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What Actions Can Extend the IRS Statute of Limitations on Collections?

The length of time the IRS can legally collect a tax debt after it has been assessed is called the Collections Statute Expiration Date, or CSED for short. In general terms, the CSED or the time limit for the IRS on an assessed tax debt is 10 years.

Tax Doesn’t Have to Be Taxing

As minimum wages rise in many states and employers look to increase benefits without raising salaries, many car wash operators are considering 401(k) and health insurance plans for their management employees. But did you know that government officials now expect 401(k) plan sponsors (i.e., the employer) to conduct periodic due diligence reviews?

5 Ways to Pay the Least Self Employment Tax While Being Legally Compliant

America has always been a land of self-made men and women, however, every April 15, each and every of these self employed must undertake a burden known as the Self Employment Tax. A self employed, other than paying his/her federal, state and local income tax is bound to pay a separate 15.3% tax that covers Medicare and Social security. While employees split their rate with their employers, the entrepreneur, in the eyes of IRS is viewed as both an employee and an employer.

Tax Concepts and Considerations of Municipal Bonds

Interest received from a municipal bond is tax-exempt. There are several tax concepts to be aware of. Municipal bonds have pros and cons.

Three IRS Resolutions a Tax Attorney Can Provide

Tax-related issues can be complicated. Here are three situations in which an experienced tax attorney may be able to find advantageous resolutions.

Understanding Back Taxes And Tax Debt

Back taxes refer to taxes not paid on time. Tax debt is the money you owe to the Internal Revenue Service or the IRS on the unpaid taxes.

Foreign Account Reporting Rules

This article is focused on US citizens having dealings or personal connections to foreign countries and that have foreign bank, investment or any other financial accounts or whose signature authority is required for these bank or investments accounts maintained overseas. The regulations require the government to be notified when the value of foreign financial accounts exceed thresholds.

Taxed Out

The middle class is being taxed unfairly. The fairest tax is a flat tax.

LPG Subsidies: Pros and Cons

Recently some of us were invited by IOC on SMS to be a part of the nation building process by giving up our subsidies on LPG. This follows the appeal of our PM to the affluent to do the same. A bold request in a highly price sensitive country and on an even more politically sensitive subject.

Expat Tax Preparation: When and Where to File?

All US citizens whether residing in the country or in some alien nation need to file U.S. income tax as per the rules of US government, aka Expatriate Tax Return. The rules for filing income tax do not differ much in case you are an expat. Any income you have in the whole wide world is subject to US income tax and will need to be accounted for during your Expat Tax Preparation.

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