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Tuesday, June 30th, 2009
Edward Finley, 67, of Spearfish, S.D., pleaded guilty to one count of an indictment that charged him with conspiracy to defraud the United States. Finely had falsified tax returns for another person for the years 2001 to 2003. The investigation was conducted by IRS. Finley faces up to five years in prison and a fine of up to $250,000.
I have blogged about many IRS Tax Cases. It is obvious that whether you are famous person or a regular citizen, the IRS will not excuse tax evasion. Do the right thing! If you need tax relief, contact Tax Resolution Services for tax help. We offer a free tax consultation with one of our tax consultants - simply fill out the form on our website!
Tags: conspiracy to defraud the US, filing false federal tax return, fraudulent tax return, Free Tax Consultation, IRS Tax Cases, south dakota tax case, tax consultant, tax evasion, tax help, tax relief, tax resolution services
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Monday, June 29th, 2009
In an effort to bring more tax evaders to the surface, the IRS has issued a new voluntary offshore compliance initiative in March of 2009, which provides more lenient penalties for tax evaders who have placed their assets overseas. In this initiative, taxpayers who voluntarily disclose their wrongdoings will only be punished with paying back taxes, certain penalties, and interest. Those who come forward will not face criminal charges unless strong evidence suggests criminal behavior. Since this compliance initiative overlooks the criminal prosecution aspect of tax evasion, it is useful for anyone who has wrongfully concealed their full income in past tax returns.
Also, the FBAR (Report of Foreign Bank and Financial Accounts) filing deadline has been extended from June 30, 2009 to September 23, 2009. Due to the newly changed definition of “United States person”, there has been confusion over who is required to file the FBAR; those who are filing for the June 30th deadline should use the July 2000 definition of “United States person” instead of the newly changed definition.
CCH (http://tax.cchgroup.com/) reports:
The IRS is combing amended returns for taxpayers who have made “quiet disclosures” to circumvent the Service’s temporary offshore compliance initiative. The Service reiterated in new frequently asked questions (FAQs) about the initiative on its website (www.irs.gov) that taxpayers who make quiet disclosures will not escape penalties and possible criminal prosecution. The Service also is giving some taxpayers additional time to file Form 90-22.1, Report of Foreign Bank and Financial Accounts (known as the “FBAR”).
Quiet Disclosures
The IRS launched its voluntary offshore compliance initiative in March (TAXDAY, 2009/03/27, I.3). In exchange for full disclosure of offshore accounts and the payment of back taxes, interest and certain penalties, the IRS will not seek criminal prosecution of wrongdoers. In April, IRS Commissioner Douglas H. Shulman said he was pleased with the response but the Service has been tight-lipped about how many taxpayers have come forward.
Rather than formally applying to participate in the initiative, some taxpayers have filed amended returns reporting previously undisclosed assets. The IRS is reviewing amended returns. The Service cautioned that, if it discovers evidence of criminal behavior, it will recommend criminal prosecution.
Taxpayers whose quiet disclosure returns have not been selected for examination may request to participate in the initiative. These taxpayers must meet all of the criteria for participation, the IRS explained.
FBARs
June 30, 2009, is the deadline for filing 2008 FBARs. The IRS previously clarified the filing requirement for FBARs (IR-2009-58, Announcement 2009-51; TAXDAY, 2009/06/08, I.5). A recent change in the definition of “United States person” created confusion for filers. For FBARs due on June 30, 2009, taxpayers should use the prior (July 2000) definition to determine who must file an FBAR, the IRS explained.
Now, the Service has provided additional FBAR relief. Taxpayers who recently learned that they have an FBAR filing obligation but do not have sufficient time to gather the necessary information to file by June 30 may file before September 23, 2009, without penalty. The taxpayer must have reported and paid tax on his or her 2008 taxable income, the IRS cautioned. This treatment mirrors similar relief previously provided to tax years before 2008.
“The September 23 deadline is good news,” Walter Goldberg, IRS Practice & Procedures, executive director, Grant Thornton, LLP, Washington, D.C., told CCH. “Taxpayers and practitioners are hopeful that the IRS will continue to answer questions about the initiative.”
By George L. Yaksick, Jr., CCH News Staff
Tags: Back Taxes, FBAR, interest, IRS debt, irs news, penalties, quiet disclosures, tax audit, tax deadline, tax help, tax problems, tax resolution, voluntary offshore compliance initiative
Posted in IRS Overview, Penalty Abatement, Tax Debt Help News, Tax Relief News, Tax news and tips, tax help | No Comments »
Monday, June 29th, 2009
Terry Bowling, 62, of Huntington, W.V., was sentenced to one year and a day in prison. He was also ordered to pay in excess of $386,000 in restitution to the IRS.
Bowling, the owner and operator of several businesses, pleaded guilty to a two-count information charging him with the evasion of personal income taxes and federal employment taxes.
Bowling acknowledged his taxable income from 2002 to 2006 was approximately $368,000. However, because of his failure to file personal tax returns, he failed to pay more than $77,000 in taxes due and owing to the IRS.
Whether you are in W. Virginia or any of the other 49 states, Tax Resolution Services can help you find tax relief. You won’t get away with tax evasion! But you may find tax relief with our team of tax attorneys and IRS specialists. Tax Resolution Services has a tax relief success rate of 90%, an Offer in Compromise rate of $0.13 to the dollar!
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Thursday, June 25th, 2009
The former chief executive of a Nevada sports energy drink company has been indicted on tax evasion charges.
Xyience CEO Russell Pike, of Las Vegas, is charged with one count of tax evasion for failing to file a federal individual income tax return for 2006 and failing to pay taxes on more than $6.9 million in income he earned in 2006. Pike is also charged with using nominees and a forward-dated stock sale agreement to conceal his true income from the IRS.
Pike founded Xyience, which manufactured, marketed and sold sports energy drinks — most notably, Xenergy — which was sold in more than 45,000 stores throughout the United States. The indictment alleges that upon the inception of Xyience in 2004, Pike received at least 12 million shares of Xyience stock. During 2006, Pike sold more than 4.4 million shares of his Xyience stock for approximately $6.9 million.
In June 2006, Pike listed his income as $100,000 plus on a brokerage account application. In July 2007, Pike listed his assets as $27 million and his liabilities as $2 million on a life-insurance application. In September and November 2006, Pike purchased a condominium in Las Vegas which was titled in the name of a nominee and made payments on a 2005 Lexus SUV that was held in the name of a nominee.
If convicted, Pike faces up to five years in prison and a fine of up to $250,000.
Avoiding taxes can cause you a headache, prison time and massive fines. Be smart about your taxes – don’t cheat on your taxes! If you feel overwhelmed by tax debt and are seeking relief, you are on the right track. We are a team of tax attorneys and tax specialists from Tax Resolution Services. Seek tax help at 1-866-IRS-PROBLEMS (1-866-477-7762) or visit the Tax Resolution website for a free tax consultation.
Tags: concealing income, concealing income from IRS, Free Tax Consultation, IRS specialist, tax attorney, tax cheat, tax consultation, tax debt, tax evasion, tax fraud, tax relief, tax resolution, tax resolution services, tax services, tax specialist, Xenergy drink, Xyience, Xyience CEO Russell Pike
Posted in IRS Tax Cases, IRS Times and Inquirer | 1 Comment »
Friday, June 19th, 2009
In an effort to curtail corporate financial irresponsibility, the Obama administration has been working fervently to control white-collar tax cheats. The media has successfully portrayed the businesses that have overseas bank accounts as “suspicious” and potentially guilty of tax evasion. In 2001, there was a $345 billion tax gap–most of which can be accounted for by the underground economy of tax evaders who have strategically utilized foreign tax havens and other methods to avoid giving away 1/3, 1/4, or 1/5 of their income to the U.S.† government. I spoke with Chuck Morse early this month on The Chuck Morse Show about the new tax enforcement regulations and how they can affect your financial well-being.
Click here to listen to the entire interview online.
President Obama has gathered momentous support for his expansion of the IRS; this year, 1,000 new IRS agents will be hired, followed by another 1,000 new tax agents in 2010. In 24 months, the IRS is scheduled to grow by 25% in size. This means the IRS will have even more resources at their disposal to come after your hard-earned money. This is the most crucial time to be aware of the new tax regulations in order to protect your assets domestically or internationally.
The New Tax Enforcement Climate
The main focus of these new tax regulations is to target the offshore bank accounts of American businesses; these accounts are relatively protected from the IRS if they are in a country that does not have a tax treaty with the US–such as Switzerland. Lately, IRS has been pressuring convicted tax cheats to give up names of other tax cheaters in exchange for leniency in penalty. This creates a ripple effect that not only incriminates other tax cheaters, but also potentially jeopardizes the innocence of the tax advisers to the tax cheaters–such as lawyers and accountants. All of the sudden, lawyers and accountants who gave legal advice to their clients may now find themselves under investigation by the IRS for suggesting overseas-tax shelters to their clients.
Once the IRS accuses you of a tax violation, you are considered “guilty till proven innocent.” Some taxpayers go to tax court, but only about 6% of cases that go through tax court are actually ruled in favor of the taxpayer. Most of the time, the government wins. Therefore, it is imperative for you to seek a tax attorney’s expertise to handle the tax problem before you contact the IRS yourself. One of the most common and most incriminating mistakes people make is to speak to the IRS themselves without consulting professional tax guidance first.
What the New Tax Regulation Climate Means to You
- Large sums of money deposits into your bank account will require you to formally alert the IRS
“Suspicious Activity Report“–this is the sister form to the “Currency Transaction Report” (which has been around for some time). The Currency Transaction Report is a form that the bank fills out any time you deposit $10,000 or more into your account. The Suspicious Activity Report is the form the bank fills out when you deposit less than $10,000 at regular intervals (i.e. if you go into your bank once a week for six weeks to put in $7,000 each time). The Suspicious Activity Report is investigated by the IRS more thoroughly than the Currency Transaction Report. All tax investigations are conducted by the IRS privately without public notice.
- Casual cash gifts can get you in trouble–and you have the burden to prove your innocence
If you receive large amounts of cash gifts (be it at a wedding or birthday, amounting to more than $10,000) and you go to deposit this amount into your bank, the IRS may accuse you of inaccurately disclosing your income. The IRS does not investigate the details of each cash source; therefore if you are in trouble with the IRS due to a personal circumstance unrelated to undisclosed income, you have to prove to them why you are innocent.
- If your business accepts credit card payments, you have to fill out a 1099 form
By the end of 2010, all credit cards and merchant processors are going to be required to issue the business establishment a 1099 for all the gross credit card receipts that they processed on the business’s behalf. This means restaurants or anyone who takes credit cards as a business are now going to get a 1099 and the IRS is going to compare that to the businesses’ tax returns. This is one area that’s going to go through the roof in terms of enforcement.
- If your business accepts PayPal, you may also need to fill out an IRS Office of Management and Budget Form
If you’re a business and you take more than one thousand dollars in one day of money orders, or you get a certified check of a thousand dollars or more in one day, you are considered a “currency operation”-in other words, they consider you just like a check-cashing establishment and you have to fill out an IRS Office of Management and Budget Form to alert the IRS that you’re one of these money service operations, even though you’re in a totally different business than cashing checks.
The Amnesty Period and Why You Need to Act Now
With the strict new tax enforcement laws, the U.S. government has offered an “Amnesty Period” which will expire on September 22, 2009. This amnesty period is a “break” for business owners with offshore accounts to voluntarily admit to tax evasion in order to reduce the amount they are fined. Before this period, the penalty is only 5-20% of the tax amount. However, after September 22, 2009, the penalty will be five to seven times the largest amount in your account over the last 6 years. Therefore, it is a really good idea to get your tax problems sorted out now before the September deadline.
Currently, the problem is that in this strenuous effort to enforce overseas tax cheats, a lot of people are going to get caught up in trouble who have not done anything wrong and who in the past, would have done the same thing without thinking twice about it, such as making a standard bank transaction. It is important to remain emotionally detached when dealing with the IRS, and it is an especially good idea to hire professional tax help–someone who knows the laws and are familiar with the IRS–to help defend you against unjust penalties.
I deal with tax problems every day and this year alone, my firm has successfully negotiated hundreds of IRS settlements at a rate of $0.13 on the dollar. For a free, no-risk consultation, please call my office at 866-IRS-PROBLEMS (1-866-477-7762) or visit the Tax Resolution Services web site.
Tags: Chuck Morse, failing to file federal tax return, Free Tax Consultation, income tax relief, IRS help, irs problems, Michael Rozbruch, tax advice, tax attorney, tax cheats, tax evasion, tax help, tax resolution, tax resolution services, Tax Resolution Specialist, Tax Tips
Posted in Seeking Professional Tax Help, Tax Debt Help News, Tax news and tips, Taxpayer Advocate, Unfiled Returns - Delinquent Tax Returns, Voluntary Disclosure, tax help | 4 Comments »
Sunday, June 14th, 2009
A Trenton, N.J., doctor was indicted on charges of tax evasion for not claiming and paying taxes owed on income he gained through an alleged kickback scheme with a laboratory, a capitation agreement with a health insurer and a loan agreement with a hospital.
The two-count federal indictment charges Demetrios Perdikis, 40, of Newtown, Penn., with attempting to evade federal income taxes due on income totaling $168,276 for tax years 2002 and 2003. The indictment alleges that Perdikis did not claim as income money he received from a Pennsylvania laboratory and through agreements with Horizon Health Insurance Company and Robert Wood Hospital.
According to the indictment, Perdikis was employed in 2002 and 2003 by Mercerville Medical Associates in Trenton and was working toward becoming a partner in the medical practice.
If convicted, Perdikis faces up to five years in prison and a fine of $100,000.
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Tags: evading federal income taxes, evading taxes, free tax analysis, Free Tax Consultation, kickback scheme, tax evasion, tax relief, tax schemes
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Saturday, June 13th, 2009
Michael R. Aldridge, 42, of Memphis, was convicted of one count of tax evasion the tax years 1991 to 1997.
Evidence presented during the eight-day trial revealed that Aldridge owed more than $261,000 in taxes. Evidence also showed that Aldridge signed and submitted false Forms 433-A and 433-B with two Offers in Compromise to the IRS and made false statements and submitted false documents during the negotiation of these Offers in Compromise.
In addition, Aldridge purchased vehicles in the names of family members and friends during tax years 2001, 2003 and 2004, and purchased a residence using two different nominees between 1992 and 2005.
Evidence revealed that in 2004, Aldridge liquidated the assets of his corporation, Pro Oil, for a profit of $433,000, and through an elaborate scheme, diverted these funds for his own benefit. In an attempt to conceal the scheme, Aldridge made it appear that various relatives had loaned the corporation money. Testimony during the trial showed that Aldridge directed his attorney to disburse the proceeds of this sale to various relatives. Most of these relatives had not made loans to the corporation and they were instructed by Aldridge to deposit $50,000 checks into their personal bank accounts.
The IRS Offer in Compromise program is here to help you and trying to cheat it is not okay. Let a Tax Resolution Specialist help you with your tax problems. We have a wide variety of tax services and will find the one that best helps you find tax relief. Contact us at 1-866-IRS PROBLEMS (1-866-477-7762).
Tags: evading taxes, filing false federal tax returns, Offer in Compromise, submitting false tax forms, tax evasion, tax problems, tax relief, tax resolution specialists, tax schemes, tax services
Posted in IRS Tax Cases, IRS Times and Inquirer, Offers in Compromise | 1 Comment »
Thursday, June 11th, 2009
Former executives of Bank of Durango in Colorado pleaded guilty to tax evasion charges.
Cheryl McMillan, 56, and Marion McMillan, 61, husband and wife residing in Kansas, submitted their plea in Denver.
The tax evasion took place when Marion McMillan was the president of the Bank of Durango, and Cheryl McMillan was the vice president and chief cashier of the Bank of Durango.
According to the stipulated facts in the plea agreements, for tax year 2003, there was $102,731.15 in undeclared income as a result of embezzlements by Cheryl McMillan from the Bank of Durango. For tax year 2004, there was $125,169.14 in undeclared income as a result of Cheryl McMillan’s embezzlements from the Bank of Durango.
The couple face up to five years in prison and a fine of up to $100,000.
No one wants to go to prison for five years or be fined $100,000. Tax relief is available through our Tax Resolution Specialists. Tax Resolution Services has a tax relief success rate of 90%! Whether you are in Colorado or any of the 50 states, you can receive a free tax consultation on the Tax Resolution Services website.
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Friday, June 5th, 2009
Salt Lake City, Utah, escort service operator pleaded guilty to charges of attempted income tax evasion.
The indictment alleges that Roy B. Hoskins owned and operated Companions, an escort service that maintained its principal place of business in Utah. According to the indictment, Hoskins knowingly omitted substantial income from Companions from his individual 2001 and 2002 Forms 1040.
Hoskins faces up to five years in prison and a fine of up to $250,000.
Who wants to spend five years in prison? Tax help and tax relief is available from Tax Resolution Services. We specialize in providing affordable solutions to businesses and individuals alike who find themselves in trouble (collections or audit) with the IRS. We even offer a free tax consultation and here is how to get on your way to tax relief:
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Sunday, May 31st, 2009
With people looking for ways to save money this year, the tax-scam artists are having a field day. But here are the 12 tax scams you are most likely to encounter
By Michael Rozbruch
———————————-
April 15 has come and gone. You can check off one more line in the Death and Taxes column.
But that doesn’t mean you should relax. With identity theft on the rise and scamsters preying on taxpayers looking for a break in these hard economic times, it can be a scary, scary taxpaying world.
For that reason, the IRS is continuing in its annual tradition of releasing a “Dirty Dozen” list — the 12 most common tax scams that could put you in a world of financial hurt. I blogged about the Dirty Dozen list when the year started, and feel it is important to mention it again to prevent you from getting caught in a tax scam.
Whether perusing your e-mail inbox or the local classifieds, beware of these 12 tax scams in 2009:
1. Phishing:Internet-based scam artists use phishing to trick victims into revealing personal or financial information for the purposes of identity theft. Phishing scams often take the form of an e-mail that appears to come from a legitimate company or government entity, such as the IRS. The IRS never initiates unsolicited e-mail contact with taxpayers.
2. Hiding Income Offshore: This is a time-honored tax evasion scam. But don’t fall for it. Today, even Swiss banks are opening up records to the IRS. Using this scam could land you in prison.
3. Filing False or Misleading Forms: Some scam artists promote frivolous information returns, such as Form 1099-Original Issue Discount (OID), claiming false withholding credits are used to legitimize erroneous refund claims.
4. Abuse of Charitable Organizations and Deductions: Watch out for people claiming you can shield income form taxes using tax-exempt organizations.
5. Return Preparer Fraud: Be skeptical of tax return preparers who guarantee large refunds. They aren’t working magic; they’re cheating.
6. Frivolous Arguments: A number of tax-shelter promoters nationwide use frivolous arguments that do not withstand court scrutiny. You can find a list of legal arguments taxpayers should avoid at www.irs.gov.
7. False Claims for Refund and Requests for Abatement: This scam involves a request for abatement of previously assessed taxes using Form 843, Claim for Refund and Request for Abatement.
8. Abusive Retirement Plans: Be wary of anyone encouraging you to shift large assets into IRAs or companies owned by IRAs.
9. Disguised Corporate Ownership:The IRS actively investigates the use of corporations to facilitate the underreporting of income.
10. Zero Wages: Some scam artists advocate simply filing your taxpayer income as $0.
11. Misuse of Trusts: Although there are legitimate uses of trusts, scam artists employ them as tax shelters.
12. Fuel Tax Credit Scams: This tax credit was largely intended for commercial farmers, but some individual taxpayers are abusing it by submitting frivolous credit claims.
I am a Certified Tax Resolution Specialist, a member of the American Society of IRS Problem Solvers and a Maryland CPA. You can contact me at 866-477-7762 to obtain a free subscription to the IRS Times & Inquirer newsletter.
Tags: false tax claims for refunds, filing false tax returns, hiding income offshore, most common tax scams, phishing, Phishing Tax Scams, requests for abatment, tax attorney, tax resolution, tax scam, Tax Scams
Posted in IRS Times and Inquirer, Tax Problem FAQs, Tax Scams | 2 Comments »
Saturday, May 30th, 2009
Arlan R. Turley, 60, of Gilbert, Arizona, was indicted on two counts of willful failure to file a tax return and 20 counts of willful failure to pay over taxes. Turley, a licensed dentist in Arizona, operated the East Valley Dental Service in Mesa, Ariz.
The indictment alleges that the charges for failure to file are the result of Turley’s non-filing of his 2002 and 2003 income tax returns. In fact, Turley has not filed an individual tax return for the years 1997 to 2007. The charges for failure to pay are alleged to be the result of Turley not turning over his employees’ payroll taxes to the government. If convicted, he faces up to five years in prison and a fine of up to $250,000.
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Tags: arizona tax services, failure to file tax return, tax attorney, tax cheat, tax evasion, tax relief, tax services, willful failure to pay taxes
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Friday, May 29th, 2009
Gary P. Mallows, of Longmeadow, Massachusetts, was indicted on charges of tax evasion and failure to file tax returns.
The government alleges Mallows concealed assets and income that he received from various sources. It also alleges Mallows evaded payment of a Trust Fund Recovery Penalty assessed by the IRS in 2001 in the approximate amount of $86,237.08. In addition, Mallows allegedly failed to file timely tax returns for 2002, 2003 and 2004.
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Tags: concealed assets, delinquent tax returns, Failing to file tax return, failing to file tax return on time, Massachusetts tax consultation, Massachusetts tax help, tax cheat, tax evasion
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Sunday, May 24th, 2009
Glenn E. Lockwood, 61, of Kenai, Alaska, was sentenced to five years in prison for his conviction on four counts of tax evasion. In addition to prison, Lockwood was ordered to pay a $10,000 criminal fine and an additional $42,000 for the costs of prosecution.
According to court records, Lockwood was a practicing dentist who owned the Kenai Dental Clinic and attempted to evade more than $575,000 in federal income taxes for the years 2000 to 2003. As set forth in the indictment, Lockwood improperly leased his professional services to an Irish entity, which leased his services to a Nevada company, which in turn leased Lockwood’s services back to his professional corporation, Glenn E. Lockwood, DDS, PC.
The evidence presented at trial established that Lockwood used nominees, offshore accounts and a sham trust to disguise his interest in assets. He hid his money offshore, funneling it through Ireland and the Caribbean island of Nevis and the Bahamas.
Evidence at trial also showed that Lockwood deducted practically every expense in his life from the relatively little income he did report, including deducting expenses to massage parlors as “continuing education.”
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Tags: Free Tax Consultation, hiding assets from IRS, offshore accounts, tax attorney, tax cheat, tax deductions, tax evasion, tax relief, tax resolution
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Saturday, May 23rd, 2009
Lee B. Woodbury, 51, of Gilbert, Ariz., was sentenced to 18 months in prison and ordered to pay restitution of $97,232 after pleading guilty to willfully filing a false tax return. Until contacted by the IRS Criminal Investigation Division, Woodbury had not filed returns for tax years 1998 to 2001. He later under reported his income in returns. In total, the tax loss as a result of Woodbury’s willfully filing false tax returns was $35,633.
Tax evasion is one of my most popular topics to blog about. Time and again, people evade taxes and always seem to get caught. Get a handle on your taxes – we at Tax Resolution offer our tax expert services. We are tax attorneys and IRS specialists and can help you handle your taxes! Call us at 1-866-IRS-PROBLEMS to set up a free tax consultation.
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Monday, May 18th, 2009
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 to make substantial principal payments on the mortgages for vacation homes in North Carolina and Florida. In all, Smith diverted more than $430,000 from his tire business to his personal bank accounts and mortgages. In about August 2003, he also purchased a real estate lot in North Carolina near his vacation home with $68,100 in cash.
Smith concealed the diverted funds from his bookkeeper, records show. Smith also took substantial fraudulent tax deductions in relation to a purported farm at his personal residence. As a result, Smith filed false personal and business tax returns for tax years 2000 to 2003. The tax loss resulting from Smith’s scheme was more than $400,000.
As part of his plea agreement, Smith agreed to a binding sentence of 30 months in prison and agreed to pay $170,380 in restitution to the IRS, including a lump sum payment of $50,000 to be paid prior to sentencing. As part of the plea agreement, the government agreed to dismiss tax charges against Smith’s wife, Lori Ann Smith.
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