Hello and Happy Friday! This was a busy week that covered a range of IRS tax relief topics. Let’s round them up:
- Offshore Tax issues: Swiss Bank UBS filed a lawsuit this week against one if it’s former billionaire clients, Igor Olenicoff for damages the bank incurred defending the 2008 suit Olenicoff filed against them. Janet Novack’s article @Forbes titled UBS Sues Billionaire Olenicoff in Offshore Tax Cheating Case explains this complicated offshore banking story. Wealthy Americans and their secret Swiss bank accounts are a bygone era since the US Government turned up the screws on offshore account reporting – probably not much bank/client loyalty remains.
- Tax Client of the Month: Mr. Issac G.: It’s always a pleasure to share tax relief success stories. This week we highlighted the Tax Client of the Month, Mr. Isaac G. who owed $132K in IRS back taxes when he came to us for help. After conducting an in depth interview, Issac was considered a good candidate for the IRS’s Offer in Compromise program.* After months of negotiations, we reached an IRS tax settlement of just $7,375 – a savings of over $120K. Issac is relieved to know his tax issue is resolved for an amount he had the ability to pay. *The Offer in Compromise Program is a privilege and not everyone may qualify.
- Video – Tax Relief success stories: Clients share their stories in a video release this week, Venira, was kind enough to share hers in the latest Tax Resolution Services client success video. This video also highlights our 14 year commitment to help thousands of taxpayers get out from underneath their IRS debt often for less than the original amount. We take to heart the motto “there’s a solution to everyone’s tax problem.” We are also determined to raise the bar of the industry (tarnished by recent controversy) and continue to push for high quality standards and customer satisfaction.
- Celebrity Tax Problems: Celebrities continue to make tax news headlines. This week singer, actress Lauryn Hill pleaded guilty to federal charges that she did not pay taxes on $1.8 Million on income she earned from 2005-2007. Hill stated that she hadn’t filed tax returns because she wanted to “guarantee the anonymity and safety of her family.” From Twitter: @sfgate reports Rapper and reality TV star Flavor Flav, owes Uncle Sam $906,250 for payments dating back to 2004 and 2005. Flavor Flav is no stranger to tax troubles In 2009, a tax lien was filed by the state of California for over $183,000.
- Business Start-Up Tips: The IRS recommends factoring in tax strategy into the planning phase of any new business venture. Some of the best tax help is available 24 hours a day, 7 days a week by new business owners and start-ups using the IRS website, irs.gov. IRS Publication 583 – Starting a Business and Keeping Records is a great resource as it provides in-depth information on tax related questions before you meet with your tax professional.
- IRS Tax Audit and Prosecution: It’s a fact, people cheating on their taxes or not filing their tax returns, are at higher risk of IRS audit and possible criminal prosecution. Why is the risk greater? Congress has increased the IRS’s budget for enforcement committing the IRS to aggressively go after average U.S. consumers and indicting them with some taxpayers being sentenced to years in prison.
Have a great weekend!
More Tax Help, IRS News and Tax Relief Tips:
- New Offer in Compromise Policies Bring Tax Relief
- Finding Tax Help for IRS Tax Debt
- IRS Offers Tax Help Tips-Worker Classification
- Tax Relief Weekly News Round-Up
- Ten Tips for Taxpayers Who Owe IRS Back Taxes