Archive for November, 2008

Georgian National Pleads Guilty to Tax Evasion Charge

Sunday, November 30th, 2008

Vitali Popkov, a 31-year-old Georgian national living in Morrow, Ohio, pleaded guilty to one count of committing income tax evasion and one count of aiding and abetting marriage fraud.
Popkov admitted that he operated Mirage Cleaning Services of Cincinnati from September 2003 to December 2007. His company contracted with area businesses and hotels to provide cleaning services.
From January 2004 to December 2007, Popkov paid wages totaling $2.7 million to his employees
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Property Investor Receives 6 Months for Failing to File a Tax Return

Thursday, November 27th, 2008

Robert A. Huff was sentenced to six months in prison, to be followed by one year of supervised release, for failing to file a 2001 tax return. Huff in 2001 and 2002 was self-employed in various real estate business activities in the greater Cleveland, Ohio, area. In his written plea agreement, Huff acknowledged that he had gross receipts of approximately $283,142 in 2001 and $405,064 in 2002 and that he
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Tax Resolution Client of the Month: Offer In Compromise Settlement

Wednesday, November 26th, 2008

Every month I choose a very special Client Of The Month.  It’s my way of acknowledging good friends and saying “thanks” to those who support me and my business with referrals, word of mouth and repeat business.
This month’s Client Of The Month is Jessika C.
Jessika owed close to $105,000, to the IRS when she contacted us. Our Tax Professionals negotiated a $900.00 (that’s right…Nine Hundred!) Offer In Compromise settlement with
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Voluntary Disclosure Can Help Holocaust Survivors Targeted by IRS

Tuesday, November 25th, 2008

The IRS has is reportedly going after the relatives of Holocaust survivors and refugees who hid money in Switzerland before World War II broke out.
Reports out of Zurich indicate the Swiss government has agreed to give the IRS information about some overseas accounts for people trying to avoid U.S. banking laws. The development stems from a U.S. Justice Department investigation of UBS’ alleged courting of wealthy Americans for such
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Va. Man Faces Prison Again for Tax Evasion Charge

Monday, November 24th, 2008

A Virginia man may be headed back to prison for tax evasion.
Richard C. Menner, 48, of Glen Allen, Va., was convicted on five counts of filing a false federal tax return and one count of obstruction of justice following a three-day jury trial.
Menner was previously convicted in federal court in 1998 on five counts of failing to file his individual income tax returns for tax years 1991 through 1995 after
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Save Money With These Important Year-End Tax Planning Strategies For Small Businesses and Individuals

Sunday, November 23rd, 2008

Earlier this month, I discussed financial planning and tax strategies for alleviating potential IRS tax increases on Financial Lifeline Radio with Dave Harbison and John March.
For 2008 tax planning, the most important thing to do is income and deduction management. That is, try and shift as much income as you can into 2009. Now if you’re a wage earner, that is kind of hard.
But if you’re self-employed or an
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Tax Problem FAQ: Are Tax Attorneys the Only Professionals Allowed to Represent Taxpayers Before the IRS?

Saturday, November 22nd, 2008

There are actually only 3 persons permitted to practice before the IRS – represent taxpayers at Appeal Hearings, Audits and Appeals that are held administratively and in the civil arena (per IRS Circular 230).
Those three persons are an Attorney, CPA or Enrolled Agent (EA). Certified Actuaries can also represent taxpayers in some cases.
In addition to being a Certified Tax Resolution Specialist (CTRS), I have been an active licensed
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Bailout Bill Includes Tax Breaks for Average Americans But Not Enough AMT Relief

Friday, November 21st, 2008

A recent article on MSN talks about how The Emergency Economic Stabilization Act of 2008 includes several tax breaks that could help you. Sure, the $700 billion measure is directed at rescuing the nation’s devastated financial system, but it may also offer a little help to the average American.
Many of the provisions extend, as expected, tax breaks that had expired at the end of 2007. Others provide disaster relief, primarily
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Penalty Proof You Small Business When Filing for IRS Tax Extensions

Thursday, November 20th, 2008

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 to pay.
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R.I. Man Faces Five Years for Tax Evasion Charge

Tuesday, November 18th, 2008

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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My Best Tax Advice for Small Businesses with Payroll Tax Problems

Tuesday, November 18th, 2008

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 “My Best Tax Advice
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IRS Question Corner … Offer in Compromise & Installment Agreement

Monday, November 17th, 2008

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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IRS Tax Tips on CNN Radio Marketplace – What To Do If You Can’t Pay Uncle Sam

Monday, November 17th, 2008

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 declared “currently
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School Board Member Pleads Guilty to Tax Evasion Charge

Sunday, November 16th, 2008

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’s Campaign Finance Audit Results in $500,000 Tax Bill

Friday, November 14th, 2008

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 campaign finances also came under scrutiny as he paid for much of it with his personal American Express card,
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