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What You Need to Know About Tax Evasion

According to the Internal Revenue Service (IRS), since 2001, the average voluntary tax payment rate has been 83.6 percent. With collection efforts, tax collection of all dollars owed rises to 85.8 percent, leaving an annual gap of $381 billion uncollected. In other words, about one in every six dollars owed in federal taxes goes unpaid annually.

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Employer Payroll Tax Responsibilities

According to the most recent statistics from the Internal Revenue Service (IRS), taxpayers filed about 148.3 million tax returns in 2019, including payroll taxes. Payroll tax is a percentage withheld from an employee's income by an employer and paid to the government on behalf of the employee.

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When Should You Hire a Tax Attorney?

Many people falsely believe they only need a tax attorney if they get audited, but there are a host of other reasons why you may consider hiring one. In fact, for most people, the fear of an audit from the IRS never comes to pass.

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What is The IRS Voluntary Disclosure Practice?

When taxpayers do not file tax returns or willfully file tax returns while providing false information, they may face penalties from the Internal Revenue Service (IRS) and interest from the date their taxes were due. However, taxpayers may be eligible to use the IRS Voluntary Disclosure Program to avoid criminal prosecution.

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Your Options & Requirements for Reporting Capital Gains

It is crucial to understand your options and requirements for reporting capital gains to ensure that you report the information to the Internal Revenue Service accurately and comply with all applicable tax reporting rules.

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Wage Garnishment & Your Rights

When a debtor fails to make payments or defaults on their debt, their earnings can be withheld to pay outstanding debt. This practice is known as “wage garnishment.” However, debt collectors can only garnish your wages if they sue you for the debt and win.

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I Have a Bank Account in a Foreign Country. Do I Have to Claim it on My Taxes?

Many U.S. citizens set up overseas bank accounts for personal and business reasons. While some people take advantage of foreign bank secrecy laws, others use offshore bank accounts as a way to hide their money and avoid paying taxes to the Internal Revenue Service (IRS).

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The Importance Of Filing Back Taxes

If you do not file your income tax returns on time or fail to pay taxes owed to the Internal Revenue Service (IRS) by the due date, you will fall behind on your taxes. Read on to understand the importance of filing back taxes and your options if you owe more money than you can pay.

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I Had No Idea My Spouse or Partner Had Tax Issues. What Can I Do?

According to Internal Revenue Service (IRS) Commissioner Charles Rettig, in testimony before the Senate Finance Committee in April 2021, unpaid federal taxes total nearly $1 trillion a year, saying his agency is being “outgunned” by increasingly sophisticated tax avoidance schemes.

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Is My Business Subject to Florida’s Sales & Use Tax?

According to the Tax Foundation, Florida ranks fourth nationwide in its State Business Tax Climate Index. This means that 46 other states impose greater tax burdens on businesses operating in their states. For corporations, Florida’s corporate tax rate declined from 5.5 to 4.4458 percent for tax years 2019 to 2021, raising Florida’s corporate tax favorability index from ninth to sixth nationwide.

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