Operating as a tax-exempt organization offers many advantages, not the least of which is the financial savings of not having to pay any taxes. Understanding what types of organizations can be tax exempt, how to become exempt from taxes, and other things about the process is very important. In every case, it is helpful to have an experienced tax attorney available to review your situation, and help determine if Read More

While most people only really start thinking about their taxes in during “tax season,” there are some important concepts that, if understood, can help you take action throughout the year to reduce your annual tax burden. Specifically, earning tax credits and tax deductions by performing certain actions can help cut your taxes significantly. Understanding the difference between tax credits and tax deductions is Read More

If you’ve ever felt that you were powerless against the IRS, you are not alone. Many taxpayers are unaware that they have certain fundamental rights associated with paying taxes that are designed to protect them and their assets. Some of these rights are specific to the IRS while others are rights guaranteed by the U.S. Constitution. Regardless of the origin, these rights are necessary to ensure integrity of the tax Read More

If you are a U.S. citizen living overseas and have opened a bank account where you live, or have a foreign financial account open while living in the U.S., you are required to file an FBAR (“Report of Foreign Bank and Financial Accounts”) in order to avoid paying penalties to the IRS. This can be tricky and fraught with complexities, so you always want to have an experienced tax attorney guiding you through it all. Read More

One of the lesser known but still significant ways to get on the bad side of the IRS is to either fail to file your tax returns, known as failure-to-file, or file your tax returns, but fail to pay, known as failure-to-pay. In both cases, the IRS does not receive all of which it is due, it does not take it well, and the burden stays firmly on the taxpayer to remedy the situation. Here’s what you need to know. Of Read More

Everyone knows that taxes are due on April 15th each year (although returns are technically due by April 18th this year due to the 15th landing on a Saturday and other holidays), but not everyone knows that you don’t have to wait until the last minute. In fact, you can start filing your returns as early as late January and have them processed by the IRS as they are filed. But, are there really incentives to not Read More

The calendar year 2016 may be a somewhat distant memory, but the IRS is still keen on examining it from January to December by way of your tax returns. Surely, then, your 2016 tax liability is set in stone already, right? Wrong. Here are 6 steps you can still take now before the filing deadline to lower your tax liability or save you from costly errors. 1) Fund your IRA: believe it or not, contributing between Read More

The tax law as applied to a particular transaction or state of facts may not always be clear and certain. As helpful and resourceful as your accountant, CPA and tax lawyer may be, there may be a time when a taxpayer absolutely positively needs to know the IRS’s position before venturing forward. Under carefully circumscribed circumstances, it is possible to obtain a Private Letter Ruling from the IRS which will be Read More

The IRS may appear to be an unmoving monolith whose sole desire is to crush anything in its path. In the arena of appeals, however, this reputation is perhaps misplaced. This is because at least at the early dispute level, the IRS allows for and almost encourages taxpayers to actually appeal their decisions. Take, for example, an individual who has been subjected to an audit. The auditor for the IRS issues a Read More

It seems that in every election cycle in recent memory, there is a lot of talk along the lines of “The country is over if _______ wins. If that happens I’m moving to _______.” Despite all of that sort of breathlessness, very few United States citizens, estimated as being in the low thousands annually, actually renounce their citizenship. If you are considering such a step, you will have issues with the IRS and the Read More