THE loss of our homes to foreclosure, short sale, or deed in lieu of foreclosure is akin to adding insult to injury – after losing our homes, we also have…

MARRIED couples buying property are asked to decide how they should hold title: • Joint tenancy or • Community property. Basically, it is a choice between the ease of transfer…

WHEN buying real estate, there is always that inevitable question: how do you hold title? Your choice can have dramatic impact on estate taxes and income taxes. Let’s explore choices…

YOU have just received an invitation to visit an office of the Internal Revenue Service to examine (meaning audit)  your tax returns.  Don’t panic. You have stashed funds for a…

GUARANTEED? Too good to be true? Read on. The IRS cannot deny your application if you satisfy all of the following requirements: 1. The tax is not more than $10,000….

IF you are unable pay all your taxes owed to the IRS, you may make an offer to pay a smaller sum to fully pay all taxes, penalties, and interests….

HERE 10 tips if you cannot immediately pay your liabilities to the IRS: • Pay What You Can: Pay promptly to stop additional penalties and interest from accruing.  If you…

ARE you a U.S. citizen or resident working in a foreign country? Have you declared your foreign income? Have you even filed a tax return? Or are you hiding from…

Individuals and businesses in all 50 states pay federal income tax. Residents in 41 states also pay state income tax while nine states have no state income taxes. Here are…

1. THE failure-to-file penalty is generally more than the failure-to-pay penalty. If you cannot pay all the taxes you owe, file to prevent that more costly failure-to-file penalty. 2. The…

• FILE Electronically – Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you will receive your refund faster. 2. Check social…

MANY financially distressed borrowers lost their homes and had their loans cancelled during and after the recession. It was a relief to have their debts reduced or forgiven, but the…

THERE are three basic types of audits: correspondence, office, and field examinations. Correspondence audits are the simplest ones – W2s, 1099s and other items that can be easily resolved by…

LIMITED Liability Company (LLC) is a hybrid that combines the pass-through attributes of a partnership with the limited liability of a corporation. The owners are called “members” who hold “interests”…

S CORPORATION is a corporation that has elected to be taxed under Subchapter S of the Internal Revenue Code. But why elect S status? Well, this type of entity enjoys…

SHOULD you operate as a sole proprietorship, partnership, corporation, LLC, or LLP?  Which entity is most beneficial for you? Choosing the wrong form could cause unnecessary taxes, increased liability, and…

THERE are two different approaches to prepare for an audit: organized and shoebox. Organized means systematically arranging your records. Shoebox means simply being you—naturally disorganized. Let’s discuss each method so…

THE IRS issued new guidance requiring individuals with an interest in a “specified foreign financial asset” to attach a disclosure statement to your income tax return for any year in…

Q. AM I required to report bank accounts in a foreign country? A. Yes, if you have more than $10,000 at any time outside the U.S. Q. Am I exempted…

If you own a foreign bank account, brokerage account, mutual fund, or other financial account, you may be required to report the account annually to the government. Let’s get an…

If you are a U.S. citizen (or dual citizen) residing outside the U.S. but do not report your foreign accounts, you may be subject to harsh penalties—penalties that are more…

YOUR case was closed unagreed and have decided to bring your case before the appeals office of the IRS. You have learned the basics of the appeals process and how…

YOU are still upset from losing an IRS audit. You can either pay or fight. If you choose peace and quiet—pay. If you choose to fight—go to appeals. Let me…

After losing an audit to the IRS, you have the option of paying or appealing. Pay if you are happy with the results or don’t want to extend the agony…

AFTER an audit of your tax returns by the IRS, you have a choice of either ending your misery by paying up or by continuing to fight at the Appeals…

NEITHER one, actually. You see, IRS conducts field audits where the books and records of a business are maintained. This, of course, is your home, office, warehouse, factory, or store….

• YOU may claim exemptions for yourself, your spouse and your dependents. • Dependents must have a Social Security number (TIN is not good enough). • Exemption amount is $4,000…

IF you run your own business, consider employing your children this summer vacation. Employing your children gives you a triple benefit: 1. It teaches your children the virtue of work…

HERE are 10 tips for students with summer jobs: 1. Fill out Form W-4 (Employee’s Withholding Allowance Certificate). This form is used by employers to determine the amount of tax…

SHOULD you attend your IRS audit? Yes, I mean, you—your own audit. Well, you don’t have to. This is always a strategic question that should be discussed at the early…