Now? Read More »

what is a 1099

What is a 1099? A Comprehensive FAQ About This Important Tax Document

The “gig economy” is real, and it’s a growing part of the American workforce. With more than 15 million independent contractors, employers and workers alike need to know how to do taxes. And it’s not just contractors that need the help. Some count the numbers of consultants, freelancers, and people with “side gigs” as high as …

What is a 1099? A Comprehensive FAQ About This Important Tax Document Read More »

Tax Education trouble taxes

Trouble Taxes: Top 10 Mistakes Made on a Tax Return

Trouble taxes are a major issue for many people. In fact, in 2016 alone, the IRS audited more than 1 million people for issues on their personal tax returns. With taxes being so complicated, it’s easy to make mistakes. But some are more common than others. Luckily, this means you can avoid them with the …

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Business Tax sales contractor

Sales Contractor or Employee? How to Classify Salespeople

In business as in life, there are only two certainties: death and taxes. You cannot avoid the former, but there is a lot you can do to avoid expensive mistakes on the latter!  If you run a small business, one of the most important things you need to do from a tax standpoint is to classify …

Sales Contractor or Employee? How to Classify Salespeople Read More »

is tax evasion a felony

Is Tax Evasion a Felony? All About Tax Violations and the Penalties

Have you ever wondered what would happen if you don’t file a tax return? Tax law for states is different than that of the federal government.  Filing your taxes is no fun and the tax preparation process can be arduous. So, why does anyone do it? Because evading your taxes is a crime. Tax violations …

Is Tax Evasion a Felony? All About Tax Violations and the Penalties Read More »

constructive receipt of income

What You Need to Know About the Constructive Receipt of Income

There’s a lot to think about this tax season more than in years past. This is the first time businesses and accountants are working with all of the changes from the Tax Cuts and Jobs Act. The tax changes present the biggest changes to the tax code in the last 30 years, so it’s understandable …

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tax attorney vs cpa

Tax Attorney vs CPA: Why a Tax Attorney May Be What You Need

As tax season approaches, many successful businesses fear dealing with the Internal Revenue Service (IRS). The most common fear is an audit, but that does not happen as often as you would think. Only about 2.5% of small businesses in the United States get audited every year. It’s much more likely that your business needs …

Tax Attorney vs CPA: Why a Tax Attorney May Be What You Need Read More »

how far back can the irs audit

How Far Back Can the IRS Audit Your Accounts and Financial Information?

You’re sifting through a month’s worth of mail, determined to tackle it once and for all when you come across a notice that immediately gives you a knot of anxiety in your stomach.  It’s from the IRS. It’s a “notice of tax due,” and your balance is about to be late. Why do you owe money …

How Far Back Can the IRS Audit Your Accounts and Financial Information? Read More »

tax attorney

Bring in the Professionals: Why You Should Hire a Tax Attorney for Your Small Business

As the old adage goes, there are two certainties in life: death and taxes. Many business owners would add stress about taxes to that list.  That’s because many Americans don’t have the information they need to file their taxes properly–or even a clue about where to start.  A good tax attorney can save you many …

Bring in the Professionals: Why You Should Hire a Tax Attorney for Your Small Business Read More »

pass through deduction

What You Need to Know About the Pass Through Deduction

In December 2017, President Trump signed The Tax Cuts and Jobs Act (TCJA) into law. This law was the first significant tax code reform since President Reagan’s Tax Reform Act of 1986. A major element of the TCJA is the pass through deduction for small business owners. Qualifying business owners may deduct up to 20% …

What You Need to Know About the Pass Through Deduction Read More »

tax audit

Avoid the Audit: 8 Ways to Avoid a Tax Audit

Less than 1% of individual tax returns are audited. Your chance of being audited is about 1 in 160, so it’s pretty unlikely that you’ll be audited. However, there is always a chance that you could be randomly selected for an audit or a discrepancy on your return could trigger a tax audit. You can never …

Avoid the Audit: 8 Ways to Avoid a Tax Audit Read More »

News netflix taxes

How Come Corporate Giants Aren’t Paying Taxes?

Is it true about Amazon and Netflix? Maybe you’ve heard about this: Netflix and Amazon paid $0 in federal income taxes for 2018. How could this happen? What exactly are the tax loopholes that got them out of it? First Things First Every time you buy a product on Amazon and you must review and …

How Come Corporate Giants Aren’t Paying Taxes? Read More »

what is tax court

Order in the Court: What is Tax Court and How Does it Work?

The IRS audited 1.1 million tax returns in 2016. But did you know that out of these audits, 34,000 resulted in additional refunds for the taxpayer? Getting audited by the IRS is a fear of many Americans. Few Americans understand that if the IRS finds an issue with their tax return, they do have recourse. American …

Order in the Court: What is Tax Court and How Does it Work? Read More »

offshore bank account

Reporting Scams to IRS: What to Do When You Get a Scam Call

“Hello, this is the IRS, we’re calling about the account of Your Name and the taxes you owe. Please remit payment or there will be legal consequences.” – This is not the IRS, this is a scam. A scary scam that dupes hundreds of Americans each year. If you get a call like this, hang …

Reporting Scams to IRS: What to Do When You Get a Scam Call Read More »

tax on sports betting

Did Your Team Just Win Big? Here’s What You Need to Know About Paying Tax on Sports Betting

Did you know that 118 million people bet on sports each year? Sports betting gives savvy gamblers an opportunity to collect cash while their favorite players collect trophies. You don’t have to drop by a casino or a race track to bet on sports, either. Gamblers can take home winnings after fantasy football games, office parties, and …

Did Your Team Just Win Big? Here’s What You Need to Know About Paying Tax on Sports Betting Read More »

how to find out how much you owe the IRS

Manage Your Tax Debt: How to Find Out How Much You Owe the IRS

If you think you owe the IRS, you aren’t alone, there are currently over 900,000 delinquent accounts in the country. If you know how to find out how much you owe the IRS, you’ll be able to stay ahead and avoid any surprising debts. Whether you have a large debt you are looking to manage …

Manage Your Tax Debt: How to Find Out How Much You Owe the IRS Read More »

irs offer in compromise pre qualifier

In Overwhelming Tax Debt? IRS Relaxes Offer In Compromise Rules

If you owe back taxes to the IRS, you’re not alone. The IRS estimates more than $12 billion in back taxes owed.  In an attempt to receive their money, the IRS offers many options for taxpayers to work out these payments. Sometimes though, people still have difficulty making the payments on time. Whether they have other …

In Overwhelming Tax Debt? IRS Relaxes Offer In Compromise Rules Read More »

irs audit process/IRS questions and answers

IRS Audit Defense Attorney: Common IRS Questions and Answers You Should Know

It sounds like a cause for excitement: the IRS is auditing the fewest tax returns in years.  But while the official audit rate is down, the real audit rate remains a serious problem for everyday taxpayers.  Staring down an audit with no clue where to begin? You can start by reading these common IRS questions …

IRS Audit Defense Attorney: Common IRS Questions and Answers You Should Know Read More »

offer in compromise

Your Basic Guide to Using an Offer in Compromise to Settle a Tax Bill

If you owe more than $52,000 in federal taxes you may not be able to renew your passport. If you owe the IRS and are struggling to pay your tax bill, your life could be affected in ways you never imaged. If you are sick of dealing with the IRS and carrying tax debt, you …

Your Basic Guide to Using an Offer in Compromise to Settle a Tax Bill Read More »

unfiled tax returns

Unfiled Tax Returns: Here’s What You Need to Do

For one reason or another, many people don’t file their taxes. In 2014, over 7 million people failed to file their tax returns. You can bet that number is no different, today. The US government says it loses about $28 billion in annual revenue from unfiled tax returns. So, when you owe back taxes from …

Unfiled Tax Returns: Here’s What You Need to Do Read More »

how far back can you amend taxes

How Far Back Can You Amend Taxes After Discovering Mistakes?

The average American pays at least $10,000 each year in taxes. However, sometimes this number isn’t always accurate. It’s entirely possible to overpay or underpay taxes if you make mistakes when filing your tax returns. If this has happened to you, you may be able to amend your tax returns. Doing so can ensure you’re paying …

How Far Back Can You Amend Taxes After Discovering Mistakes? Read More »

offshore bank account

Store Offshore: Everything You Need to Know About Opening an Offshore Bank Account

Did you know that if you don’t report an offshore account to the IRS they can fine you up to $500,000? No wonder that people get nervous when it comes to opening an offshore bank account. They don’t want to do something wrong that will bring them trouble later. Having an offshore bank account is …

Store Offshore: Everything You Need to Know About Opening an Offshore Bank Account Read More »

all your tax questions answered

Frequently Asked Questions Every Taxpayer Needs to Know

Got Tax Questions? We’ve Got Answers Everyone has questions about something. Taxes are no exception. In fact, many people have more questions about taxes and personal finance than about anything else! So what do you need to know about taxes? Well, a few things. Why Should I File My Taxes Early? Your grandmother may not …

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how to take care of retirement taxes

Tips and Tricks for Managing Retirement Taxes

Keeping a Handle on Taxes During Retirement You’ve finally hit your retirement years. It feels good to kick back, relax, and not have to worry about paying taxes anymore. But wait! You still have to pay taxes! Even though you are in retirement and are not earning an “income” you are still responsible for paying …

Tips and Tricks for Managing Retirement Taxes Read More »

small business owners can manage taxes

Starting A Start-Up: How to Handle Tax Season as a New Business

Taking Care of Start-up Taxes in 2019 Starting your own business can be a headache. There are all kinds of costs associated with starting up a company and start-up taxes can be the biggest headache of all. As you prepare for tax season, there are a few items that need to be on your checklist. …

Starting A Start-Up: How to Handle Tax Season as a New Business Read More »

take proper care of investment tax

Everything You Need to Know About The Top 5 Types of Investment Taxes

How to Manage Your Investment Taxes Whether you’ve been investing for years or you just started last month, it’s important to understand investment taxes. Filing investment returns need to be done along with your annual tax return and are important to remember to take care of. It’s much easier to file taxes correctly the first …

Everything You Need to Know About The Top 5 Types of Investment Taxes Read More »

Employee tax status filing

The 2019 Guide to Determining Employee Filing Status

Everything You Need to Know About Employee Filing Statuses It can be confusing figuring out how employees should be classified for tax filing, and incorrectly classifying can have consequences. Small businesses should be careful when classifying workers on employee tax forms to avoid penalties and additional taxis. You need to determine whether works should be …

The 2019 Guide to Determining Employee Filing Status Read More »

Handle your taxes as a couple

Just Married? How to Handle Taxes as a Married Couple

Managing Taxes for the Newly Married Transitioning from being single to being married has a lot of changes that come with it. One change that often confuses couples is tax preparation as a married couple. For 2018 tax purposes, you will be eligible to file as a married couple as long as you were married …

Just Married? How to Handle Taxes as a Married Couple Read More »

file freelancer taxes correctly

Navigating Tax Season for the Self-Employed

How to Handle Tax Season as a Self-Employed Worker Being self-employed or a freelancer comes with a whole slew of tax laws. Navigating these can become very difficult. How To Determine Self-Employment The first step in identifying your tax liability is to determine if you classify as self-employed or not. Even though you have a …

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Back Taxes filing taxes late

10 Things to Know about Filing Your Taxes Late

The average American spends $10,489 in federal, state, and local income taxes. Most employees see at least a portion of those taxes come directly out of their paycheck. But when it comes time to file our taxes, many of us still find ourselves owing a bit more each April. The vast majority of Americans dutifully …

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what to do if you owe the irs a lot of money

Keep Calm! 10 Things to Remember When You Owe the IRS

The Internal Revenue Service (IRS) collected more than $3.4 trillion in taxes during the 2017 Fiscal Year. The department processed more than 245.4 million documents in that period. Every year, the IRS issues tax refunds and sends notices to those who owe the government. Having a tax debt can give you sleepless nights especially when …

Keep Calm! 10 Things to Remember When You Owe the IRS Read More »

tax forgiveness options from the IRS

Everything You Need to Know About the IRS Fresh Start Program

IRS Fresh Start Program: The Tax Penalty Relief You Need If a letter from the Internal Revenue Service fills you with dread, especially if you owe back taxes or have an unpaid tax bill from a prior year, then you might think that there’s no way out. Sometimes, taxpayers end up in financial binds and …

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claiming gambling losses

Not Your Night: What to Know About Claiming Gambling Losses

Did you know that in 2016 over $110 billion was lost in gambling in the United States alone? It’s no wonder that people are trying to learn more about using their losses to offset their winnings if they had any. Sometimes you win big, others times you’re just not lucky. Keep reading to learn everything you need …

Not Your Night: What to Know About Claiming Gambling Losses Read More »

losing money at the casino and reporting it to the IRS

You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes

Over 4.2 billion people have gambled at some point in their lives. On average, over 1 billion individuals gamble each year.  Gambling offers everyone an opportunity to gain massive amounts of cold, hard cash. Unfortunately, it can also steadily deplete your bank account! A lot of people assume gambling is a private affair. However, if you have gambled …

You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes Read More »

case studies against the irs in court

Case Study: Why Hiring a Tax Attorney is the Best Way to Fight the IRS and Win

What are your chances of getting hit by lightning in your lifetime? 1 in 3,000 or a 0.03% chance. Your chances of dying during a shark attack? Even higher at 1.5%. And, that’s if you get attacked.   How about your chances of winning a case against the IRS? It has to be pretty low, …

Case Study: Why Hiring a Tax Attorney is the Best Way to Fight the IRS and Win Read More »

how to resolve IRS tax debt in 2019

How to Legitimately Resolve Your Tax Debt and Not Fall Victim to Scams

The IRS is familiar with fraud. In 2015, they stopped a total of $10.9 billion in fraudulent refunds. And that’s the number of scams they caught and not counting ones they didn’t. But scammers aren’t just targeting large organizations like the IRS. Consumers fall victim to scams all the time. The top consumer fraud is …

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FATCA and underreporting of income

Can’t Pay Taxes? Your Options for Tax Season

You’ve just crunched the numbers. And no matter which way you slice it, you’ve come to the hard truth about your financial situation: you can’t pay taxes. Your mind might be racing. You might think the siren in the distance is already the IRS coming to get you since you won’t be able to pay …

Can’t Pay Taxes? Your Options for Tax Season Read More »

garnished wages

It’s Your Money and You Want it Now: What to Do When the IRS Garnishes Your Wages

The IRS has one job: collect taxes from American citizens, residents, and businesses. But it misses out on $400 billion in unpaid taxes each year. On average, 84 percent of the money owed reaches the IRS’s coffers. So if April rolls around and you owe tax you can’t afford to pay, then you’re not alone. In …

It’s Your Money and You Want it Now: What to Do When the IRS Garnishes Your Wages Read More »

tax levy

The Full Guide to Understanding a Tax Levy

You get a certified letter in the mail from the IRS. It says that unless you pay your back taxes immediately, your property is subject to a tax levy. That’s enough to scare you senseless. Know that you’re not alone. Every year, the IRS has issued tax levies from bank levies to wage garnishments.  Read …

The Full Guide to Understanding a Tax Levy Read More »

file freelancer taxes correctly

How to Reduce Your IRS Tax Balance

Anything you earn over $500,000 in a given year will be taxed at 37% for the year 2018. Even for those earning less than 500,000 the tax brackets of 32% and 35% seem almost unbearable.  If your IRS tax balance is out of hand, you may get an IRS notice about owing money that you …

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how do I find out how much I owe the irs

How Do I Find out How Much I Owe the IRS?

It’s 2019 and tax season is officially underway. As Americans rush to file their taxes this year, some are discovering an unfortunate reality. Roughly 30 million Americans are expected to write a check to Uncle Sam. That accounts for 21 percent of United States tax filers. This is catching many people by surprise due to …

How Do I Find out How Much I Owe the IRS? Read More »

small business taxes

10 Mistakes to Avoid When Filing Taxes as a Small Business Owner in 2019

For any small business owner, tax compliance can be a huge source of anxiety. That really cannot be overstated. According to a Forbes survey review, income taxes and tax compliance were the #3 and #5 responses on the list of things that keep small business owners up at night.  Both concerns are way above cash flow …

10 Mistakes to Avoid When Filing Taxes as a Small Business Owner in 2019 Read More »

how to report IRS fraud

Tired of IRS Tax Fraud? 4 Popular Scams & How to Report Them

In a prepared statement, Principal Deputy Assistant Attorney General Richard E. Zuckerman said, “Fraudulent tax return preparers harm taxpayers, legitimate businesses, and the American public.”  Americans are in the midst of a complicated 2019 tax season. Many are scurrying to file around the government shutdown. All Americans are filing under the new tax plan with …

Tired of IRS Tax Fraud? 4 Popular Scams & How to Report Them Read More »

tax forgiveness options from the IRS

4 Tax Forgiveness Options

Given that more than 8 million people owe money in back taxes every year, not everyone has the money to shell out for their debts right away. These debts can add up fast and start to lead to financial problems that follow us for years. If you’re stuck without help, you can seek tax forgiveness …

4 Tax Forgiveness Options Read More »

IRS seizure

Keep Your Stuff: How to Protect Yourself from an IRS Seizure

Constitutional requirements and amendments demand all citizens pay taxes. Naysayers argue and advocate against tax law, but no one is exempt from paying them.  Foregoing regulated prerequisites of tax law could subject you to an IRS seizure.  Miseducated tax filers account for $458 billion in unpaid taxes. Blame confusion, accounting mishaps or nefarious deception. Tax filers …

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irs letter scams

Don’t Be Fooled: Common Scams Targeting Taxpayers

There’s no nationwide system for tracking just how many people fall victim to tax scams. But with scammers getting smarter and their technology more advanced, it’s likely that the number of victims has been rising in the last several years. These scams can lead you to pay fake bills or handing over personal information. Whether …

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scheduling irs payment plans

How to Use IRS Payment Plans – 6 Ways to Get Out of Federal Debt

You open your mailbox. You find a letter from the IRS. “Great!” you think, “my tax return is here!” But when you open the letter, you find some incredibly sad news. Suddenly, you owe the IRS a lot of money. Maybe you forgot about the capital gains tax on the stock you sold last year. …

How to Use IRS Payment Plans – 6 Ways to Get Out of Federal Debt Read More »

how far back can the IRS audit my 1040 form?

How Far Back Can the IRS Audit? 8 IRS Questions & Answers For 2019

Before We Get Started, See How Much You May Know About Taxes & Take The Tax Quiz Below! Compare how long the US Tax Code is in comparison to the Bible at around 1600 pages long, and you’ll understand why people have a lot of questions about the IRS and its tax code. It’s not …

How Far Back Can the IRS Audit? 8 IRS Questions & Answers For 2019 Read More »

prove charitable giving

How Do I Prove my Charitable Giving to the IRS?

The IRS issued final rules pertaining to charitable deduction substantiation. With some exceptions, the regulations impact charitable contributions made after July 2018

tax scams

Tax Scams vs. Legitimate IRS Inquires

Tax scams will likely continue and possibly even increase. One possible reason there are so many tax scams that exist is because of taxpayer confusion regarding the new tax laws. When a scammer claims a taxpayer is not in compliance with the law and asks for additional information, many taxpayers believe the request is from …

Tax Scams vs. Legitimate IRS Inquires Read More »

an offer in compromise

Is an Offer In Compromise Right For Me?

An offer of compromise can allow taxpayers to pay less than the IRS alleges they owe. It is extremely common to resolve tax debt matters in this manner. But an offer in compromise is only one particular manner for the discharging of tax debt. There are certain situations where making an offer in compromise to …

Is an Offer In Compromise Right For Me? Read More »

1040 tax form

Will the New 1040 Form Make Tax Filing Easier?

Despite promises to simplify the filing of taxes, reporting your income to the IRS may now be even more complex. With the passing of the Tax Cut and Jobs Act, there are also a number of other complexities that accompany the filing of taxes. While the Form 1040 is now shorter, it requires greater use …

Will the New 1040 Form Make Tax Filing Easier? Read More »

IRS asset seizures

5 Strange IRS Asset Seizures

The IRS uses property seizure as a last resort when attempting to resolve tax debt. While the notion of having a car, house or bank account seized can be terrifying for many individuals and families, the IRS employs various rules, regulations and procedures to ensure that tax-payers are protected and are given every opportunity possible …

5 Strange IRS Asset Seizures Read More »

FATCA and extraditon

FATCA Violations can Result in Extradition

While the Foreign Account Tax Compliance Act (FATCA) has been around for close to a decade, new developments continue to arise. For example, a federal court brought a conviction against a naturalized citizen of St. Vincent for failing to comply with the act. What’s significant about this case is that it involves an executive of a foreign …

FATCA Violations can Result in Extradition Read More »

OVDP and offshore reporting

The OVDP and Offshore Reporting Requirements

It’s already understood that the failure to disclose foreign accounts can result in significant penalties. Yet while offshore enforcement concerning foreign accounts was significantly stepped up in 2009, many individuals failed to participate in the IRS Offshore Voluntary Disclosure Program (OVDP). In prior posts, we discussed the tools the IRS has at its disposal make …

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Seizures by the IRS

Report Points to Improper Seizures by the IRS

Besides making mistakes that place taxpayers in a bind, the IRS also sometimes conduct seizures that prove to be illegal. Perhaps as many as 30 percent of such seizures violate the law in some manner. There have already been instances of alleged wrongdoing on the part of the agency. Many conservative groups claim the IRS …

Report Points to Improper Seizures by the IRS Read More »

levies by IRS

Challenge Wrongful Levies by the IRS

A common complaint concerning the IRS is the little time they give taxpayers to challenge certain determinations. Yet the IRS recently announced businesses and individuals will have additional time to bring claims concerning levies and seizures of property. Under the recent Tax Cuts and Jobs Act of 2017, there has been an extension from nine months to …

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IRS OVDP

End of OVDP May Mean Harsh Penalties

The timeline is closer to where American citizens can no longer apply for relief under the Offshore Disclosure Program (OVDP). The OVDP, which has been running for 10 years, is due to shut down on Sep. 28. We have spoken in the past about the consequences that face taxpayers who do not take advantage of the …

End of OVDP May Mean Harsh Penalties Read More »

IRS and social security

Can the IRS Take My Social Security?

Yes, the IRS can take a portion of your Social Security retirement or disability payments to satisfy a tax debt. Of some relief might be that fact that the IRS generally limits what it takes to 15 percent. As you struggle to pay a tax bill, you have probably watched as penalties and interest increase …

Can the IRS Take My Social Security? Read More »

IRS and business

Can the IRS Take My Business?

The short answer here is, yes. Even on the best terms, no one wants to deal with the IRS. When your business’s tax burden is more than you can pay, dealing with the IRS can seem to go from headache to nightmare. Understanding the options and what the IRS can and cannot do can be …

Can the IRS Take My Business? Read More »

IRS and car

Can the IRS Take My Car?

Yes. Asset seizure is one of the strongest tools for collection efforts available to the IRS. From seizing a home, bank accounts, retirement accounts or personal property, the IRS operates with a singular focus – to liquidate these assets and pay your debt. What protections are available to you? While the IRS certainly has the …

Can the IRS Take My Car? Read More »

IRS and social security

An IRS Tax Levy on Social Security Payments

The IRS has a number of tools at its disposal to get individuals to pay their taxes. The penalties they implement can be severe. Just as importantly, penalties and interest can begin immediately for unpaid taxes. Besides charging taxpayers an annual interest rate for back taxes, they may also assess a late penalty fee at 0.5 percent …

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passport status and tax delingquency

Tax Delinquency and Passport Status

Despite claims of IRS reform, there are no signs that there will be less enforcement concerning IRS regulations. In fact, the IRS appears to be paying attention to regulations that just a few years ago they did not aggressively enforce. One particular section concerns passports. Under IRC section 7345, the IRS has the power to revoke …

Tax Delinquency and Passport Status Read More »

reporting offshore accounts

Reporting on Offshore Accounts

As we’ve indicated many times on this blog, there are significant disclosure requirements concerning offshore accounts and income. The Foreign Account Tax Compliance Act (FATCA) requires offshore financial institutions to either report accountholder information, or face significant penalties. What is important for Michigan residents with offshore accounts is to make certain they report this information as well. …

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AI tax audits

IRS Tax Audits & Artificial Intelligence

How Artificial Intelligence Affects IRS Tax Audits Gone are the days of the stereotypical CPA – visor, glasses, hunched over an adding machine with a stack of documents close at hand. For decades, people have been using computers and increasingly sophisticated programs to aid in tax preparation, risk analysis and auditing. Now, emerging technologies such …

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IRS and DOJ

Demands for Returning Seized Assets

It appears that members of Congress are demanding that the Justice Department return assets seized from taxpayers. This was in response to IRS actions levying finances contained in taxpayer bank accounts through civil forfeiture laws. The money seized from accounts was due to alleged structuring offenses. Such offenses concern making cash transactions under $10,000 as a means …

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audit rules

Business Partnerships & New IRS Audit Rules

We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs. The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together …

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small business and tax

Small Businesses, Tax and the New Laws

Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions. The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There …

Small Businesses, Tax and the New Laws Read More »

provisions of tax law

Provisions of Tax Law Challenged by States

The new tax law overhaul places a $10,000 cap upon deductions on federal returns pertaining to state and local taxes. Yet a number of states are challenging this cap. Four states (not including Michigan) filed a lawsuit against these provisions. Defendants in the lawsuit include the Department of Treasury and the Internal Revenue Service. The plaintiffs feel …

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IRS takes home

Can the IRS Take Your House?

For many Americans, no government agency strikes fear into our hearts more than the IRS. We hear horror stories of garnished wages and forfeited property. But how real is the threat? The IRS isn’t a bank, which may be more than happy to foreclose on a property or repossess a car to resell it for …

Can the IRS Take Your House? Read More »

tax law changes

Tax Law Changes Impact Those at Home and Abroad

We are only beginning to understand the impact of the recently passed Tax Cuts and Jobs Act of 2017. Like all other reform measures, it promises to simplify the tax filing process. However, this will not necessarily be the case. Recent commentary discusses how this act will impact those who work remotely. While we have seen …

Tax Law Changes Impact Those at Home and Abroad Read More »

supreme court and online sales tax

U.S. Supreme Court Decides upon Online Sales Tax

Prior U.S. Supreme Court decisions have placed restrictions on state when it comes to taxing interstate commerce. However, its most recent case upon this issue appears to change all of that. In South Dakota v. Wayfair, our nation’s highest court decided that one state’s tax on internet retailers placed no burden upon such commerce. In the court’s …

U.S. Supreme Court Decides upon Online Sales Tax Read More »

IRS contacts

When the IRS Contacts You

Though the percentage of audits appears lower than in the past, most people will receive some sort of correspondence or notice from the IRS at some point in time. And as taxes become more complex, the chances of making mistakes on returns greatly increases. There is no need to panic if you do receive a …

When the IRS Contacts You Read More »

requirements of FATCA

The Little Understood Requirements of FATCA

A commentator recently noted how little American citizens living or earning money abroad know about the Foreign Account Tax Compliance Act (FATCA). A survey revealed that close to two-thirds of Americans living offshore have issues with paying taxes to the U.S. Also, only around 20 percent of such individuals felt they needed more assistance in …

The Little Understood Requirements of FATCA Read More »

receive an IRS notification

When You Receive an IRS Notification

The IRS provides a large amount of advice to taxpayers concerning what certain matters arise. The agency also at the same time sends out notifications to taxpayers concerning a large number of concerns. A notification could concern an audit, or a changed or corrected return. It could indicate a tax deficiency, meaning that you owe …

When You Receive an IRS Notification Read More »

transition tax on foreign earnings

Confusion Regarding Transition Tax on Foreign Earnings

Under 26 U.S. Code § 965, shareholders throughout the U.S. must pay a transition tax on foreign earnings from specific foreign corporations. The IRS deems this tax as a repatriation of the income. Lawmakers entitled 26 U.S. Code § 965 as: “Treatment of deferred foreign income upon transition to participation exemption system of taxation.” Unfortunately, the content …

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The intersection of taxes and generosity

The Intersection of Taxes and Generosity

People doing their taxes are generally not in the most generous mood. Tax preparation might turn people off of giving to charitable causes, but the tax code can encourage people to donate. A recent report from the Fundraising Effectiveness Project is leading some to worry that organizations relying on charitable contributions are about to take a hit. …

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Taxes and marriage

Taxes and Marriage

While the number of married people in the United States dipped in recent years, they still pay a substantially large share of federal income taxes. Making up approximately one-half of our population, they pay 74 percent of our total taxes. The IRS rules and filing status for married couples are different than for single people. Married couples …

Taxes and Marriage Read More »

offshore reporting

Offshore Reporting Deadline Quickly Approaching

Tax attorneys understand how serious the penalties are concerning nondisclosure of offshore assets. For purported violations, the IRS may seize 50 percent of the account’s value, file possible criminal charges, and assess other penalties. The IRS is giving notice that taxpayers working outside of the country must file their federal income tax returns by June 15. This …

Offshore Reporting Deadline Quickly Approaching Read More »

warning of tax scams

IRS Warns of Various Tax Scams

The IRS puts out constant reminders concerning potential tax scams that could prove costly to Michigan taxpayers. Taxpayers may lose out on refunds. They could also face civil and criminal penalties for false reporting or filing frivolous returns. The agency recently put out what it calls its “Dirty Dozen” list. These scams range from obtaining private …

IRS Warns of Various Tax Scams Read More »

Reimbursement for business meals and entertainment

Reimbursement for Business Meals and Entertainment

Even minor changes to the tax code can leave people scrambling to understand what they can and cannot do. Tax law can change how businesses and employees interact with one another. They can change how an individual entrepreneur operates her business. They can affect the way businesses interact with their clients. Among the recent changes …

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tax audits

The Many Reasons Why Audits Occur

It is always a good idea to revisit why individuals get audited. Generally, the IRS can audit returns filed in the past three years. The penalties that result from an audit can be severe. It can be as much as 20 percent of the amount of an “erroneous claim.” If the IRS decides a return …

The Many Reasons Why Audits Occur Read More »

tax levy actions

Challenging the IRS in Wrongful Levy Actions

The IRS can use levies to seize assets including wages, financial accounts, real estate, and vehicles. The IRS can liquidate other of your belongings as well to collect back taxes. Yet the IRS does not have unlimited powers.

underreporting and tax audits

Possible Underreporting of the Numbers of Audits

According to one commentator, the IRS suggestion that less audits are occurring is not entirely true. The problem with what the IRS is telling you is that they may define audits differently than other authorities. When sending out written notices to taxpayers, the term “audit” usually does not appear. Instead of “audit,” the IRS uses …

Possible Underreporting of the Numbers of Audits Read More »

FATCA & Possible Criminal Charges

FATCA & Possible Criminal Charges

You may face criminal charges for violations of the Foreign Account Tax Compliance Act (FATCA). Such charges can include obstruction of the functions of the IRS. As we’ve mentioned in past posts, FATCA concerns foreign financial institutions reporting on American accountholder information to treasury officials. The policy behind FATCA is to prevent such accountholders from hiding …

FATCA & Possible Criminal Charges Read More »

Tax reform and the self-employed

Tax Reform and the Self-employed

The Tax Cuts and Jobs Act provides incentives for self-employed individuals. This includes sole proprietorships and partnerships. But taking advantage of benefits requires awareness of the availability of deductions one can take. It also means understanding the imposed limits the law places upon taxpayers. This new law provides a 20 percent pass-through deduction. Pass-through taxation means …

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noncompliance with the ACA and IRS penalties

Noncompliance With the ACA and IRS Penalties

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, May 9, 2018. The Affordable Care Act (ACA) creates a number of difficulties for employers concerning compliance. And those not in compliance face significant penalties leveled upon them by the IRS. According to the ACA, employers must either provide full-time employees health care coverage or make what is known …

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offshore tax enforcement

Changes in Offshore Tax Enforcement May Be Coming Soon

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, May 2, 2018. There have been voluntary disclosure programs in place to entice taxpayers to come clean about unreported foreign assets since 2009. These programs allow for promises of decreased penalties. They may also allow for avoidance of prosecution in return for participation. But due to decreased …

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the impact of tax reform

Challenges Regarding the New Tax Law for the Self-employed

Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …

Challenges Regarding the New Tax Law for the Self-employed Read More »

FATCA overturned

Challenge to FATCA Overturned

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, April 25, 2018. The U.S. Supreme Court will not be haring the latest challenge concerning the Foreign Account Tax Compliance Act (FATCA). A number of U.S. citizens living abroad brought the lawsuit. It also had support from Senator Rand Paul who felt that FATCA was unconstitutional. Plaintiffs …

Challenge to FATCA Overturned Read More »

protect yourself from IRS auditing

Tax Law Changes May Result in More Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, April 19, 2018. While the number of IRS audits has gone down in recent years, taxpayers still need to take care when filing returns. This is especially true with the passing of the Tax Cuts and Jobs Act. Even tax professionals remain unclear about a number …

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difficulties for federal employees with tax

New Tax Law Creates Problems for Federal Employees

On behalf of Silver Tax Group posted in Back Taxes on Monday, April 16, 2018. Even federal employees have problems with the tax code. This includes experiencing difficulties concerning reimbursement for transportation, travel and relocation. The problem concerns the need for updating of regulations pertaining to the newly passed Tax Cuts and Jobs Act. Becoming effective on January 1, …

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new tax law

MLB Cries Foul on Change to Tax Code

On behalf of Silver Tax Group posted in Tax Law on Friday, April 13, 2018. Like a perfect change-up, the new tax code has Major League Baseball wrong-footed and looking foolish. The change did not target professional sports, specifically, but it has the potential to cause a major shift in the way teams do business. The calculus behind when …

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what lead to tax audits

Why Tax Audits Occur

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, April 11, 2018. While there have been less IRS tax audits since 2010, there are still a large number of things that can trigger an audit. In 2017, there was still over a million tax audits. An audit does not by itself mean you are guilty …

Why Tax Audits Occur Read More »

know about whistleblower program

The Awards Whistleblowers Receive in Tax Cases

Michigan taxpayers need to understand how extensive the IRS whistleblower program is. Besides having massive support from other federal branches, the IRS is always enhancing its enforcement efforts. The Whistleblower Program Whistleblowers stand to profit by reporting on the wrongdoing of other taxpayers. The IRS even has an official form to assist whistleblowers in collecting …

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immigration status and tax

Immigration and the Related Tax Issues

On behalf of Silver Tax Group posted in Tax Audit on Thursday, April 5, 2018. As we approach the tax filing deadline of April 17 in 2018, it is crucial to determine whether you must file as an immigrant. Permanent residents/green card holders must file a U.S. tax return. For those who have filed for refugee status and are …

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data speaks to IRS audit activities

Data Speaks to IRS Audit Activities

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, April 4, 2018. While the IRS conducted fewer audits in 2017 than in the prior year, this does not mean that the numbers of audits are insignificant. During the year, there were 934,000 audits throughout the United States. The IRS continually conducts its business. During 2017, …

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amend your tax returns

Should You Amend Your Tax Returns?

All You Need to Know About  When to Amend Your Tax Return On behalf of Silver Tax Group posted in Tax Crimes on Tuesday, March 27, 2018. Michigan taxpayers sometimes make mistakes when filing returns, but only become aware of the mistake at a later date. Some taxpayers choose to amend their returns when this happens. But whether actually …

Should You Amend Your Tax Returns? Read More »

a close to the OVDP and offshore reporting

OVDP Program Regarding Offshore Reporting to Close

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, March 22, 2018. The IRS plans on bringing to a close the Offshore Voluntary Disclosure Program (OVDP) put in place in 2014. The plan is to close this program by September 28. However, this announcement made by the IRS at least allows for Michigan taxpayers time to still take …

OVDP Program Regarding Offshore Reporting to Close Read More »

find a way to pay back tax debt

Methods for Resolving Tax Debt

On behalf of Silver Tax Group posted in Back Taxes on Tuesday, March 20, 2018. According to the IRS, approximately ten million Americans pay some sort of tax penalty every year. But while you may still owe money, there may be available options. What you will wish to do is to find a way to pay back tax debt …

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don't take chances regarding penalties

FBAR and Penalties for Noncompliance

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, March 13, 2018. Americans holding onto foreign accounts need to record their holdings on the Report of Foreign Bank and Financial Accounts form (FBAR). Those filing an FBAR have until the middle of April to report such information. Some may get an extension until October 15. But …

FBAR and Penalties for Noncompliance Read More »

bitcoin transaction

IRS Seeking Bitcoin Information

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, March 8, 2018. Due to possible underreporting of income, the IRS is taking a close look at bitcoin transactions. This is in part because Bitcoin values increased over 20 times in 2017. Also, many bitcoin transactions take place outside of the public light. While such IRS crackdowns are …

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American's knowledge of taxes

What Americans Don’t Know about Filing Their Taxes

On behalf of Silver Tax Group posted in Tax Law on Tuesday, March 6, 2018. Perhaps Benjamin Franklin said it best: The only certainties in life are death and taxes. While every American knows that they need to file their taxes and that the task needs to be done by April 15, an alarming number of them know very …

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tax audits avoiding

Ways to Avoid Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, March 5, 2018. It’s worth repeating that many things can trigger an IRS audit. Obviously, inaccuracies on forms, claims for deductions which you do not qualify, or the failure to report certain income will result in problems. But it would be difficult to list every type …

Ways to Avoid Tax Audits Read More »

taxes planning

Wondering How to Plan for Taxes?

On behalf of Silver Tax Group posted in Tax Law on Wednesday, February 28, 2018. The only thing financial advisers know for certain about the new Trump tax plan is that nothing is very certain at all. While some workers in some tax brackets can expect to have less money deducted from their paychecks, that doesn’t mean they will …

Wondering How to Plan for Taxes? Read More »

The Impact of the Tax Cuts and Jobs Act

Offshore Income and the New Tax Act

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, February 27, 2018. The Tax Cuts and Jobs Act will impact all taxpayers including those residing offshore. The act’s provisions include adjustments to corporate rates and exclusion rates. With changes to the tax code, authorities promise simplification. But that does not mean offshore residents will see tax …

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differing requirements for military members

Military Members and Income Taxes

On behalf of Silver Tax Group posted in Back Taxes on Friday, February 23, 2018. Members of the military have their own set of issues when it comes to filing taxes. Often soldiers move from place to place and are required to file a number of different returns. And military members generally face differing requirements when it comes to …

Military Members and Income Taxes Read More »

a program allowing for penalty abatements

The FTA Waiver of Tax Penalties

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, February 20, 2018. For close to 17 years, the IRS has had a program in place allowing for penalty abatements. These abatements are available for individuals with a history of complying with reporting requirements. The policy behind the first-time penalty abatement program (FTA) was to give …

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request an appeal when necessary

Appealing of Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, February 12, 2018. Michigan taxpayers can request an appeal when there are disagreements regarding the result of an audit. The appeal involves filing a written protest. Generally, you will only have 30 days to appeal the determination once receiving a letter from the IRS. The IRS …

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prevent identity theft from occurring

Be Wary of Claims Concerning Identity Theft

On behalf of Silver Tax Group posted in Identity Theft on Friday, February 9, 2018. Sometimes, identity theft is unavoidable. While it is good to be cautious, not every piece of advice advertisers provide is going to prevent identify theft from occurring. The IRS provides a number of updates and announcements regarding the topic of identity theft. It is …

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amnesty programs expanding

Voluntary Disclosure Programs and Offshore Assets

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, February 5, 2018. The IRS may be expanding amnesty programs for taxpayers facing penalties due to reporting issues regarding their offshore accounts. This possibly is because the IRS views such programs as a success. The aim is to recover even more money owed. The aggressive efforts by …

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intense tax scrutiny to immigrants

Does the IRS Target Immigrant Business Owners for Audits?

Does the IRS target immigrant business owners for audits? The answer should be no, but for foreigners and green card holders there could be more intense scrutiny. While common in states such as Texas and California where many business owners are immigrants, it can also occur in Michigan where an immigrant owns a gas station. …

Does the IRS Target Immigrant Business Owners for Audits? Read More »

taxpayers heavily in debt and taxes

When Cancelation of Debt Becomes Income

On behalf of Silver Tax Group posted in Back Taxes on Tuesday, January 30, 2018. Michigan taxpayers heavily in debt often have only a limited number of options. If they fail to make a house payment, they can face foreclosure. On the other hand, if they negotiate with creditors to reduce the amount of debt they owe, they may …

When Cancelation of Debt Becomes Income Read More »

A blue-collar worker and tax law changes

Tax Law Changes and Detroit’s Blue-collar Workers

On behalf of Silver Tax Group posted in Tax Law on Friday, January 26, 2018. Recently named “America’s Comeback City,” Detroit has a lot to be proud of. As the economy evolves, Michigan’s largest city is thriving. The poverty rate is lower than the national average, its unemployment rate continues to drop and revitalization efforts are infusing new blood …

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file freelancer taxes correctly

Tax Debt and Your Passport Status

On behalf of Silver Tax Group posted in Back Taxes on Thursday, January 25, 2018. The IRS obviously wants taxpayers to pay any back taxes they may owe. For this reason, the agency is encouraging individuals to enter into payment agreements to resolve this issue. The IRS has the ability to entice individuals into entering such agreements. For example, …

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limited power of IRS

The IRS and Statutes of Limitation

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, January 22, 2018. Courts continue hearing cases concerning filings of the Report of Foreign Bank and Financial Account (FBAR). There are significant penalties that accompany the failure to file an FBAR. This can include significant fines and even prison time. The IRS does not have unlimited powers, …

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FATCA continues to impact strong

The Impact of FATCA Remains Strong

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, January 18, 2018. According to Swiss international financial advisors, the Foreign Account Tax Compliance Act (FATCA) continues to impact dealings when it comes to international accounts and investments. This is true even though we hear talk of phasing FATCA out. FATCA went into effect in 2010. It …

The Impact of FATCA Remains Strong Read More »

shoddy accounting causes problems

When a Startup’s Shoddy Accounting Causes W-2 Problems

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, January 18, 2018. It is the season to collect tax documents. Payroll tax problems that may have been too small to catch on a pay period basis may show up as you review your W-2. You place a lot of trust in an employer to withhold …

When a Startup’s Shoddy Accounting Causes W-2 Problems Read More »

taxes owed and solutions

What You Need to Know When It Comes to Taxes Owed

On behalf of Silver Tax Group posted in Back Taxes on Friday, January 12, 2018. While it is easy to get behind on taxes, it is a mistake for Michigan taxpayers to ignore notices received from the IRS. The criminal penalties you potentially face mean that you need to take immediate attention. This does not mean you are defenseless, …

What You Need to Know When It Comes to Taxes Owed Read More »

protect your offshore assets

The New Tax Legislation and Offshore Assets

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, January 9, 2018. The tax bill is now law. While there will be debates about the merits of the new legislation, Michigan residents will have to abide by its language until another tax bill replaces it. The specifics of the bill will be of particular importance to …

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the power the IRS

Tax Provision the Subject of Supreme Court Case

We’ve long discussed on this blog the power the IRS has in imposing criminal penalties. For example, Tax Code Section 7212(a) imposes penalties upon individuals who obstruct, impede or even endeavor to obstruct or impede “the due administration” of the Internal Revenue Code.” This particular clause is now the subject for a U.S. Supreme Court …

Tax Provision the Subject of Supreme Court Case Read More »

IRS adopted a taxpayer bill of rights

The Rights You Have as a Taxpayer

It is intimidating for any Michigan taxpayer to have to deal with the IRS. However, not many people know that the IRS adopted a taxpayer bill of rights. While it seems fair that taxpayers have certain rights, the tremendous power of the IRS to enforce tax laws can prove intimidating for taxpayers facing IRS scrutiny. …

The Rights You Have as a Taxpayer Read More »

meaning of new tax bill

What the New Tax Bill Means to You

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, December 26, 2017. While the new tax bill just signed by President Trump promises to cut individual income tax rates, the bill does not mean filing taxes will be any easier for Michigan taxpayers. The tax bill is complex. As it is currently set up, the …

What the New Tax Bill Means to You Read More »

FATCA and underreporting of income

FATCA and Underreporting of Income

The Foreign Account Tax Compliance Act (FATCA) governs reporting of foreign financial institutions concerning assets held by American citizens. Such institutions face substantial penalties for failing to report these assets. “Combat tax evasion” U.S. tax officials deal with this underreporting through FATCA. In 2010, President Obama stated the primary purpose of FATCA was to “combat …

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to find identity theft by technology

Technology and Identity Theft

On behalf of Silver Tax Group posted in Identity Theft on Wednesday, December 13, 2017. While the IRS has in place a number of tax return protection measures, these methods have not always been so successful in preventing identity fraud from taking place. Those inventing schemes to file false tax returns while using someone else’s identify often stay ahead …

Technology and Identity Theft Read More »

levies and tax debt

Levies and Collection of Tax Debt

On behalf of Silver Tax Group posted in Back Taxes on Tuesday, December 12, 2017. There are a number of ways the IRS can collect back taxes from Michigan residents. Methods to collect tax debt can include property seizure known as a levy. IRS agents can also take legal action to secure payment (known as a lien). An understanding …

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predictions of taxes changes

How your Taxes Might Change in 2018

[UPDATE: This article has been revised to reflect the changes to the tax bill that made it into the final version passed by the House and the Senate. At the time of this update, the only remaining step is that the President must sign the bill, so the changes outlined below will become law soon.] It …

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when tax penalties and audits happen

Tax Penalties and Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, December 6, 2017. Michigan taxpayers face tax audits from the IRS for a number of reasons. And as the consequences of a tax audit can be severe, it is important to understand the reasons why audits occur. An audit may be the result of someone ignoring …

Tax Penalties and Audits Read More »

digital currency and taxes

Cryptocurrency Gains and the IRS

On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, December 1, 2017. Cryptocurrency or digital currency is a relatively recent creation. Bitcoin is probably the most familiar type of cryptocurrency. In any case, reporting of cryptocurrency gains continues to be a tax issue. IRS can investigate cryptocurrency gains While one particular company, Coinbase Inc., is challenging …

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taxes of bitcoins and offshore accounts

Bitcoins and Offshore Reporting Requirements

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, November 29, 2017. Federal officials closely scrutinize reporting of cryptocurrency gains on tax returns. This is in large part due to difficulties determining whether cryptocurrency is property or currency. Classifying bitcoins and cryptocurrency as property or currency has tax implications. In a foreign country, a U.S. citizen may not …

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questions about tax fillings

Myths Concerning Tax Filings

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, November 27, 2017. Most Michigan taxpayers understand that the federal tax code is extremely complex. There are a whole host of interpretations regarding various provisions. And there are myths concerning filing of taxes that, when believed, can lead taxpayers into trouble with tax authorities. Tax myths …

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tax changes in 2018

Tax Changes in 2018

On behalf of Silver Tax Group posted in Tax Law on Wednesday, November 22, 2017. As we near the end of 2017, you can’t turn anywhere without hearing about taxes. Tax reform is in the news. Ads for Black Friday and Christmas deals on tax software start to flood the airwaves. Businesses start to send their employees notices that …

Tax Changes in 2018 Read More »

IRS contractors

Pioneer and Other IRS Third-party Contractors

On behalf of Silver Tax Group posted in Tax Defense on Tuesday, November 21, 2017. “As you were previously notified Pioneer Credit Recovery, Inc., (PCR) a private collection agency, is a contractor for the Internal Revenue Service (IRS) assigned to collect your past due tax obligations.” When did the IRS start using third party collection agencies to collect back …

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tax reporting of freelance income

Freelance Income Tax Reporting

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, November 16, 2017. Those who have taken the plunge into being their own boss may feel a strong sense of independence. Self-employment means choosing your own tasks, clients, hours and other options that can make work more fulfilling. However, there are also a few challenges posed …

Freelance Income Tax Reporting Read More »

foreign bank tax concern

The Top Concern of Foreign Banking

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, November 13, 2017. Whenever the phrase “offshore accounts” pops up in newspaper headlines, it often refers to a scandal linked to a public figure. Yet, by itself, holding an offshore account is perfectly fine. In fact, you don’t need to be rich or famous to store money …

The Top Concern of Foreign Banking Read More »

discharge of tax debt and bankruptcy

Discharge of Tax Debt Through Bankruptcy

On behalf of Silver Tax Group posted in Back Taxes on Friday, November 10, 2017. Chapter 7 and Chapter 13 bankruptcy allow Michigan residents a number of options when it comes to discharge of debt. Obviously, many bankruptcy filers will also have concerns regarding discharge of tax debt. There are some steps to take before such discharge can occur, …

Discharge of Tax Debt Through Bankruptcy Read More »

taxes of gifting and estate taxes

Gifting and Estate Taxes

On behalf of Silver Tax Group posted in Tax Law on Monday, November 6, 2017. The federal estate tax exemption has hovered near $5.5 million (almost $11 million per couple) for years. If an estate that cross this threshold, the federal tax rate is 40 percent. This does mean that all states follow the same approach. Currently, there are …

Gifting and Estate Taxes Read More »

tips from IRS for small business

IRS Website Contains Tips for Small Businesses

On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …

IRS Website Contains Tips for Small Businesses Read More »

IRS rehires with misconduct issues

Many IRS Rehires Have Prior Misconduct Issues

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, October 31, 2017. Taxpayers face criminal penalties for tax code infractions. However, IRS employees also have been guilty of misconduct. Some have a history of performance issues. And many may still be working for the agency. Employees with misconduct issues Treasury Inspector General for Tax Administration …

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new tax reform proposals

What’s Included in the New Tax Reform Proposals?

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, October 25, 2017. Every presidential administration promises some sort of significant tax reform. While the promise is almost always that the impact will be beneficial to the ordinary taxpayer, issues and unintended consequences usually arise. Michigan residents will nevertheless wish to pay attention to new changes in …

What’s Included in the New Tax Reform Proposals? Read More »

FATCA requirements

Will You Have to Abide by FATCA Requirements?

On behalf of Silver Tax Group posted in Offshore Accounts on Friday, October 20, 2017. If you as a Michigan resident have foreign assets in excess of $10,000, please make certain you are in compliance with federal tax laws. The rules are complex, and noncompliance comes with penalties including seizure of assets and criminal charges. Under the Foreign Account Tax …

Will You Have to Abide by FATCA Requirements? Read More »

tax and severance pay

Severance Pay and Taxation

On behalf of Silver Tax Group posted in Back Taxes on Tuesday, October 17, 2017. Not anticipating federal tax consequences often leads to problems for Michigan taxpayers. To the IRS, even severance pay is subject to taxation. It matters little to the agency whether such severance pay is due to a firing, layoff, or settlement of a lawsuit. As …

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trigger tax audits by credit card

Use of Credit Card Data to Trigger Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, October 11, 2017. Reasons for tax audits There are already lots of reasons why the IRS audits returns of taxpayers. This can include irregularities in accounting, willful and even non-willful mistakes, failure to submit proper forms, and questionable deductions. There is also another reason for tax …

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tax penalties

Willful Misconduct and Tax Penalties

On behalf of Silver Tax Group posted in Tax Crimes on Friday, October 6, 2017. If you are Michigan resident behind on paying your federal taxes, you are likely facing significant penalties and fines. But being behind on your taxes – even significantly behind – is not the same as saying you are guilty of tax evasion or fraud. …

Willful Misconduct and Tax Penalties Read More »

concerns about IRS guidance

Be Wary about Relying on IRS Guidance

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, October 5, 2017. There’s a lot of tax advice that is best for Michigan residents not to follow. This is understandable because very few people can understand the intricacies of the tax code. What is more disturbing is when the faulty tax advice comes from the …

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new bill regarding digital currency

Failing to Report Side Income Has Consequences

On behalf of Silver Tax Group posted in Tax Crimes on Wednesday, September 27, 2017. From the perspective of the IRS, all income from any source is subject to taxation. However, many taxpayers (including those living in Michigan) are failing to report all of the money they receive. Data about failure to report side income According to an article from …

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new bill regarding digital currency

Congress Introduces New Bill Regarding Digital Currency

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 21, 2017. As digital currency is not the same as real currency, taxing of digital currency transactions is complex. Since digital currency can go up and down in value, exchanges and sales of digital currency trigger capital gains tax treatment. Because the price of digital currency has …

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FATCA requirements

FATCA Requirements and Foreign Insurers

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, September 18, 2017. Passed in 2010, the Foreign Accounts Tax Compliance Act (FATCA) continues to be controversial. FATCA requires specific foreign financial institutions to report on assets belonging to American citizens. Reporting under FATCA is complicated. And the consequences for noncompliance with FATCA are severe. FATCA requirements …

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congressional bill

Congressional Bill Designed to Curb IRS Abuses

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 14, 2017. There have been a large number of complaints from farmers and business owners facing unjust IRS prosecution. Such complaints involve the IRS accusing farmers and small business owners of making transactions under $10,000 to avoid the Bank Secrecy Act rules. Congressional bill In …

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tax breaks and job seekers

FATCA Challenge May Move to the Supreme Court

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, September 7, 2017. Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and …

FATCA Challenge May Move to the Supreme Court Read More »

tax breaks and job seekers

Tax Breaks for Those Searching for Jobs

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, September 6, 2017. Individuals owing back taxes often are dealing with other issues as well. Many times Michigan taxpayers who owe the most to the IRS also are unemployed or underemployed. Such people have enough problems simply paying the bills and keeping their families fed – let …

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proposals and tax write-offs

Proposals Could Mean Certain Tax Write-offs Will Vanish

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, August 30, 2017. Changes to the tax code that some politicians propose could actually hurt many individual taxpayers. This is because simplification of the tax code could eliminate a large number of tax write-offs. Such changes in turn could eliminate incentives to itemize deductions on tax forms. …

Proposals Could Mean Certain Tax Write-offs Will Vanish Read More »

underreporting taxes and penalties

Penalties due to Underreporting of Estimated Taxes

On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 24, 2017. Most tax reporting that does not comply with IRS regulations will result in penalties. Yet because there are so many forms to fill out and procedures to follow, Michigan taxpayers may not even understand the requirements to follow. Penalties to underreporting In recent years, …

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how to get alimony payments and tax deductions

Alimony Payments and Tax Deductions

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, August 21, 2017. Seemingly straightforward tax deductions may prove to be not so simple when it comes to tax reporting. For example, as a Michigan resident it is allowable to deduct alimony payments from your taxable income. Yet as easy as this may sound, there are …

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risky procedure for foreign accounts

The Risky Streamlined Filing Procedure for Foreign Accounts

When you as a Michigan resident have combined balances of foreign accounts exceed $10,000, you will need to file a disclosure statement with tax authorities. Failure to do so could result in tax evasion charges, and this can bring with it criminal penalties. However, in 2009 the IRS began offering opportunities to disclose this unreported …

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losses from disaster and tax deductions

Tax Deductions due to Losses from Disaster

On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 10, 2017. Should you as a Michigan resident suffer damage to property due to a storm, there may be ways to deduct such losses on your tax returns. However, this is not always a simple matter. The IRS warns that to be available such deductions must …

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tax audits by mistakes

Common Mistakes Leading to a Tax Audit

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, August 7, 2017. Anyone understanding the consequences of an audit will also understand why taxpayers will want to avoid it. The results of an IRS audit can lead to significant penalties including fines and possible prison time. Under the best of circumstances, the whole audit process …

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tax enforcement for offshore accounts

Offshore Tax Enforcement Continues

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, August 1, 2017. It is not a time for Michigan residents to rest easy about tax compliance and foreign accounts. Rather than pulling back on enforcement pertaining to offshore accounts, it appears that the IRS in increasing such enforcement during our summer months. On July 19, a …

Offshore Tax Enforcement Continues Read More »

take a miscellaneous deduction

The Right to Take a Miscellaneous Deduction

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, July 27, 2017. We have said before on this blog that is important to be aware of the deductions available to you. Despite the fact that the IRS is an intimidating presence, Michigan residents still have the legal right to take a large number of deductions …

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obstruction of justice

Obstruction of Justice and the Tax Code

On behalf of Silver Tax Group posted in Tax Crimes on Thursday, July 27, 2017. Lawmakers may sometimes create overly expansive laws in order to prosecute more individuals. Unfortunately, such actions can result in prosecution of innocent people. It can also result in severe consequences for actions that most would describe as relatively minor infractions. The obstruction of justice …

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how to track complaints

FAST Track to Complaints: Is a Tax Call Legit?

On behalf of Silver Tax Group posted in Tax Audit on Friday, July 21, 2017. Lawmakers are once again attempting involving private debt collectors in tax collection efforts. A little known provision of the Fixing America’s Surface Transportation (FAST) Act allowed the IRS to outsource some collections to private contractors in an effort to recover approximately $138 billion in …

FAST Track to Complaints: Is a Tax Call Legit? Read More »

take actions to tax lien or levy

Possible Actions to Take When Subjected to a Tax Lien or Levy

The IRS has significant power to seize assets due to the ability to implement a lien or levy when back taxes remain unpaid. And the property that the IRS seizes can include account receivables for your business, bank accounts, wages, tax refund and even your vehicle. Lien and levy There is a difference between a lien …

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private collectors of IRS tax debt

Private Collectors of IRS Tax Debt Now in Place

On behalf of Silver Tax Group posted in Back Taxes on Thursday, July 13, 2017. The IRS is continually looking for new ways to collect on back taxes. Sadly, lots of people (including Michigan residents) owe the agency money. Yet the very collection practices the IRS is willing to use are often questionable. We published a blog this last …

Private Collectors of IRS Tax Debt Now in Place Read More »

willfulness and the disclosure of foreign account

Willfulness and the Disclosure of Foreign Account Info

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, July 11, 2017. We’ve spoken many times on this blog about the complex reporting requirements that accompany ownership of foreign accounts. Beyond the complexity, it is extremely difficult for individual taxpayers to keep track of all of the rules pertaining to these accounts. Disclosure of foreign account …

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learn from IRS audits

What Data Regarding IRS Audits Tells Us

On behalf of Silver Tax Group posted in Tax Audit on Thursday, July 6, 2017. It’s natural to fear a tax audit by the IRS as audits have consequences. An adverse ruling as a result of an audit can lead to penalties and, in some instances, imprisonment. Data about IRS audits The IRS recently released statistics concerning 2016 tax audits. …

What Data Regarding IRS Audits Tells Us Read More »

IRS website is not legal authority

IRS Website is Not Legal Authority

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, June 29, 2017. It is difficult to know who to turn to when questions regarding taxes arise. Unfortunately, even employees of the IRS provide incorrect advice when it comes to taxes. And this potentially ends up creating difficulties for taxpayers. IRS website The IRS created a …

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tax debt in bankruptcy and late tax fillings

Discharging of Tax Debt in Bankruptcy and Late Tax Filings

While a Chapter 7 bankruptcy filing assists in discharging most debt, it would be a mistake to automatically assume it will discharge tax debt in every circumstance. Whether tax debt is dischargeable depends on a number of factors. Determining whether it is possible to discharge tax debt is dependent upon the type of tax relative …

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coping with a federal tax lien

Coping with a Federal Tax Lien against Your Property

On behalf of Silver Tax Group posted in Back Taxes on Tuesday, June 20, 2017. Tax debt can quickly become a significant burden. This sort of debt can even inhibit the enjoyment of owning property you have worked hard to accumulate. A lien upon property The IRS can place a lien upon property you own – even if title …

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tax sharing agreements and IRS

Tax-sharing Agreements not Binding upon the IRS

On behalf of Silver Tax Group posted in Back Taxes on Thursday, June 15, 2017. There is much that Michigan taxpayers need to consider before entering tax-sharing agreements with other parties. Most importantly, these sorts of agreements are not binding upon the IRS. Joint income tax return For example, the IRS recently disallowed a number of rental property loss …

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concerns of large tax refunds

Tax Refunds Can Be Unexpectedly Large

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, June 12, 2017. Simply because you receive a tax refund check does not guarantee you are safe from any audit. The IRS reserves the right to audit the majority of returns for up to three years. The IRS often sends a tax refund before approving the …

Tax Refunds Can Be Unexpectedly Large Read More »

IRS and gas station audit

4 Things The IRS Will Examine Closely During a Gas Station Audit

When it comes to IRS audits, gas stations owners are often at a disadvantage. Not only is a great deal of their business transacted in cash — making it more difficult to accurately track — but with few employees, owners often don’t have the resources or time to maintain perfect financial records. Even when records …

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after receiving an IRS Audit Letter

Received an IRS Audit Letter? Here Are 4 Steps You Should Consider Taking.

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, June 8, 2017. As a small business owner, there are few things as frightening as receiving an IRS audit notice. Even the most confident and meticulous book-keepers can instantly be filled with fear and doubt as they imagine the IRS pouring over their financial records looking…

offers in compromise and tax debt

Offers in Compromise and Tax Debt

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, June 7, 2017. There are certain instances where you can settle a tax debt for less than what you owe through an offer in compromise. However, this is not a simple matter. The IRS has a particular procedure they follow when it comes to offers in compromise, …

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supreme court and retroactive tax legislation

Supreme Court Will Not Rule on Retroactive Tax Legislation

We previously wrote about a legal challenge brought by a number of corporations concerning changes to Michigan tax law. The U.S. Supreme Court has now declined to hear this challenge. Because of this, the changes to Michigan laws will stand. Changes on retroactive legislation These changes in law resulted in some of these businesses retroactively owing back …

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passive income and reporting

Passive Income and The Strict Reporting Requirements

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, May 30, 2017. While the taxes you pay concerning foreign investments may not always be large, the failure to comply with rules pertaining to reporting of this income can result in severe consequences. The rules for reporting such income are also highly complex. Understand the requirements Most …

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IRS tax refunds

The Seizure of IRS Tax Refunds

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, May 24, 2017. Many Michigan taxpayers anticipate receiving a tax refund. However, sometimes the processing of a refund takes time. And, unfortunately, there are also certain circumstances when the refund may never come. The Treasury Department’s Bureau of the Fiscal Service does more than just issue tax refunds. …

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reporting of micro-captive transactions

The Reporting of Micro-captive Transactions

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, May 18, 2017. The IRS is always looking for ways to collect more revenue. One method is to target micro-captive transactions. A micro-captive transaction is one where a taxpayer attempts to reduce their taxable income through the use of insurance contracts. Micro-captive transactions Under micro-captive transactions, …

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IRS and paying back taxes

The IRS Provides Options for Paying Back Your Taxes

On behalf of Silver Tax Group posted in Back Taxes on Monday, May 15, 2017. No one wants the IRS to tell them they owe back taxes. The failure to pay such taxes can result in tax liens, penalties, and criminal prosecution. Yet the IRS does provide such individuals certain options. Not too long ago, the IRS released an …

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exclusion of certain foreign income

Exclusion of Certain Foreign Income from Your Tax Forms

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, May 10, 2017. We have often spoken about the difficulties taxpayers face concerning compliance with offshore income reporting requirements. This includes significant enforcement of regulations contained under the Foreign Account Tax Compliance Act (FATCA). The reporting requirements under FATCA are stringent. Not report certain foreign income Sometimes, …

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Retroactive legislation and back taxes

Retroactive Legislation and Back Taxes

On behalf of Silver Tax Group posted in Back Taxes on Thursday, May 4, 2017. The U.S. Supreme Court will soon decide whether to debate questions regarding back taxes owed due to retroactive changes in the law. The justices are not looking at taxes currently owed or even taxes for the past year. Instead, they are deciding whether legislators …

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difference between tax avoidance and tax evasion

Is It Tax Avoidance or Tax Evasion?

On behalf of Silver Tax Group posted in Tax Crimes on Tuesday, May 2, 2017. There is a simple difference between tax avoidance and tax evasion. Tax avoidance may be legally permissible, but tax evasion could lead to criminal charges and result in you going to jail. Prompt action is necessary when it comes to criminal tax charges. It is …

Is It Tax Avoidance or Tax Evasion? Read More »

taxes and small business

Taxes and Small Businesses

On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. If you are a Michigan small-business owner, specific mistakes could result in a much greater chance of you facing an audit and tax penalties. The problem for self-employed individuals is that besides avoiding such penalties, it can still be necessary to take advantage of every …

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alternative minimum tax

The Possible Repeal of the Alternative Minimum Tax

On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. For decades, the alternative minimum tax has been a source of contention for taxpayers in Michigan and across the country. While the aim of the AMT was originally to target extremely wealthy taxpayers, it has been under criticism for impacting upper-middleclass taxpayers instead. What …

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Legislators looking at repeal of FATCA

Legislators Looking at Repeal of FATCA

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, April 19, 2017. With every new presidential administration, there are likely to be changes in federal tax policy. Some of these changes can radically impact the way that Michigan taxpayers will file their taxes and report on earnings. One such possible measure involves repeal of the Foreign …

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The lengthy process in resolving identity theft claims

The Lengthy Process in Resolving Identity Theft Claims

On behalf of Silver Tax Group posted in Identity Theft on Monday, April 10, 2017. We previously reported that identity theft resulted in $3.1 billion in fraudulent tax refunds in 2014. However, many believe this figure to be significantly higher. Wrongdoers are using such Social Security numbers to trigger a refund from the IRS or state revenue offices. Those perpetrating the fraud, besides …

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the Affordable Care Act

The Affordable Care Act and Silent Returns

On behalf of Silver Tax Group posted in Back Taxes on Friday, April 7, 2017. We don’t yet know what ultimately will happen regarding attempts to repeal the Affordable Care Act (ACA), more commonly known as Obamacare. Repealing it may prove more difficult than many of its opponents first claimed. And as of right now, it still remains intact. …

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Tax audits and statutes of limitations

Tax Audits and Statutes of Limitations

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, April 4, 2017. There is understandable concern regarding how far back the IRS can look when auditing tax returns. While generally the IRS can look back three years after a filing during an audit, there are many exceptions to this rule. The statutes of limitations The three-year …

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IRS auditing

Why Is the IRS Auditing Me?

On behalf of Silver Tax Group posted in Tax Crimes on Monday, April 3, 2017. Why audits happen? We are in the thick of tax season and everyone is scrambling to get their paperwork done. Some individuals may have started at the beginning of the year while others wait until the last minute to do their paperwork. Whichever way …

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IRS and frivolous tax returns

IRS Renews Pledge to Find Frivolous Tax Returns

On behalf of Silver Tax Group on Friday, March 31, 2017. Indeed, most people want to pay only what they are legally required to pay in taxes as a matter of law. But consequences of using frivolous arguments in tax returns to avoid paying taxes should not be ignored. In addition to owing on past due taxes, …

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IRS disclosure programs

Offshore Income and IRS Disclosure Programs

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, March 30, 2017. The Internal Revenue Service will likely continue to crackdown on alleged failures to report offshore income and foreign assets. Any taxpayer with over $10,000 invested in foreign bank accounts could be a target for the IRS. Tax penalties for noncompliance are significant. Not only can …

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Cancellation of debt as income

Cancellation of Debt as Income

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, March 23, 2017. It is important to remember that cancellation of a debt does not mean that your financial worries will come to an end. Any Michigan taxpayer who has part or all of their debt cancelled may nevertheless need to report this amount as income. …

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new rules concerning offers in compromise

New IRS Rules Concerning Offers in Compromise

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, March 22, 2017. The IRS has recently tightened its rules concerning offers in compromise for dealing with tax debt. The new rules will go into effect on March 27, 2017. Under these changes, the IRS can now return any Offer in Compromise application after a taxpayer fails to file all …

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retirement tax mistakes and tax consequences

Retirement, tax mistakes and tax consequences

On behalf of Silver Tax Group posted in Tax Defense on Wednesday, March 15, 2017. The last thing any retiree would like to see happen is to have their plans interrupted due to tax difficulties. Yet with the complex rules regarding calculating income, minimum withdrawals from retirement accounts, and deducting various expenses, mistakes made in filing tax returns are …

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tax reporting for constructive receipt

Reporting Constructive Receipt of Income

On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, March 10, 2017. While reporting income on our tax forms is relatively straightforward in most situations, it gets complex in other instances. We use W-2 forms for reporting income from our employer, and a variety of 1099 forms for reporting other forms of income such as …

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tax crimes in 2016

IRS Aggressively Prosecuted Tax Crimes in 2016

On behalf of Silver Tax Group posted in Tax Crimes on Wednesday, March 8, 2017. It goes without saying that Michigan taxpayers want to avoid criminal tax consequences. Such charges require immediate attention because the penalties can impact your finances, career and reputation. The penalties for tax crimes include fines, asset forfeiture and possible prison time. A conviction could mean …

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spouse relied and tax debt

Innocent Spouse Relief Concerning Tax Debt

On behalf of Silver Tax Group posted in Back Taxes on Thursday, March 2, 2017. Couples often divorce or separate to escape issues that arise during the marriage. Unfortunately, tax liability can still follow an individual around even after the separation takes place. Failure to joint filing In some instances, the IRS may inform a Michigan taxpayer that their estranged spouse …

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red flags that lead to tax audits

6 Common Red Flags That Lead To Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Sunday, February 26, 2017. The IRS audits nearly 1.5 million tax returns every year. But how do they decide which returns should be audited (or “examined” in IRS terminology)? While there are many factors that can trigger an audit, here are some of the most common factors …

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mortgage deductions

Mortgage Deductions and the IRS

On behalf of Silver Tax Group posted in Back Taxes on Friday, February 24, 2017. Michigan taxpayers already understand the complexity of filing taxes. Unfortunately, any mistake made in the filing of taxes can result in penalties or a possible tax audit. That is the sort of attention we all would prefer to avoid. Mortgage interest deductions There are always …

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offshore accounts and John Doe summons

Offshore Accounts and the Use of John Doe Summons

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, February 23, 2017. A recent federal court decision demonstrates the determination of the IRS in tracking down offshore revenue. The federal court authorized the agency to use a John Doe summons in order to locate information about American citizens holding offshore accounts in Panama. Specifically, the IRS desired to use …

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overlooked deductions when filling tax returns

Overlooked Deductions When Filing Tax Returns

On behalf of Silver Tax Group posted in Tax Audit on Thursday, February 16, 2017. Possibly fearing retaliation by the IRS, many taxpayers do not take advantage of certain available deductions. You do have a legal right to take these deductions without fear of an IRS audit. Unfortunately, the failure to itemize these deductions only results in you paying more …

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tax problems

Common Mistakes that Lead to Tax Problems