On this short holiday week, the tax news we featured mainly centered on celebrity tax stories. Here is a recap of what we featured:
Tax Problems-Michael Jackson Estate Gets Assessed by IRS – It appears that the estate of the late Michael Jackson and the IRS are engaged in a dispute over how much the estate of the “King of Pop” is really worth. An NBC News Business article
Archive for the ‘Unfiled Returns - Delinquent Tax Returns’ Category
This week we featured tax relief stories about the following subjects: how tax resolution can help struggling taxpayers, turning financial failures into success, ways to pay off a large tax debt. We also covered stories about tax evasion, filing false tax liens and tax fraud.
Here’s the tax news recap:
The post How Tax Resolution Services Helps People Find Tax Relief was inspired by a video interview I had in February
If you want to know how the tax resolution process can help people get tax relief, I recommend watching this video interview I had this last February by KTLA Channel 5 Alan Mendelson host of “Best Buys with Alan Mendelson“ a television show that features the best deals and money saving ideas.
The video gives consumers a true understanding of the tax resolution process and that reputable firms like Tax Defense Partners
Due to federal budget cuts and a stagnant economy, states are more cash strapped than ever and looking for ways to generate revenue. New York State’s solution: revoke driver’s licenses of tax deadbeats. Tax Girl, Kelly Phillips Erb reports in her article titled: “You Can’t Drive 55: NY Suspends Driver’s Licenses for Tax Delinquents“, that beginning this year, drivers who owe more than $10,000 in state taxes face losing their
President Barack Obama has chosen a crisis management expert to run the IRS – an agency clearly in need of a stabilizing force. According to a Washington Post article titled: “Obama nominates restructuring expert to lead IRS amid political controversy“, Obama selected retired corporate and government official, John Koskinen whose experience managing numerous organizations in crisis makes him an “natural” for taking over an agency facing its own share of
Seemingly overnight, Teresa Giudice made a name for herself on the Bravo reality show, Real Housewives of New Jersey. However, it appears her ongoing tax problems may take away the glamor of her celebrity lifestyle and place her behind bars. TMZ reports in an article titled: “Real Housewives’ Stars Facing 50+ Years in Prison for Money Fraud” that Giudice and her husband Joe, have just been slapped with a “laundry
The cases and stories that caught our attention this week ranged from offshore tax evasion and estate tax issues, to a prison sentence for failing to file tax returns and July’s Tax Client of the Month.
Estate/IRS tax issues:
Proof that the IRS is going after wealthy Americans is evidenced in the stories of large estates receiving massive tax bills from the IRS. The post Tax Problems-Pohlad Estate
After recently writing a post about the estate of James Gandolfini, I ran across a follow-up article for Reuters by Amy Feldman titled: “What to Do When You Inherit a Tax Mess.” This article focuses on the types of tax mistakes people make when planning their estate that can inadvertently cause future tax chaos for beneficiaries.
Here are some key points about estate tax issues the article highlights:
Every one in 10
The top tax relief news this week ranged from tax evasion, to prison time for a false tax claim, troubles at the IRS, to a giant tax bill for the estate of actor James Gandolfini. Here is a recap of the tax stories we found interesting:
Tax Evasion by Guilty Texas Pharmacist– This post highlighted the story of Grapevine, Texas pharmacist Joseph Moss who was sentenced to one year and a
In spite of making millions playing tough guy Tony Soprano, it appears actor James Gandolfini was not as “tough” in keeping Uncle Sam’s hands off his estate. A New York Daily News article titled: “James Gandolfini will a tax ‘disaster,’ says top estate lawyer,” reports that giving 80 percent of his $70 million estate to his sisters and daughter as the will states is “disastrous” according to veteran estate tax
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
Facing the IRS alone is like going up against an army. A new video clip on Glenn Beck’s, The Blaze TV tells the story of a viewer who learned first-hand just how tough the IRS can be. Not only did the viewer have several years of unfiled returns, he knew he needed to pay back the $33,000 in back taxes he owed. (*Below the video clip is information on how to
Sharing client success stories is important because it shows that IRS tax problems can happen to anyone including hard-working honest people, often through no fault of their own.
A new video clip on The Blaze TV highlights a viewer who called Tax Resolution Services, Co. (TRS) after hearing Host Glenn Beck talk about client success stories on his program. This viewer owed more than $33,000 in back taxes but TRS was able
Apparently, Lauryn Hill’s “Miseducation” may relate to how badly she handled her IRS tax problems. According to Accounting Today’s article titled: Fugees Singer Lauryn Hill Sentenced to Prison for Tax Evasion, Hill was sentenced Monday to three months in prison plus three months home confinement for failing to file tax returns for five years and not reporting more than $2.3 million in income. The article explains the terms of her
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