Your Foreign Bank Is Disclosing You To The IRS

The IRS has various ways to find out about international or overseas bank accounts.  The Foreign Account Tax Compliance Act (“FATCA”) which was passed by Congress in March 2010 requires foreign financial institutions to register with and report to the IRS certain information about their U.S. account holders.

The foreign financial institutions include, but are not limited to depositary institutions (e.g., banks), custodial institutions (e.g., mutual funds), investment entities (e.g., hedge funds or private equity funds) and certain types of insurance companies that have cash value products or annuities.

The foreign financial institutions are required to report information such as the identities of their U.S. account holders, the social security numbers of the U.S. account holders, the account numbers, account balances and income, such as interest and dividends earned on the foreign account.  If the foreign financial institutions do not register and agree to report, they face a 30% withholding tax on certain U.S.-source payments made to them.  With July 1, 2014 being the deadline under FATCA for compliance, virtually all foreign financial institutions have now established procedures to identify U.S. account holders and have each U.S. account holder sign a Form W-8 BEN or face closure of their account.

Under these procedures, the foreign bank will send you a letter that you have been identified as a U.S. accountholder to be reported to the IRS.  As such, the bank will ask you to submit proof that you have entered into the IRS’s Offshore Voluntary Disclosure Initiative (OVDI) which allows taxpayers to come forward to avoid criminal prosecution and not have to bear the full amount of penalties normally imposed by IRS.  If you have engaged tax counsel and entered into this program, you need not worry.

In addition, under the Bank Secrecy Act of 1970 financial institutions are required to report any deposit, withdrawal and transfer of $10,000 or more to the IRS.  These reporting requirements include international transactions and have been used as a basis to investigate taxpayers who have assets overseas.  So even if a U.S. taxpayer were to refuse to cooperate with the foreign financial institution and that bank were to close the account, the transfer of the funds out of that institution would be reported to IRS.

If you have never reported your foreign investments on your U.S. Tax Returns, you should seriously consider participating in the IRS’s Offshore Voluntary Disclosure Initiative (OVDI).  Once the IRS contacts you, you cannot get into this program and would be subject to the maximum penalties (civil and criminal) under the tax law.  Taxpayers who hire an experienced tax attorney in Offshore Account Voluntary Disclosures should result in avoiding any pitfalls and gaining the maximum benefits conferred by this program.

Description: Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. resolve your IRS tax problems, get you in compliance with your FBAR filing obligations, and minimize the chance of any criminal investigation or imposition of civil penalties.

IRS Warning: Beware Of Sophisticated Telephone Scam Targeting Taxpayers

From time to time the IRS issues consumer warnings on the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. When identity theft takes place over the Internet, it is called phishing.

Suspicious e-Mail/Phishing

Phishing (as in “fishing for information” and “hooking” victims) is a scam where Internet fraudsters send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Current scams include phony e-mails which claim to come from the IRS and which lure the victims into the scam by telling them that they are due a tax refund.

2013/2014 Tax Season Telephone Scam

The most recent scam that the public has told our office involvesa sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country.

Here is how it works: Victims receive a call from someone purporting to be working for the IRS.  The intended victim is told he or she owes money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, he or she is then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting.

The IRS is aware of this scam too and has confirmed that this scam has hit taxpayers in nearly every state in the country.  The IRS does not and will not ask for credit card numbers over the phone, nor request a pre-paid debit card or wire transfer.

If someone unexpectedly calls claiming to be from the IRS and threatens police arrest, deportation or license revocation if you don’t pay immediately, that is a sign that it really isn’t the IRS calling.  When the IRS is first contacting a taxpayer on a tax issue is likely to occur via mail.

Other characteristics of this scam include:

  • Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.
  • Scammers may be able to recite the last four digits of a victim’s Social Security Number.
  • Scammers spoof the IRS toll-free number on caller ID to make it appear that it’s the IRS calling.
  • Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.
  • Victims hear background noise of other calls being conducted to mimic a call site.
  • After threatening victims with jail time or driver’s license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim.

The IRS does not initiate contact with taxpayers by email to request personal or financial information.  This includes any type of electronic communication, such as text messages and social media channels. The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts.

Employment Verification Contacts

If you receive a telephone call or a fax from someone claiming to be with the IRS and you are not comfortable providing the information, you should get that person’s name, badge number and office location and then contact the IRS customer service line at 1-800-829-4933 to verify the validity of the call or fax. Upon getting verification from this IRS customer service line, you may then contact the IRS employee who requested the information and provide the required information.

To Report Fraud

You may also report the fraudulent misuse of the IRS name, logo, forms or other IRS property by calling the IRS toll-free fraud hotline at 1-800-366-4484.

What You Should Do If You Really Do Have Tax Issues?

The tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. located in Los Angeles and California know exactly what to say and handle the IRS.  Our experience and expertise not only levels the playing field but also puts you in the driver’s seat as we take full control of resolving your tax problems. 

Description: The Law Offices of Jeffrey B. Kahn, P.C. has helped many people avoid collection action by the IRS and State tax agencies. Working with one of our tax attorneys in Los Angeles or elsewhere in California is the best bet for reducing or eliminating the amount you owe.

The Three Most Important Things To Do When You Know You Owe Money To The IRS.

IRS debts require immediate attention.  So keep these things in mind:

1.     Make sure you really owe the money

If you owe a lot more tax than you expected, find out why. Read your completed return carefully and look for errors. It’s easy to add the same income twice, or to forget an important deduction. Maybe the IRS does not apply all your prior payments. If you expected to qualify for a deduction or credit, and your tax return doesn’t show it, make sure you answered all the questions correctly. One missed question or checkbox can cause you to miss out on tax benefits you may be entitled to.

Another way to determine if something is amiss is to compare this year’s return to your tax return from last year. If your tax situation has not changed drastically, but your tax bill has, find out why.

Just because you received a letter from the IRS that you owe money, don’t automatically assume the IRS is correct. They make mistakes, too. And if you did not file a return, the one that IRS prepares for you will almost always shows a higher liability than if you filed your own return. While you can attempt to contact the IRS for clarification, it is difficult to reach a person who has the knowledge and experience AND THE TIME to understand your problem and work out a solution. Also, when you do finally get to speak with an agent, they are acting in the best interest of the IRS – NOT YOU.

Never should you seek any payment resolution on a liability that is erroneously more than what you really owe.

2.     Minimize penalties and interest

Large tax bills are worse when you pay penalties and interest on top of the original amount owed. You can minimize penalties and interest in three ways:

Exceptions to underpayment of tax penalties

If you underpaid your taxes this year, but you owed considerably less last year, you generally don’t pay a penalty for underpayment of tax if you paid or had withheld at least as much as you owed last year, and you pay by the due date this year. By looking at last year’s tax liability and other tax information, it can be determined if the safe harbor rule reduces your penalties and interest. You may also be able to reduce your penalties and interest using the annualized income method if you received more of your income in the latter part of the year.

Ask for an abatement of penalties

The IRS may reduce or remove penalties and interest on the penalties if a taxpayer writes a letter explaining the situation. But notice that the interest on the tax cannot be abated. In order to succeed, you must show “reasonable cause” which may be met where you had an unusual tax event, you made an honest mistake, or you or your spouse had a serious illness.

Pay as quickly as possible

If you owe tax that may be subject to penalties and interest, don’t wait until April 15th or if on extension October 15th to file your return. Send an estimated tax payment or file early and pay as much tax as you can.

3.     See if you qualify for an Offer In Compromise or alternatively ask for an installment plan

If you can’t pay the tax by the time it is due, don’t avoid the bill. It will only get worse.

The IRS must allow you to make payments on your overdue taxes if you owe $50,000 or less and you can show that you cannot pay the amount you owe now. In that situation you may qualify to pay off the tax in as long as six years. Of course, you must also agree to comply with the tax laws, and you or your spouse must not have had an installment agreement with the IRS in the past five years.

Because an installment plan does not allow for any discount of the amount owed and the balance will continue to accrue penalties and interest, serious consideration should be given to an Offer In Compromise (“OIC”).

You’ve probably heard ads for experts promising to help you settle your IRS bill for less than you owe. It’s true that the IRS will negotiate back taxes through an OIC.

However, you must plan on offering at least as much as your net worth – everything you own, reduced by your debts and valuation discounts. There are also other considerations involved including whether you are a wager earner or you own your own business. You should first seek advice from an expert who is knowledgeable and has the experience in working OIC cases with the IRS. Check their credentials to make sure they are reputable – that is always the best way to insure that you have someone who is established and accountable to their clients. Nowadays, it is so easy and quick to check somebody out on the internet or through any professional licensing boards (i.e. State Bar, CPA, etc.) they are subject to.

A consultation with the Law Offices Of Jeffrey B. Kahn, P.C. can help you determine what the best strategy is for you.

Description: The Law Offices of Jeffrey B. Kahn, P.C. has helped many people avoid collection action by the IRS and State tax agencies. Working with one of our tax attorneys in Los Angeles or elsewhere in California is the best bet for reducing or eliminating the amount you owe.

How Does the IRS Find Out About Foreign Bank Accounts?

The IRS has various ways to find out about international or overseas bank accounts.  The Foreign Account Tax Compliance Act (“FATCA”) which was passed by Congress in March 2010 requires foreign financial institutions to register with and report to the IRS certain information about their U.S. account holders.

The foreign financial institutions include, but are not limited to depositary institutions (e.g., banks), custodial institutions (e.g., mutual funds), investment entities (e.g., hedge funds or private equity funds) and certain types of insurance companies that have cash value products or annuities.

The foreign financial institutions are required to report information such as the identities of their U.S. account holders, the social security numbers of the U.S. account holders, the account numbers, account balances and income, such as interest and dividends earned on the foreign account.  If the foreign financial institutions do not register and agree to report, they face a 30% withholding tax on certain U.S.-source payments made to them.  With July 1, 2014 being the deadline under FATCA for compliance, virtually all foreign financial institutions have now established procedures to identify U.S. account holders and have each U.S. account holder sign a Form W-8 BEN or face closure of their account.

In addition, under the Bank Secrecy Act of 1970 financial institutions are required to report any deposit, withdrawal and transfer of $10,000 or more to the IRS.  These reporting requirements include international transactions and have been used as a basis to investigate taxpayers who have assets overseas.  So even if a U.S. taxpayer were to refuse to cooperate with the foreign financial institution and that bank were to close the account, the transfer of the funds out of that institution would be reported to IRS.

Another tool used by IRS is to get a Federal Court to issue “John Doe summonses” and have them served on financial institutions to investigate a foreign financial institution’s compliance in reporting U.S. account holders.  Unlike a normal summons which allows the IRS to find out information regarding a specific taxpayer whose identity the IRS knows, a John Doe summons allows the IRS to get the names of all taxpayers in a certain group.  In 2009, this very powerful tool allowed the IRS to get the names of many non-complying taxpayers in its investigation of Swiss banking giant UBS, eventually leading to UBS paying $780 million to settle the investigation.

Finally, the IRS has created a special unit to compare information they have received from the foreign financial institutions with what was reported to the IRS by each taxpayer on his or her present and past income tax returns.  You can bet that if you did not file FBAR’s or report your worldwide income, this group will pick up this discrepancy and have an audit or investigation started on you.

If you have never reported your foreign investments on your U.S. Tax Returns, you should seriously consider participating in the IRS’s Offshore Voluntary Disclosure Initiative (OVDI) which allows taxpayers to come forward to avoid criminal prosecution and not have to bear the full amount of penalties normally imposed by IRS.  Once the IRS contacts you, you cannot get into this program and would be subject to the maximum penalties (civil and criminal) under the tax law.  Taxpayers who hire an experienced tax attorney in Offshore Account Voluntary Disclosures should result in avoiding any pitfalls and gaining the maximum benefits conferred by this program.

Description: Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. resolve your IRS tax problems, get you in compliance with your FBAR filing obligations, and minimize the chance of any criminal investigation or imposition of civil penalties.

U.S. Taxpayer Reporting Requirements for Foreign Income Producing Real Estate

U.S. taxpayers, who include U.S. Citizens or resident aliens, must report worldwide income from whatever source, subject to the same income tax filing requirements that apply to U.S. Citizens or resident aliens living in the U.S.  This worldwide income reporting requirement also applies to rental proceeds generated by real estate the taxpayer owns and rents in a foreign country.  A U.S. Taxpayer also must report on his or her U.S. Federal Income Tax Return the sale of real estate located in a foreign country.

A U.S. taxpayer that collects rental income from foreign real estate must report this income on Schedule E, Supplemental Income and Loss.  Schedule E asks for not only the rents received from the rental property, but also allows for deductions of many expenses for the property, such as repairs and mortgage interest paid.  If the taxpayer claims depreciation expenses of the rental property, the taxpayer may be required to file Form 4562, Depreciation and Amortization.

If the Schedule E shows a loss after deducting the allowable expenses from your rental income, complex passive activity loss limitations come into play in filing Form 8582, Passive Activity Loss Limitations.  Whether you can use the real estate loss to offset your other income depends on whether the real estate rental is considered a “passive activity.”  Generally, rental real estate is a passive activity, unless the taxpayer can meet certain qualifications to consider the rental activity as active.

Ownership of specified foreign assets, such as foreign bank accounts, often triggers certain tax reporting requirements.  For example, a U.S. taxpayer who owns a foreign account must file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of the foreign accounts exceeds $10,000 at any time during the calendar year.  Many taxpayers will also be required to file a Form 8938, Statement of Specific Foreign Financial Assets with his or her annual tax return depending on some specific threshold values.

Ownership of real estate generally does not trigger these additional reporting requirements.  However, if the real estate is held through a foreign entity, such as a trust or estate, then the foreign rental property must be reported on Form 8938, subject to the threshold values.  Additional reporting requirements come into play as well if the real estate is held through a trust or estate, including completing Part III of Schedule B, Interest and Ordinary Dividends.

Penalties

Failure to report your foreign rental income, to accurately report the income on your tax return, or to complete Form 8938 when necessary could expose the taxpayer to many penalties, including a failure-to-file penalty of $10,000, criminal penalties, and if the failure to file results in underpayment of tax, an accuracy-related penalty equal to 40% of the underpayment of tax and a fraud penalty equal to 75% of the underpayment of tax.

The reporting requirements for foreign rental real estate can become very complex and advanced for most taxpayers.  U.S. taxpayers who own income-generating real estate in a foreign country would benefit from the experienced tax attorneys of the Law Office Of Jeffrey B. Kahn, P.C. representing you to avoid the pitfalls associated with failure to comply with the reporting requirements associated with owing foreign real estate.

Description: Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. resolve your IRS tax problems, get you in compliance with your FBAR filing obligations, and minimize the chance of any criminal investigation or imposition of civil penalties.

 

A Double Life, Missing Millions and Murder

Amy and Bob Bosley were like local royalty — they owned a million-dollar roofing business and were active volunteers in their community. But a phone call one spring morning would devastate their Campbell County, Ky., domain.

“Someone is breaking into my house,” Amy frantically told a 911 dispatcher. “Oh my God, he shot my husband!” she exclaimed.

Police rushed to the scene and discovered the Bosley’s cabin in shambles. The back door was broken in, shattered glass was everywhere and in the bedroom they found Bob Bosley dead — shot seven times.

The Money Trail

For years Bob had built up his chimney sweep and roofing business, eventually turning it into somewhat of a local empire with Amy right beside him handing the bookkeeping. But during the investigation into the murder, police discovered something suspicious in Amy’s car: hundreds of unmailed checks to the IRS totaling about $1.7 million in back employment taxes.

Weeks before the shooting, Amy met with an IRS agent who informed her they were investigating Bob for nonpayment of taxes. Amy went to great lengths to keep the tax problems from her husband even going as far as to impersonate him over the phone, according to police. But she could not keep this problem away from Bob for too much longer as the IRS agent was going to meet Bob for what turned out to be the day after he was be murdered.

The Surprising Outcome

While there was a mountain of circumstantial evidence against Amy including a crime scene that looked staged and Amy having the same type of gun used to kill her husband in her purse, prosecutors admitted they didn’t have a slam dunk. But statements Amy’s children, Morgan, 9, and Trevor, 6, gave to police following the murder would become the strongest piece of evidence to show that their mother’s story that an intruder came into the house was false. Their testimony was crucial, but no one wanted to force young children who had already lost their father to testify against their mother. As a result, prosecutors reluctantly offered Amy Bosley a deal — the minimum sentence of 20 years if she pleaded guilty — and to everyone’s surprise she took the deal.

Bob’s family is certain Amy did it and speculated that the motive involved that missing money from his company and IRS debt that Bob did not even know about.

So when you have IRS problems and we know that murder will not resolve them, how can taxpayers who owe the IRS avoid collection action?  You need to have a plan.

The Law Offices Of Jeffrey B. Kahn, P.C. can help you negotiate a resolution through the IRS and avoid a forced shut-down of your business.

Description: If your business has delinquent taxes or is being threatened with collection action for unpaid taxes, it’s urgent that you speak with an employment tax attorney. The experienced tax attorneys in the Law Offices Of Jeffrey B. Kahn, P.C. know how to keep the closure of your business from happening.

What are some of the actions Revenue Officers take to collect taxes?

a.         Garnish wages and levy bank accounts

Tax levies are the way that the Internal Revenue Service gets your immediate attention. What they are saying is, We have tried to communicate with you but you have ignored us.

Levies are used to seize your wages (commonly referred as garnishment) and whatever other assets you have: Checking accounts, savings accounts, autos, stocks, bonds or anything else that you own. If you have more in the bank than you owe, the IRS will only take that amount to satisfy your liability, leaving the rest for you.

b.         File a Federal Tax Lien

A levy is different from an IRS lien. A lien is a claim used as security for the tax debt, while an IRS levy actually takes the property to satisfy the tax debt. Once a tax lien is filed, it will stay on your credit history for seven years which is why if one has been filed, we look to have it released or withdrawn.

The Law Offices Of Jeffrey B. Kahn, P.C. can help you negotiate a resolution through the IRS Fresh Start Program which offers a one-time way to avoid collection actions and get tax liens removed from your credit.

Description: If you are in danger of wage garnishments or bank levies or having a tax lien placed against your property, it’s urgent that you speak with an income tax attorney. The experienced tax attorneys in the Law Offices Of Jeffrey B. Kahn, P.C. know how to keep this from happening.

Jackpot! Now How Do I Get My Withholding Back?

For foreign persons gambling in casinos in the United States and Indian Reservations, when it comes to taxes – “What happens in Vegas, doesn’t have to stay in Vegas”.

Unlike other foreign countries, the United States considers winnings from gambling and lotteries to be taxable. Under the tax law jackpots of $600 or more will incur a non-resident withholding tax of 30%. So if you are non-U.S. resident and you win $10,000 you only go back home with $7,000.

But as a foreign person, can you get that money back? The short answer is “maybe” depending on the country you are from. For example, the US-Canada Tax Treaty allows Canadians to deduct their U.S. gambling losses (with a few exceptions) in a given year from winnings.

How do you substantiate the losses? Well you don’t have to submit your receipts to the IRS with your tax return.  But if you are ever audited you will be asked for proof of losses so its wise to claim only those losses that you can substantiate. The requirement of substantiation extends to any tax filer (resident or non-resident) looking to claim gambling losses.  To start, if you belong to a casino’s Players Club, check with the casino or casinos that you visited to see if they can provide you with a record of your gambling. Some keep those records. If not, then you should keep a diary of your activity with the following:

•           The date and type of wagering activity

•           The name and location of the casino

•           The amounts you won or lost

You can aggregate all your U.S. gambling  losses for the whole year, not just the trip you won on. Remember travel expenses, entertainment, food and accommodations are not deductible.

So if you are a foreign person looking to claim the gambling losses, what forms need to be filed? If you have never obtained an Individual Taxpayer Identification Number (ITIN) you will need to file for one using Form W-7 along with a certified copy of your passport (sending the original passport is not advisable). Contact passport services of your State Department for one. This only needs to be done the first time you file a return. Next you will fill out tax form 1040NR using the information from the Form 1042S issued to you by the casino. Next send in the completed Form 1040NR, 1042S and your W-7 if you don’t have an ITIN to the IRS who will process your refund.

By using an experienced Cross-Border Tax Expert who is familiar with U.S. tax filings there should be no problem in quickly getting your refund. Contact the Law Offices Of Jeffrey B. Kahn, P.C. with locations in Los Angeles and elsewhere in California.

Description: Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. resolve your IRS tax problems and make sure you are fully utilizing all benefits under the tax laws so that you are paying the least amount of tax.

 

IRS Collection Of Employment Taxes

Employment taxes make up two components:

1.         The taxes withheld from each employee’s paycheck – FICA, Medicare, FWT and SWT – we call this component Trust Fund Liability.

2.         The second category is the employer’s matching share of the FICA Medicare withheld by from each employee’s paycheck.

Now any business will be liable for both components.  But that is not enough for the IRS – the IRS will also seek liability for individuals who the IRS determines are “responsible persons”.

Responsible persons will have joint and several liability for the Trust Fund Liability.

Who are responsible persons?

1.         Officers, directors – basically any one in the business organization with the duty to perform and the power to direct the collecting, accounting, and paying of trust fund taxes.

2.         Any one whose name is on the business bank account.  So the bookkeeper who can sign checks even though having no other authority is a responsible person.

Now at first the IRS will only be looking to collect from the business and if it is incorporated, only the corporation will at first be subject to collection enforcement by the IRS.

However, if the IRS feels they are not collecting enough, the IRS will determine who the responsible persons are and then after that determination has been made and the person fails to appeal that determination, the IRS will now start collection against that person individually.

That’s why it is really important that when a business is falling behind in making its employment tax payments, that you contact the Law Offices Of Jeffrey B. Kahn, P.C as early as possible to mange the situation and come up with a plan.

Description: If your business is behind in employment taxes or the IRS is coming after you for the collection of employment taxes, it’s urgent that you speak with an employment tax attorney. The experienced tax attorneys in the Law Offices Of Jeffrey B. Kahn, P.C. know how to manage this problem and protect you or your business from collection action.

Marriage And Taxes

It’s hard to think of a less romantic topic than tax planning but if you and your honey are considering to “tie the knot” here are some tax consequences that you should be aware.

Marriage Penalty or Marriage Bonus?

In particular, the test is geared toward telling you whether you’ll pay a marriage penalty or get a marriage bonus. Because married filers have different tax brackets than single filers, you can’t assume that your tax liability after you marry will be the sum of the taxes from your individual returns. Some of the important factors involved include the following:

  • Couples where both spouses work are more likely to owe more in taxes than they would if they weren’t married, because once you get above the 15% bracket, thresholds for higher tax rates on joint filers are less than double the rate thresholds for single filers.
  • Single-earner families, on the other hand, are more likely to get a marriage bonus, because the working spouse gets to take advantage of deductions and exemptions for the non-working spouse, and the family gets to enjoy lower tax rates on more overall income.
  • For high-income taxpayers, marriage can be especially costly because special provisions like exemption and deduction phaseouts and the Medicare surcharge tax start applying at levels that aren’t much higher for couples than they are for singles. For instance, the Medicare surcharge applies to singles with incomes of more than $200,000 and couples earning $250,000.

Also, don’t think you can beat the penalty by choosing the married-filing-separately option. Spouses who file separately get less favorable treatment than singles as many of the exclusions and deductions are evenly split.

Given the complexity of this area, one would be best served by seeking tax counsel to make sure that you are getting the maximum tax benefits.  Contact the Law Offices Of Jeffrey B. Kahn, P.C. with locations in Los Angeles and elsewhere in California.

Description: Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. resolve your IRS tax problems and make sure you are fully utilizing all benefits under the tax laws so that you are paying the least amount of tax.