Blog

Nov. 30, 2021

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).

Oct. 8, 2021

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.

Sept. 29, 2021

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.

Aug. 23, 2021

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.

July 21, 2021

If the business you own, co-own, or manage through a partnership or corporate structure fails to pay its income and employment taxes to the IRS, you may think you will be protected from personal liability through the business structure you’ve established.

June 3, 2021

As the old saying goes, death and taxes are indeed the only certainties in life. If you owe the Internal Revenue Service (IRS) more in taxes that you can afford to pay, do not panic. The IRS Restructuring and Reform Act of 1988 resulted in more rights for taxpayers like you.

May 3, 2021

For individuals who owe back taxes, one of the available options to get tax relief is through an "offer in compromise" (OIC). This involves proposing a settlement offer to the tax authorities, which allows you to offset your tax debt for less than the amount owed.

April 14, 2021

Statistics from the 2019 Internal Revenue Service Data Book indicate that over 11 million Americans owed more than a combined $125 billion in back taxes, penalties, and interest to the IRS.

March 30, 2021

The Compliance Activities Report compiled by the Internal Revenue Service indicates that more than 771,000 tax returns were audited by the IRS in Fiscal Year 2019.