Archive for the ‘Penalty Abatement’ Category

U.S. Investigates Swiss Bank Rahn Bodner for Secret Accounts

Tuesday, September 17th, 2013

Another Swiss bank is experiencing the wrath of the U.S. Government’s focus on offshore tax cheats and revenue collection. A Reuters article titled: Another historic Swiss bank under U.S. tax spotlight reports that Swiss private bank Rahn & Bodmer is under investigation by U.S. authorities as part of a lengthy U.S. Swiss dispute over tax evasion.
The article provides a brief history of Rahn & Bodmer:

It is an old line Swiss
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Tax Policy Study Shows More Americans Paying Taxes

Monday, September 9th, 2013

About this time last year one of the biggest tax news stories centered around a 2009 Tax Policy Center (TPC) report that showed 47 percent of citizens were not paying taxes. According to a Don’t Mess with Taxes, Kay Bell in an article titled: “More Americans are paying federal income,” recent analysis by TPC (a joint venture of the Urban Institute and Brookings Institution), and shows that the 47% group
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Swiss Adopt Plan to Cooperate with U.S. and Avoid Charges

Monday, July 15th, 2013

For anyone who still thinks that hiding money offshore in a Swiss bank account is a good idea, this next bit of news might have you reconsidering that notion. An article by USA Today titled: “Swiss seek to avert U.S. charges against banks” reports that Switzerland has finally adopted a plan that allows banks to hand over financial data to U.S. authorities seeking information about wealthy Americans suspected of offshore
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What to Do if You Missed June 30 Business Tax Deadlines

Wednesday, July 3rd, 2013

April 15 is not the only tax filing deadline taxpayers need to be aware of. Tax expert Eva Rosenberg, aka TaxMama® reminds us in a post titled: Looming Deadlines that business owners changing employee classification and those with offshore bank accounts had until June 30th to file reports with the IRS in order to avoid hefty IRS penalties and fines.
Here is the important tax information TaxMama mentions:
Offshore bank accounts and
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Rapper Fat Joe Goes to Prison on Tax Charges

Thursday, June 27th, 2013

The IRS problems facing Rapper Fat Joe (aka Joseph Cartegena) have finally caught up with him. A Daily Mail Celeb article titled “Rapper Fat Joe sentenced to four months in prison for failing to pay taxes on more than $1million in income“, reports that on Monday, the 42-year-old rapper was sentenced to four months in prison and a $15,000 fine for failing to file and pay taxes on more than
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Offshore Bank Account Filing Deadline June 17

Monday, June 3rd, 2013

A recent IRS Press Release aims to remind taxpayers with foreign bank accounts and assets that their filing deadline to report them to the IRS is June 17, 2013. This applies to U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012 and military personnel outside the country. Also, some U.S. citizens abroad may be required to submit
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Tax Relief Tips for How Long to Keep IRS Records

Monday, May 6th, 2013

Every year after the tax day, clients inquire as to what tax documents they need to keep and for how long. Last tax season I wrote a blog post on the subject, inspired by a Forbes article by Tax Girl, Kelly Phillips Erb titled: “How Long Should You Keep Records after Tax Day?” I thought the information would be helpful for those who may be wondering what documents to hold
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IRS Budget Cuts Hurt Offshore Tax Collection

Thursday, May 2nd, 2013

I recently wrote a post for the Tax Matters blog about a newly released Government Accountability Office (GAO) report showing IRS budget cuts forcing the furlough of 100,000 employees therefore reducing the ability to audit taxpayers at the same rate. A Huffington Post article titled: “Offshore Tax Havens: Sequestration Damages IRS Battle with Tax Evasion“ provides additional GAO report information shining a light on how the sequester/IRS budget cuts will
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Tax Tips for Taxpayers Who Missed the April 15 Deadline

Tuesday, April 16th, 2013

It’s the day after tax day and for those taxpayers who don’t intend on filing a tax return, you may want to reconsider. Not filing means you will be facing significant IRS tax issues. Failure to file is considered a misdemeanor that can be punishable up to $10,000 per year and one year in jail. In fact, IRS penalties are more severe for non-filing than for non-payment. If it sounds
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IRS Releases 2012 Data Book

Monday, April 1st, 2013

Thanks to Frank Byrt at The Street, we learned that the IRS announced the release of their “2012 Internal Revenue Service Data Book [1],” This annual report provides an overview of agency activities, including information and statistical tables dating from October 1, 2011, to September 30, 2012. The report provides helpful data and information on the following: returns filed, taxes collected, enforcement actions, taxpayer assistance, IRS budget and workforce, and
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Eliminating Joint Tax Filing Could Help Innocent Spouses

Monday, March 11th, 2013

A Forbes article by contributor Peter J. Reilly titled “Time to Eliminate Joint Filing?“ proposes whether joint filing is really beneficial to couples. In recent years, Reilly has come to think that joint returns for married couples are not such a great idea especially at a time when the federal government is deciding its definition is of marriage through the Defense of Marriage Act (DOMA). Other reasons for doing away with
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Tax Resolution Services, Co. Saves Client $35,000

Monday, February 18th, 2013

Sometimes clients describe their tax situation as “Tax Armageddon.” That’s how our client Mike felt when he first came to Tax Resolution Services, Co. facing huge tax debt issues. While it may “feel” like Armageddon, it really isn’t because there is a solution to every problem even Mike’s. Here’s his story:
“I went through a divorce several years ago and found myself strapped for cash because all of a sudden there
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IRS Agent Coerces Sex with Threat of Tax Audit Penalty

Tuesday, February 5th, 2013

Straight out of a soap opera script, the IRS appears to be facing its own public relations nightmare in the form of a sex scandal. A Huffington Post article titled “Vincent Burroughs Accuses IRS Agent Dora Abrahamson of Coercing Sex by Using Threat of Tax Penalty“ reveals the details of a salacious and inappropriate meeting between IRS agent and taxpayer under audit.
It appears agent Dora Abrahamson initially contacted Vincent Burroughs,
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Tax Resolution News Round Up

Friday, February 1st, 2013

This week was a busy one for tax relief news topics. Here are highlights of the ones we covered on the Tax Resolution University Blog:
Tax Fraud/Tax Schemes and Identity Theft
The tax season officially began on January 30. Therefore, it’s no coincidence there is already an increase in stories about tax schemes including tax fraud and identity theft. Here’s one we covered this week:

Reno, Nevada resident, Edward David Simon, 52 was
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Florida Woman Receives $21 Million Penalty for Offshore Accounts

Thursday, January 31st, 2013

Even though the latest voluntary disclosure program has officially past, it is still better to come clean with unreported offshore bank accounts than to wait for the IRS to contact you. The IRS is placing more severe penalties on non-compliant offshore account holders than ever before. A recent Forbes article titled “Florida Widow Guilty + $21M Penalty for Inherited Swiss + Liechtenstein Accounts,” explains just how tough it has become.
The article’s
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