Archive for November, 2011

Non-Profit Officers Responsible for Payroll Taxes

Wednesday, November 30th, 2011

A recent article in Forbes, Officers of Non-profits Face Personal Liabilities for Taxes by Robert Wood made me think about small business, specifically the people behind non-profit organizations (NPO). The well-meaning people who set up NPO’s provide the community at large with charitable programs and services that are usually educational, literary, religious, or scientific in nature. In return, non-profits receive tax-exempt status. By not focusing on putting profits in shareholders
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False Tax Return Filed by Jewelry Store Owner

Wednesday, November 30th, 2011

Karen St. Pierre, of Barrington, R.I., pleaded guilty to one count of willfully filing a false individual tax return.
According to court documents, St. Pierre owned and operated the House of Windsor, a jewelry store in Newport, R.I., which in 2004 generated about $632,522 in gross receipts. On April 15, 2005, St. Pierre filed a false individual income tax return that reported, in part, that the gross receipts generated by the
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Tax Resolution Tip: Take Advantage of the Offer In Compromise

Wednesday, November 30th, 2011

If you owe back taxes to the IRS, the Offer in Compromise could be the solution to a debt-free life. The Offer in Compromise program does not make outrageous claims – it is a tool that consumers can use to reduce and eliminate their debt, if they qualify.
The Offer in Compromise is not a free gift from the IRS. It can however significantly reduce your debt. The IRS offers this program
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IRS Compliance Could Cost Big Banks Big Money

Wednesday, November 30th, 2011

As a certified tax resolution specialist, I have said it many times before; it never pays to hide from the IRS. Nowhere is that more apparent than with the government crackdown on off-shore tax evaders. The creation in 2010 of Foreign Account Tax Compliance Act (FATCA) set into motion serious U.S. efforts to combat tax evasion by U.S. taxpayers with investments in offshore accounts. Not only do FATCA regulations have
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7 Questions to Ask When Hiring a Tax Professional

Tuesday, November 29th, 2011

If you or your business has tax problems like delinquent tax returns, back taxes, payroll taxes or other tax collection or audit issues, hiring the right tax professional is vital to your survival.
Here is a checklist of questions you will want to ask a tax attorney or tax resolution specialist to ensure you get the IRS tax help you need:
1. How long has this tax attorney/ tax resolution firm
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Offshore Account Cheats Seek Dismissal of U.S. Indictment

Monday, November 28th, 2011

In recent Credit Sussie news, the Swiss bank accused of aiding Americans in cheating taxes with offshore accounts is seeking a dismissal of their indictment by the Justice Department.
In an article by David Voreacos titled Credit Sussie Bankers Said to Seek Dismissal of U.S. Indictment on Bloomberg, Voresacos discusses the bank’s current predicament and the chances of a dismissal of the indictment. According to the article, Credit Sussie is cooperating
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Time to Consider Taxes as Year End Draws Near

Monday, November 28th, 2011

With the holidays approaching, it’s a good time to take stock and consider your taxes and financial life — and take time to correct the mistakes.
Thanksgiving just passed, and the holiday season is now upon us.
That means the year is almost over, and with it another tax year.
You’ve been here before, many times actually. We all have. But now is the time — this is the year — to start
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Tax Evasion by Ophthalmologist Gets Him One Year in Prison and Hefty Fine

Saturday, November 26th, 2011

A Brookline, Mass., ophthalmologist was sentenced for his failure to pay hundreds of thousands of dollars in taxes and for obstructing an IRS audit.
Mark S. Hughes, 50, received one year and a day in prison, to be followed by two years of supervised release. He was also ordered to pay a $60,000 fine. Hughes paid the IRS $1.75 million in restitution. He had pleaded guilty to tax evasion and obstruction
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Avoid IRS Tax Problems: Keep Tax Documents Safe

Friday, November 25th, 2011

I hope everyone had a great Thanksgiving.  With the holidays upon us, our attention shifts to spending more quality time with family and friends. As you take time off at the end of the year, it can be a great opportunity to do a little preparing for the new tax season just around the corner. The first order of business should be to protect your important documents by completing the
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IRS News: IRS to Improve Tax Preparation Industry

Wednesday, November 23rd, 2011

It is always important to keep yourself educated and up to date on current tax changes and laws to make sure you stay out of problems with the IRS before they occur. The same holds true when it comes to picking your tax professional or tax attorney. Take the time to make sure that he or she is certified and can provide recommendations.
To help keep the tax preparation industry in
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Year End Tax Tips for Business Owners Posted on The Big Biz Show Blog

Wednesday, November 23rd, 2011

Today I shared five end of the year tax tips for business owners business owners do by the end of 2011 on “The Big Biz Show” Blog. To read the complete post, visit:
What Business Owners Need to Do Now to Prepare for Tax Day 2012
“The Big Biz Show” is hosted by Sully & Russ ‘T’ Nailz, two San Diego Radio/TV Personalities who have something to say about all things
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Payroll Taxes Unpaid by Labor Agency Owner, Faces Prison Time

Tuesday, November 22nd, 2011

Doris Ruiz, of Minneapolis, Minn., was charged with one count of conspiracy to defraud the U.S. and ten counts of failure to account for and pay over federal employment taxes. The indictment alleges that from 2005 to 2007 Ruiz diverted $152,292.44 in payroll taxes by instructing employees to stop preparing tax return forms.
Ruiz is the owner of Olen Staff Company, a temporary work agency in Minneapolis. If convicted, she faces
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Tax Relief Home Energy Credit Still Available for 2011

Tuesday, November 22nd, 2011

As 2011 slowly draws to a close, the IRS wants to remind homeowners that there is still time in the year to take advantage of the tax relief of home energy credits. The Nonbusiness Energy Property Credit is available for homeowners who have installed or are installing energy efficiency improvements to their home before the close of the year. Installations such as new windows, insulation and furnaces can help qualify
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Filing False Tax Returns Gets Alabama Woman 35 Month Prison Term

Monday, November 21st, 2011

Tawana Powell, 38, of Prattville, Ala., was sentenced to 35 months in prison after pleading guilty to conspiring to file false and fraudulent federal income tax returns charges. From 2005 to 2007, Powell and her co-conspirators filed more 160 returns with the IRS by using stolen identifying information of other individuals. The intended loss to the United States was more than $1.3. Powell was ordered to pay $676,465.49 in restitution
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Touting Tax Resolution Trust

Monday, November 21st, 2011

The San Fernando Valley Business Journal ran an article on my work at Tax Resolution Services today. I’d like to thank Judy Temes for a thoughtful and insightful article.
The article can be read here.  It’s on page 3 and 42 called “Touting Trust”, addressing our approach to tacking tax resolution and how we do business.
I built my company with a “start small and snowball” approach, only promoting our services to
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