Monthly Archives: September 2011

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401k Tax Penalty

A 401k retirement plan has many advantages such as tax advantage, investment customization and flexibility, employer match programs, portability, and loan and hardship withdrawals. However if funds in the account are retrieved or distributed prior to age of 59.5, a 401k tax penalty of up to 10% can apply. There are seven exceptions for early [...]

By |Expert Tax Relief Blog|

IRS Procedures and Tax Debt Relief

Do you have significant tax debt and wish you could hit the reset button to escape the nightmare? A free consultation with an expert tax consultant at US Tax Shield can get you on the road to tax debt relief.The IRS will begin sending automatic notifications when they determine that you owe money to the [...]

By |Expert Tax Relief Blog|

Are You Facing a Tax Evasion Penalty?

Three percent of taxpayers in the United States do not file tax returns and as a result, face a tax evasion penalty. It is also possible to face a tax evasion penalty if you underreport your income, overestimate deductions, or use various fraudulent accounts for tax evasion. This can result in serious consequences including steep [...]

By |Expert Tax Relief Blog|

Tax Resolution Cannot Help Tax Evaders

The IRS is not interested in ruining lives and taking away everything from taxpayers who have simply made mistakes on their taxes. Their goal is to work out a tax resolution with taxpayers that owe money. But when taxpayers try to purposefully avoid paying taxes and cheat the government, the IRS will come after them [...]

By |Expert Tax Relief Blog|

Innocent Spouse Tax Relief

Married couples usually file taxes jointly, as 90% of the time this allows for more favorable tax rates rather than when filing separately. However when doing so, each spouse becomes responsible for each other's taxes, this is called joint liability. Even if you are divorced and the IRS finds inadequately paid taxes, both of you [...]

By |Expert Tax Relief Blog|

How to Stop a Tax Wage Levy (Garnishment)

In this economy many of us are falling behind on paying for our debts and taxes, and one of the more serious consequences is wage levy (garnishment). Wage garnishment means that a portion of your paycheck is automatically sent to debtors (including tax authorities) before you get it. Many wonder about how to stop tax [...]

By |Tax Tips|

2011 Offshore Voluntary Disclosure Initiative (OVDI)

The IRS formed the 2011 Offshore Voluntary Disclosure Initiative (OVDI) to encourage taxpayers to disclose their hidden foreign accounts and entities, in order to get into compliance with US tax laws. With an original deadline of August 31, 2011, the IRS decided to extend the due date for OVDI requests to September 9, 2011, due [...]

By |Expert Tax Relief Blog|

Tips for Getting Through an IRS Tax Audit

Getting audited by the IRS can happen to anyone – whether or not they owe back taxes. Taxpayers can be audited through the mail or in person, when IRS agents visit them or they are required to go to the nearest IRS office. In person, audits are more detailed and take more time. Taxpayers should [...]

By |Expert Tax Relief Blog|