Tax Law

Filing taxes isn't just about reporting domestic income. For many people, having international ties means there's an added layer of reporting involved that might not be immediately apparent. One such requirement is the Foreign Bank Account Report, commonly known as...

Despite your best-laid plans, something went amiss. Now, you owe the Internal Revenue Service (IRS) a significant amount of money. What do you do in this situation? Do you make a partial payment and see what happens? Do you ask for an offer in compromise? Do you ask...

Knowing the various tax laws can be daunting, especially when facing financial hardship. Many people don’t know that there are tax relief options available. Whether you are dealing with unpaid back taxes, unfiled tax returns or other tax-related issues, help is...

When taxpayers have an outstanding tax debt to the Internal Revenue Service (IRS), an offer in compromise (OIC) is often the first thought. After all, if your request for an OIC is accepted, you can settle your debt for less than you actually owe and get a fresh start...

As a freelancer, you're considered self-employed. This status means you're responsible for your own income taxes. Unlike traditional employment, freelancers are required to pay estimated taxes quarterly to the IRS and to state tax agencies. Having an understanding of...

When the tax man calls, all American citizens must answer. Unfortunately, meeting your tax obligations is no simple matter, and even more complicated if you own a business. Most entrepreneurs dread tax time, less because of their possible financial obligations as the...

Filing taxes is a responsibility that individuals must fulfill each year. However, life can sometimes get in the way, and you may find yourself in a situation where you haven’t filed your taxes for several years.  This can be overwhelming and stressful, but promptly...

Every year, people are supposed to pay their income taxes and property taxes. Most people do this without an issue, but there are those who miss payments or fail to make them entirely. This can lead to confrontations with the IRS. It can help to consider why people...

Tax evasion and tax avoidance are terms often used interchangeably. However, they have different meanings. In a nutshell, one is illegal while the other is not. It helps to understand the difference between them to stay on the right side of the law as an individual or...

Like millions of other Americans, you probably have a side gig that is your own small business. It’s also likely that the business is making a profit. It can be easy to forget about taxes. However, ignoring your tax responsibility may land you in trouble. How do you...