The Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals,” including greater detail on the Obama administration’s proposed tax provisions, plans for tax relief,  and efforts to boost IRS enforcement budgets. The “Green Book” also explains tax rate increases, measures to close loopeholes in the tax code, and broad international tax changes,  that would collectively bring in over $900 billion of tax revenue over
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The owner of a tire store in Alabama pleaded guilty to one count of tax evasion. Timothy Smith, of Cullman, Alabama, the owner of College Tire, was indicted in September 2008 and charged with two counts of tax evasion relating to the tax years 2002 and 2003.
According to court records, Smith diverted customer receipts from his tire business into two personal bank accounts. Smith also used cash and cashiers’ checks
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Every month I choose a very special Tax 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 Mr. Jeffrey Tritten.
When Mr. Tritten contacted our firm, he owed the IRS over $45k.
We negotiated with IRS and were able to settle his debt for
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A California chiropractor, his wife and their taxpayer representative have been charged with conspiracy to evade the payment of taxes, three counts of tax evasion, and four counts of presenting a fictitious instrument to the IRS.
According to prosecutors, Vincent Steven Booth, 52; Louise Q. Booth, 49, both of Bakersfield, Calif.; and Michael S. Ioane, 48, of Atwater, Calif., conspired together to evade the payment of more than $1.3 million in
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The IRS has announced a six-month Voluntary Disclosure program that offers lower penalties to those who come forward and pay taxes due on the secret holdings in offshore accounts. Until now, the IRS could impose penalties of at least 50% for all years in which an account wasn’t disclosed. In some cases, that could exceed the value of the offshore holdings.
The announcement comes amid a U.S. legal battle to
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A commercial real estate agent in Florida has been charged with tax evasion. The government alleges Thomas W. Daugherty, 53, of Fort Myers, evaded paying approximately $1.6 million in taxes from 1998 to 2005.
According to the government, Daugherty maintained a cash lifestyle to hide his earnings. He  refrained from depositing his commission checks into his bank account and instead converted his commission checks into cash and multiple cashier’s checks payable
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Obama proposed nearly doubling funds to enforce tax compliance and has asked Congress for a $400 million boost for IRS enforcement activities in fiscal year 2010, to support its goal of cracking down on offshore tax dodgers.
The additional $400 million is an increase of about 8% that would bring the total IRS enforcement budget to around $5.5 billion for FY 2010. By doubling the tax law enforcement budget, the White
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There are currently 35 million taxpayers in trouble with the IRS. When I appeared on LA Talk Radio with T.J. McCormack earlier this week we talked about income tax relief advice for the 15% of the population of tax paying adults that are in trouble with the IRS.
We’re past the April 15th tax deadline, but this is when people start thinking about the tax returns they haven’t filed. If you’re
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A revenue agent with the Internal Revenue Service has agreed to plead guilty to a federal tax fraud charge for filing a personal income tax return that claimed he suffered a loss in a real estate transaction when in fact he realized a substantial profit.
In a plea agreement, Jim H. Liu, 43, of Diamond Bar, Calif., agreed to plead guilty to subscribing to a false tax return — a charge
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President Obama announced an overhaul of the tax code to “detect and pursue” U.S tax evaders and go after their offshore tax shelters.
The President’s two-part plan calls for nearly 800 new IRS agents to enforce the U.S. tax code - and help wage war against multi-national corps and their offshore tax havens.
Under the current tax code, companies with operations overseas pay U.S. taxes only if they bring the profits back
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CCH (http://tax.cchgroup.com/) reports:
The Treasury Inspector General for Tax Administration (TIGTA) released a new report praising the IRS’s performance with respect to the issuance of 119 million economic stimulus payments in 2008. The report, entitled, “Evaluation of Efforts to Ensure Eligible Individuals Received Their Economic Stimulus Payment” (Reference Number: 2009-40-069), concluded that the IRS made significant efforts to ensure eligible individuals received their economic stimulus payment and also initiated actions to
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CCH (http://tax.cchgroup.com/) reports:
The IRS will move from the process of modernization to actually arriving at “being modern” within the next year or two, IRS officials forecasted during the Council for Electronic Revenue Communication Advancement (CERCA) Spring 2009 conference held on April 30 in Arlington, Va. IRS Deputy Commissioner Mark Ernst and IRS Electronic Tax Administration Director David Williams both reiterated the Service’s continuing commitment to utilizing electronic administration to promote
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