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IRS Announces ITINS Will Expire After 5 Years If Unused

The IRS announced today that Individual Taxpayer Identification Numbers (ITINS) will expire after five years if they are not used. In other words, if an ITIN is not used a federal income tax income tax return for five years in a row, then the ITIN will be deactivated and a taxpayer wi
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37% of Trust Fund Recovery Penalty Actions Delayed or Inadequate

Companies are required to withhold employees’ salaries for trust fund or payroll taxes owed. These taxes include the Federal income tax, social security, and medicare tax. They are also required to remit them to the IRS and file quarterly 941 tax returns. Unfortunately, sometime
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Top 30 Celebrity Tax Problems of 2013

It’s that special time of year again; yes that’s right, tax season! Once again there are millions owed by celebrities from coast to coast and even a few international tax outlaws this year. Some have made amends with the tax man, paying off their debts in full, others are continuing t
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IRS Offer in Compromise Acceptance Rate at All-Time High in 2013

The IRS released recently data that showed that the offer in compromise (oic) acceptance rate reached 41.8% last year. This represents an 11.70% increase in the acceptance rate from 2012 and a 94.83% increase in the Federal oic acceptance rate from 2009. Most importantly, an acceptanc
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IRS Tax Liens and Levies Continue Downward Trend In 2013

The IRS recently released enforcement data for 2013 regarding collections, penalties, and criminal investigations. Of particular interest was the data pertaining to IRS tax liens and IRS tax levies. Tax liens and tax levies are enforcement mechanisms the IRS uses in order to secure th
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