The filing deadlines, regarding the 2008 tax year, for small businesses are as follows:

April 15, 2009 for sole proprietors that are reported on a Schedule C or Form 1040
April 15, 2009 for LLCs and Partnerships
March 15, 2009 for corporations that file Form 1120 or 1120S

If you need to file for an extension, keep in mind that an extension of time to file is NOT an extension of time
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Jon Wilk, 48, of Wakefield, R.I., pleaded guilty to income tax evasion, admitting he failed to report about $648,000 in income from his masonry company. Wilk tried to conceal his income by converting business checks to cash, getting paid personally, and depositing customer checks into his girlfriend’s bank account. In addition, in 2004, Wilk asked clients to make checks out to him personally rather than to the business. He faces
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Please check out my guest article featured on The Wandering Tax Pro. I love contributing to this special series that features the best-of-the-best tax advice on the web.

TWTP’s Robert D. Flach is a tax expert who scours the web for great articles on personal finance and other blogs or resources that would be of interest to tax professionals. So please wander over there to read about “ [Read More]

Question: What’s the saying? When your friend loses his job, it’s a recession. When you lose yours, it’s a depression. Well, it’s a depression — and it’s worse because I owe a substantial amount in taxes. I feel hopeless. What can I do?

Answer:  First of all, you aren’t alone. In fact — and this is tragic — as the economy worsens, there may be many more people in positions just
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I was recently interviewed on CNN Radio Marketplace and discussed an IRS policy that helps taxpayers who are experiencing financial hardship.

In this nation’s weak economy, a lot more taxpayers won’t have the money to shell out what they owe to Uncle Sam. If you’re in this boat and unable to pay your tax liability, you should call the IRS and work with them to have your account
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Former Parsippany-Troy Hills (N.J.) Board of Education member John J. Montefusco Jr. was sentenced to three years of probation for willfully filing a false tax return, admitting that he failed to report approximately $159,000 in income on his 2003 federal tax return.

Montefusco pleaded guilty to one count of a three-count criminal information charging him with willfully subscribing to a false tax return.

At his plea hearing, Montefusco admitted that in or
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Rev. Al Sharpton is facing financial woes again, as the FEC has determined that his 2004 campaign owes $486,803 to the U.S. Treasury for illegal donations and other financial improprieties.

According to reports, while Sharpton was campaigning for president, he collected “love offerings” from churches, a practice common for traveling preachers.  His [Read More]

The  trial date has been set for the “Dancing with the Stars” indy race car driver who was indicted last month on tax evasion charges involving “an offshore Panamanian shell corporation Seven Promotions to conceal and disguise the true and correct amount of Helio Castroneves’ income from the Internal Revenue Service.”

The Associated Press reports:

Race car driver Helio Castroneves will stand trial in March in Miami federal
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A Tennessee bar owner pleaded guilty to tax evasion and faces up to five years in prison and a $100,000 fine.

According to prosecutors, John H. Rawlings, 70, of New Johnsonville, Tenn., filed a false and fraudulent income tax return for the calendar year 2002. The return claimed Rawlings had no taxable income and owed no taxes during that year when, in fact, he knew that he had approximately $92,358.21 of
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Albert Einstein once wrote, “The hardest thing in the world to understand is the income tax.” The product of 95 years worth of additions, subtractions, deductions, and exclusions, it has become such a headache that many are calling for it to be drastically simplified or even removed all together.

With a looming fiscal crisis on the horizon, April 15th seems more like a scene from a B-Horror horror movie than a
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A FedEx pilot, charged with six counts of income tax evasion, pleaded guilty to one of those counts.

According to the indictment, Michael D. Mason, 51, of Cordova, Tenn., failed to file income tax returns for calendar years 2000 to 2004. Additionally, the indictment alleges that Mason failed to pay the IRS income tax due and owing and concealed or attempted to conceal his true
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With the current global downturn, it is clear that the new President-elect needs to have a plan to help struggling Americans and lift our nation’s distressed businesses out of a lagging economy.

President-elect Obama wants to raise taxes on income, capital gains and dividends for families earning more than $250,000 annually. (By the way, I’ve heard $200,000 and $140,000 as well
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A majority of companies suspected of participating in LILO and SILO transactions agree to make nice with Uncle Sam.
By Michael Rozbruch
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The Internal Revenue Service’s aggressive tax compliance and enforcement initiatives continue.

The U.S. tax-collecting agency announced it has received settlement agreements from more than two-thirds of American corporations suspected of participating in arrangements that pushed away income tax obligations for many years.

These
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Times are tough right now for so many hard-working Americans. But if you can see this as a good opportunity to re-assess your situation and get the help you need with your IRS tax problems, then you might be able to turn your situation around for the better.

And you don’t have to take my word for it. Listen to what legal expert Bill Handel has to
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When I was on the Big Biz Show with Sully and Russ this month, we were talking about how the recent economic crisis has had a lot of people re-evaluating how they borrow and invest.

If you recall back in the late 80s early 90s when we had the last big recession, the price of gas was $1.20 and people had to make the decision on whether to pay
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