Identity theft and tax fraud: How bad is it?

tax preparer

Treasury Inspector General for Tax Administration (TIGTA) released its Semiannual Report to Congress for the reporting period from April 1, 2012 through September 30, 2012. TIGTA noted that among the important challenges currently confronting the IRS in its efforts to administer the Nation’s tax system are those of increasing voluntary tax compliance and addressing the… Read more →

IRS Penalty Relief-First Time Penalty Abate Program

offer in compromise fresh start

Beginning 2001 IRS started granting First Time Abate (FTA) waiver to taxpayers who have compliant history for prior three years. The purpose for granting the waiver is to reward past tax compliance and promote future tax compliance. This waiver applies to single tax year. However, the relief is granted only if taxpayer requests for relief.… Read more →

Tech Gurus In Search of Greener Pastures

apple texas

Steve Wozniak, one of Apple’s co-founders, reportedly wants to become an Australian citizen in order to move to the country and set up a nationwide broadband network. There are always tax implications related to a move abroad, the extent to which depend on a number of factors unique to each taxpayer’s situation. Mr. Wozniak, a… Read more →