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Sunday, December 27th, 2009
I recently appeared on the Big Biz Show with Russ and Sully to talk about the new top 500 list that the Swiss Government released to the IRS. The first 500 people who made it on the “Swiss Cheese List” are now under IRS scrutiny for tax evasion charges–many facing IRS penalties up to $2.3 million or ten years in prison for FBAR violations ($2.1 million for failure to report overseas funds on the tax return plus $125,000 in penalties). These names are people who have not chosen amnesty by disclosing their accounts to the IRS before October 15th. Consequently, the IRS is expecting large sums of money from these accounts in the form of back taxes, severe penalties, and interest.
Considering how impenetrable the Swiss bank accounts have been for the past 50 years, this new development where the IRS is now able to penalize tax evaders with help from the Swiss government is huge news. Taxpayers need to be alarmed at the fact that the IRS can simply go over to the Swiss Government and make them open their banks. Over this past summer, a whistleblower from the Swiss Government allowed the US Government to file and win a settlement through an injunction. The deal was that the Swiss Government will release 2,450 names to the IRS, out of which the first 500 names have just been handed over. This is merely the beginning–there will definitely be more names to come.
This change of tax climate doesn’t only apply to the wealthy corporate titans either–if you are an average taxpayer, this news should come as a warning sign. It’s important for everyone to realize that no tax evasion scheme is safe from the IRS’s reach.
While it is possible that among the 500 names released, some may be truly innocent of tax evasion, the IRS is still going to hold these people guilty till proven otherwise. This means the “wrongfully accused” will have to get tax help from a tax attorney, CPA, or tax resolution specialist to help produce convincing evidence to substantiate their innocence. We have a specialized division solely devoted to offshore tax evasion defense that is here to help you fight against the IRS if you find yourself in cross-hairs.
In the past, I have stressed the importance of the changing tax climate in my TRS newspaper publication that the days of “safe” illegal tax shelters are over. Just look at the recent incident at the Cayman Islands and the Bahamas where taxpayers were caught and penalized for tax evasion through the usage of oversea credit cards.
Don’t make the mistake of believing that you can get away with any tax evasion schemes. The IRS has successfully busted down the walled gates of the Swiss Banks–it’ll be foolish to think that they are not powerful enough to find you.
If you did not declare your oversea funds by October 15th’s amnesty deadline, you can still get tax help from a tax attorney or CPA to resolve your offshore tax evasion charges. Tax Resolution Services is a team of expert tax attorneys, CPAs, and tax resolution specialists who are here to help you settle your IRS tax problems. Call our office today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com.
Tags: Back Taxes, Big Biz Show with Russ and Sully, Michael Rozbruch, offshore tax evasion charges, offshore tax evasion defense, Swiss bank accounts, tax attorney, tax evasion, tax expert, tax help, tax relief, tax resolution, tax resolution expert
Posted in Back Taxes, Expert Help From Tax Attorney, IRS help, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, Tax news and tips, tax help | No Comments »
Thursday, December 24th, 2009
If you’re a victim of a “Ponzi”-type investment scam then you know that dealing with investment fraud is no fun. Did you know that you may be able to recoup 30% to 40% of your losses under Internal Revenue Code Section 165? We call it “Section 165 Representation” or Investment Fraud Representation. Our professional tax team can help you amend prior years tax returns sometimes resulting in a reduction of taxes paid in those years and subsequently receiving a refund with interest. If you have been a victim of investment fraud, our tax attorneys want to help you! Don’t worry about the person who scammed you – the IRS will get them and they will pay the price, as this Florida scammer found out.
After pleading guilty to charges of federal income tax evasion, Carl Libertino, 42, of Sebastian, Fla., was sentenced 30 months in prison, to be followed by three years of supervised release. In addition, Libertino was ordered to pay the government $202,160 in restitution.
According to court records, Libertino did not file personal income tax returns for 2004, 2005, 2006 and 2007. During these years, Libertino received substantial income, which he had not declared, including $443,160 in 2006. His income came, in large part, from people who believed they were investing their money through Libertino. In addition, to conceal his income and evade taxes, Libertino operated mostly in cash, withdrawing amounts small enough to evade federal currency transaction reporting requirements. Libertino also purchased large ticket items in cash, including, for example, purchasing a new car using a $20,000 cashier’s check and $7,620 in cash.
Contact Tax Resolution Services to find out more about Investment Fraud Representation. Call toll-free and speak with one of our tax consultants at 1-866-IRS-PROBLEMS (1-866-477-7762) to get help with recovering your investment fraud losses today!
Tags: evading taxes, federal income tax evasion, investment fraud representation, ponzi scheme, professional tax team, section 165 representation, tax cheat, tax evasion, tax resolution services, tax scam
Posted in IRS Tax Cases, IRS Times and Inquirer, Tax Scams | No Comments »
Tuesday, December 15th, 2009
Taxpayers with undisclosed money overseas need to get tax help now in order to defend against potential IRS offshore tax evasion charges.
Ever since the UBS deal in the summer of 2009, the IRS has been cracking down on overseas tax evaders–wealthy business owners, CEOs and CFOs of large multi-national corporations, and regular taxpayers who just happened to have funds overseas.
The IRS recently announced that it has already hired hundreds of new tax collection agents for its new “high wealth” unit. According to Forbes, this new high wealth unit will focus “on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals.”
According to Forbes, “The U.S. House of Representatives on Thursday approved a $387 million boost for the IRS for the fiscal year that started October 1, in part to fund the high-wealth unit. The Senate is expected to vote on the measure on Sunday.”
With international offices are expanding in Panama City, Beijing, and Sydney, the IRS is gunning to crack down on international tax evaders in order to bring in more government revenue.
This IRS news is not to be taken lightly if you have funds overseas. You must ensure that your money is disclosed to the IRS in order to avoid severe penalties and even prison time. If you missed the October 15th amnesty deadline for voluntary disclosure, you can still get expert tax help from a tax attorney, CPA, or tax resolution specialist to resolve your IRS problems.
It is never a good idea to wait for the IRS to find you. Oftentimes, if you approach the IRS proactively with your tax situation, you will be able to settle an IRS penalty abatement. Otherwise, your financial future is at the mercy of the aggressive IRS agents. Don’t let that happen to you. Get tax help now.
Contact Tax Resolution Services to find out more about our tax help services. We have a special Offshore Tax Evasion Defense division that is here to help defend your case against the IRS. If you find yourself in IRS trouble and need a professional tax attorney, call us today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com
Tags: IRS offshore tax settlement, IRS penalty abatement, offshore tax evasion defense, tax attorney, tax help, tax relief, tax settlement
Posted in Expert Help From Tax Attorney, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help | No Comments »
Tuesday, December 15th, 2009
Did you know that Tax Resolution Services specializes in tax help and tax relief, providing affordable solutions for those who find themselves in tax trouble with the IRS? Don’t face a tax audit or delinquent tax filings alone! The first step to tax relief is hiring a tax expert, tax attorney or IRS specialist. Seeking tax help isn’t uncommon! Tax Resolution Services has prepared well over 25,000 federal and multi-state tax returns for clients in the last few years. We have tax experience! We can help you . . . unless your tax problems are like this man’s story below:
Businessman James T. Espinola, 61, of Pelham, N.H., pleaded guilty to tax evasion and assisting in the filing of false tax returns.
The charges are related to Suburban Middlesex Insulation (SMI) owners Darrell Maclean and Charles Smith, who were charged separately. SMI used laborers supplied by temporary employment agencies to perform asbestos-abatement work in industrial and public buildings in the cities, such as New Bedford, Fall River and Brockton.
From 2001 to 2005, Maclean and Smith engaged in a scheme to evade income tax payments by having Espinola cash checks for them and by declaring those checks as business expenses. Each week, either Maclean or Smith would hand Espinola a second, larger check ranging in amount from $5,000 to $15,000. Espinola deposited the checks into his bank account, withdrew the funds in cash and then delivered the cash, minus a cut for himself, to Maclean and Smith at their office. For the years 2001 to 2005, Maclean and Smith failed to report their shares of the cash from Espinola on their tax returns as taxable income.
For the tax years 2001 to 2005, Maclean and Smith deprived the United States Treasury of approximately $981,880 and $538,571 in tax payments, respectively. For his part, Espinola concealed approximately $372,410 of additional tax revenue by falsely understating his income for the same years to his tax preparer, knowing that the tax preparer would rely on his statements in preparing his income tax returns.
Tax help is only a phone call away. Call Tax Resolution Services for a free tax consultation at 1-866-IRS-PROBLEMS (866-477-7762).
Tags: falsely understating income, filing false tax returns, Free Tax Consultation, IRS specialist, seeking tax help, tax attorney, tax cheat, tax evasion, tax evasion scheme, tax expert, tax relief, tax resolution services, tax scam
Posted in IRS Tax Cases, IRS Times and Inquirer, IRS tax audit, Working with the IRS, tax help | No Comments »
Saturday, December 12th, 2009
An IRS audit is one way the IRS catches tax cheats! Many people are selected for IRS audits, however, it doesn’t mean that everyone is guilty of cheating on their taxes. If the IRS has approached you for a tax audit, and you feel that you are innocent, don’t panic! Instead seek professional tax representation to help you get organized and guide you through the tax audit process. As I mentioned, some people who go through audits are innocent and some are not. This Connecticut man was not, and it was probably an IRS audit that caught him!
Vincent Mavilia, 66, of Warren, Ct., pleaded guilty to tax evasion. According to court records, Mavilia has owned and operated a number of bars and adult entertainment businesses. However, from 1992 to 2003, Mavilia took steps to conceal from the IRS his ownership of the businesses, and the income he received, by placing them in the name of his adult daughter. He faces up to five years in prison and a fine of up to $718,582.
If you are facing an IRS tax audit then you need Tax Resolution Services on your side. Our team of tax attorneys are ready to represent you and help solve your tax problems. Fill out our online form for a free tax consultation. Visit our tax blog for free tax advice!
Tags: cheating on their taxes, concealing income from the IRS, evading taxes, Free Tax Consultation, IRS audit, professional tax representation, solve tax problems, tax attorney, tax audit, tax cheat, tax evasion, tax resolution services
Posted in IRS Tax Cases, IRS Times and Inquirer, IRS tax audit, Seeking Professional Tax Help, tax help | No Comments »
Thursday, December 10th, 2009
Recently, more than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before the October 15th deadline, generating “billions of dollars” in new revenue for the IRS. Based on this success, the IRS has hired 800 personnel in the United States and bulked up their offices overseas to smoke out more tax revenue from offshore hiding places.
Taxpayers need to be cautious around this time and not make the mistake of believing that if they have foreign bank accounts in other countries other than Switzerland that they won’t get caught. The fact is: if you have an offshore bank account anywhere in the world, you need to act now to disclose it to the IRS before they find you. It doesn’t matter if you have the account for Holocaust reparations, an overseas job, operating expenses for a vacation home, or funds from a married spouse from another country – you could be the next victim of the IRS’s intensified federal crackdown on offshore accounts.
We recently launch of our specialized Offshore Banking and FBAR Defense Division headed by Brian Compton, one of the nation’s leading offshore tax evasion defense experts. Compton personally oversees all offshore tax evasion defense cases and works closely with our firm’s team of IRS and legal experts (tax attorneys, CPAs) to help clients disclose overseas funds, obtain FBAR compliance and reduce severe IRS penalties.
Compton warns taxpayers that the IRS back tax penalties for offshore accounts can add up to double or triple the amount that is hidden in those accounts. If you think your offshore bank account may be a potential IRS target, it’s important to follow the IRS’s disclosure guidelines to avoid huge fines and penalties, including jail time.
If you contact the IRS yourself, any mistake you make can have severe consequences. Tax evasion carries a five-year sentence, while failure to file FBAR reports is punishable by a 10-year sentence – so you will need an experienced FBAR tax attorney or tax resolution specialist on your side.
To learn more tax help tips, check out our other TRS publications.
Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.taxresolution.com or call 866-IRS-PROBLEMS.
Tags: brian compton, FBAR, Michael Rozbruch, offshore bank account, offshore banking and FBAR defense division, offshore tax evasion defense, offshore tax settlement, tax attorneys, tax help, Voluntary Disclosure
Posted in Expert Help From Tax Attorney, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, Tax Resolution Options and Alternatives, Voluntary Disclosure | No Comments »
Thursday, December 10th, 2009
The LA Times reported that the IRS has filed a federal tax lien against Gov. Arnold Schwarzenegger for nearly $80,000.
The lien was filed May 11 at the Los Angeles County recorder’s office for $79,064, according to a record in an electronic database that includes lien filings. The record does not indicate what property the lien was placed on, but it lists the debtor as Arnold Schwarzenegger with the governor’s home address in Brentwood.
I viewed the actual Notice of Federal Tax Lien on TMZ.com, which posted a copy of a lien document that shows that Schwarzenegger owes $39,047.20 in back taxes from 2004 and $40,016.80 from 2005.
This type of tax trouble results from a failure to report certain business transactions (IRC Section 6721) and the penalty is filed against his FEIN (federal employment identification number) not his SSN (social security number). This is a penalty for not filing certain required tax forms such as W-2s or 1099s or 1098s.
If Arnold wants to terminate this penalty, it can be easily reversed by simply filing the applicable forms with the IRS. However, since these tax problems date back 4-5 years, it may be hard to locate the source documents, if they still exist.
For more tales of high-profile tax woes, check out the Top 7 Tax Resolution Lessons Learned from the Worst Cases of Celebrity Tax Evasion.
If an IRS tax lien has been filed against you, it’s important to seek professional tax attorney and tax resolution services. For expert tax help resolving your back taxes, call for a free tax consultation – 1-866-IRS-PROBLEMS.
Tags: Arnold Schwarzenegger, Back Taxes, celebrity tax evasion, federal tax lien, IRS tax lien, Michael Rozbruch, tax attorney
Posted in Tax Liens and Levies, Tax Relief News, Tax news and tips | 1 Comment »
Tuesday, December 8th, 2009
If you have undeclared funds in foreign bank accounts, you need to act now. If you missed the October 15th tax amnesty deadline for voluntary disclosure, there is a heightened need to get expert tax help as soon as possible from an FBAR tax attorney or FBAR tax resolution specialist who can help you seek IRS penalty abatement to reduce the impact of back taxes and severe criminal implications.
I have worked with my associate Brian for many years and he is the head of our firm’s Offshore Banking & FBAR Defense Division. As President of Tax Resolution Services, Co., Brian personally oversees all our offshore tax evasion defense cases and works closely with our team of experts (tax attorneys, CPAs) to help our clients obtain FBAR compliance and reduce severe IRS penalties.
The fact is more than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before October 15th so they wouldn’t face criminal prosecution if they paid FBAR back taxes, interest and reduced civil penalties. According to the IRS, the FBAR amnesty program generated “billions of dollars” in new revenue from back taxes.
Even though you may have blown your one official shot for offshore account governmental leniency, there’s still hope to reduce FBAR penalties if you get expert tax help to get started on your voluntary disclosure and FBAR compliance before the IRS comes knocking on your door.
The IRS is Determined to Smoke Out More Tax Revenue from Offshore Hiding Places Than Ever Before
The IRS has found that the back tax money in offshore accounts is gigantic. The IRS expects to get another $8.5 billion in back taxes over the next few years from offshore bank account holders just like you. And that is just the tip of the iceberg. The IRS is eying over $100 billion in unpaid FBAR back taxes stashed in offshore accounts. In offshore accounts, the IRS has found a new money tree and they will never ever stop shaking for every penny of back taxes.
Based on the billion dollar success of the offshore account FBAR amnesty program, the IRS has staffed up to find those offshore account holders who didn’t take the opportunity to avoid jail time. The IRS has just hired 800 personnel in the United States and bulked up their offices overseas solely for the purpose of tracking down offshore account holders.
Don’t Wait for the IRS to Come After You
Now that the FBAR amnesty deadline has passed, the only way to avoid the wrath of the IRS’s intensified federal crackdown on offshore accounts is contacting a FBAR tax attorney or tax resolution specialist who can mount an offshore tax evasion defense by drafting a voluntary disclosure agreement. Retaining effective offshore tax evasion defense, means that your FBAR tax attorney, tax resolution specialist or CPA will take over all communications with the IRS, making the required disclosures, filing FBAR reports and amending tax returns typically for 2003 thru 2008.
Prosecutions of offshore account holders in UBS tax cases are making headlines across the world while sending the message that the IRS will not tolerate offshore tax evasion. Due to the severity of the financial penalties and criminal implications, it is not in the account holder’s best interest to wait for the IRS to approach them.
How To Get Tax Help with Your Offshore Bank Account and FBAR Compliance
Here are the first steps to take:
1. Get together all your offshore accounts. Break them down by country. Some offshore account countries have already opened up all their offshore account books to the IRS, others are in the process of doing so. Those safe offshore account tax havens are an endangered species on the verge of extinction. Don’t join them.
2. Contact a FBAR tax attorney or tax resolution specialist – make sure you retain a professional with a proven track record of successfully handling offshore tax evasion cases. Explain your situation in full detail including who told you to set up these offshore accounts and include any documentation from your offshore account financial advisors. You will want to need to show that you were not willfully failing to declare foreign income.
3. Have your FBAR tax attorney or tax resolution specialist conduct all communication with the IRS. This is not the time for amateur hour. So, how serious is this? Very. Every FBAR tax attorney or tax resolution specialist will tell you that IRS back tax penalties for offshore accounts are double or triple the amount that is hidden in those accounts. If the IRS believes you acted willfully, you’re looking at 10 years of jail time. If you contact the IRS yourself (something you should never, ever do) an innocent mistake can have severe consequences. For example, if you try to do a voluntary disclosure without a FBAR tax attorney and you forget to file form 5471, you will be hit with an automatic, immediate, mandatory $10,000 fine. And that’s just one of the many small details an experienced FBAR tax attorney or tax resolution specialist can catch.
Finally, don’t give up hope. Even if you missed the Oct 15th deadline for voluntary disclosure of offshore accounts, a good FBAR tax attorney can give you the tax help you need by reducing fines and criminal sanctions. But you need an experienced offshore tax evasion expert to give you tax help, not just any tax attorney or CPA, but someone who can help your survive the dangerous waters of international tax law. Battling the IRS on offshore tax evasion charges requires the highest level of tax law legerdemain. You need to act now. The IRS probably already has your number.
Tax Resolution Services has a very specialized division for defending offshore tax evasion cases. This highly specialized department is run by one of the nation’s leading offshore tax evasion defense experts, Brian Compton. Call our team of expert tax attorneys, and CPAs today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com
Tags: Back Taxes, brian compton, FBAR Defense, offshore accounts, Offshore Banking, offshore tax evasion defense, Penalty Abatement, tax attorney, tax evasion, tax help, tax resolution, tax settlement
Posted in Back Taxes, Expert Help From Tax Attorney, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help | No Comments »
Friday, December 4th, 2009
The IRS offers Innnocent Spouse Tax Relief for people who find themselves in tax trouble due to the actions of their spouse or ex-spouse. The IRS has set Innocent Spouse Guidelines to determine if a spouse will be held jointly responsible for the tax crime. If you find yourself in an unpleasant tax situation where you believe that you may qualify for the IRS Innocent Spouse Tax Relief, do the following: review the Innocent Spouse guidelines and FAQs, and seek the help of a tax professional from a tax attorney or an IRS specialist. If, however, you and your spouse are in cahoots to evade taxes, then you may just find your story ends similarly to this one!
James L. Jensen and Robin L. Jensen of Cordova, Alaska, were indicted in Anchorage on charges of evasion of tax payments, filing false income tax returns, and failure to file tax returns.
According to the 12-count indictment, James Jensen is a commercial fisherman, and James and Robin Jensen owned a cabin-rental business called Bear’s Den Cabins. According to the charges, James Jensen attempted to evade paying his taxes for years 1994, 1995, 1996 and 1997 – which, by 2001, exceeded $200,000 – by sending the U.S. Secretary of the Treasury a fictitious financial instrument called a “Bill of Exchange.”
The indictment also alleges that he created a number of nominee entities, including a trust and two corporations — “Eyak River Ministries” and the “Rhema Foundation” — in an attempt to hide income and assets.
Other counts allege that for tax years 1998, 1999 and 2000, the Jensens filed income tax returns with false deductions and expenses that resulted in payment of no taxes. Finally, the indictment alleges that for tax years 2004, 2005, 2006 and 2007, they failed to file income tax returns.
They face up to five years in prison and a fine of up to $250,000.
Tax Resolution Services is a professional tax team that can help you find tax relief with your tax problems. Got questions about the IRS Innocent Spouse Tax Relief or want to set up an IRS Payment Plan to pay your taxes? Sign up online for a free tax consultation or call us at 1-866-IRS-PROBLEMS.
Tags: Failing to file tax return, fictitious "bill of exchange", filing false income tax return, filing false tax return, filing tax return with false deductions, hiding assets from IRS, innocent spouse tax relief, IRS innocent spouse FAQ, irs problems, IRS specialist, professional tax team, tax attorney, tax cheat, tax crime, tax evasion, tax problems, tax resolution services, tax trouble
Posted in IRS Tax Cases, IRS Times and Inquirer, Innocent Spouse | No Comments »
Thursday, December 3rd, 2009
It may resemble a chapter out of 1984 but the recent surge of whistle blowers to the IRS about tax cheats comes as no surprise since these whistleblowers are getting paid enormous sums of money for “telling on their neighbors” for owing back taxes.
A recent Forbes article revealed that a new federal rewards program dishes out cash to people who turn in friends, relatives and employers for fudging their tax returns.
Take Bradley C. Birkenfeld, a former employee of UBS AG, who came to U.S. officials with documents in hand and laid out how his former employer, UBS AG, helped wealthy Americans hide money offshore. So far the investigation he triggered has produced a $780 million payment in back taxes and penalties to the U.S. government from UBS, Switzerland’s largest bank.
Consequently, Birkenfeld, who is facing 40 months in the federal pen, may now leave prison with millions of dollars in reward money.
The IRS is changing its attitude towards Whistleblowers–ten years ago, anyone who had enough knowledge of a company’s accounting books were not eligible for reaping any reward money for being the whistleblower because they were inevitably involved in crafting the tax evasion activities. Now, these same people who may have faced prison sentences for their crimes may be entitled to received a reduced reward amount (which could still be very substantial, depending on the case and how much back taxes owed).
This whistleblower rewards program has motivated many more people to rat out the “bigger guys.” From 2004-2005, the IRS was mostly dealing with small cases of tax evasion. But according to Forbes, “in fiscal 2009, ended Oct. 30, the IRS Whistleblower Office also logged big case leads on 1,900 taxpayers, up from 1,246 in fiscal 2008, the first full year the new law was in effect. Dozens of these tips involve purported tax losses of $100 million or more.”
In many of these instances, the whistleblower could walk away from it with anywhere between 15% to 30% of the back taxes owed by some of these corporations–amounting to rewards of millions of dollars.
The important thing to learn from this development is that the only way to ensure that no one will hand you on a silver platter to the IRS is if you do not commit any tax fraud. The rewards are high for whistleblowers and who’s to resist the temptation of a large payoff in this economic slump?
Get your accounting number straight. Make sure that your tax numbers are legitimate and correct. If you have someone else do your accounting for you, make sure to verify the accuracy of the numbers you submit to the IRS. Once you sign off on your tax forms, you are technically liable for what you have “approved” on it. Don’t risk being accused of being a tax cheat–hold your accountants accountable.
Also check out this great cartoon we posted last month on the whistleblower program.
Read the full Forbes article on IRS whistleblowers.
Tax Resolution Services is a team of expert tax attorneys, CPAs, and tax resolution specialists who help people with their tax problems every day. We have successfully settled thousands of cases for taxpayers with tax debt both big and small. Call us today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com
Tags: Back Taxes, Forbes article whistleblower, IRS debt, IRS whistleblower reward, tax attorney, tax cheats, tax evaders, tax evasion, tax fraud, tax help, tax relief, tax resolution, UBS AG, whistleblower money
Posted in Back Taxes, Offshore Tax Settlements, tax help | No Comments »
Thursday, December 3rd, 2009
You don’t have to be a wealthy jet-setter to get caught in the IRS crosshairs – especially as they are aggressively going after million in back taxes from undisclosed fund in foreign bank accounts.
My associate Brian Compton is one of the nation’s leading offshore tax evasion defense experts. He was recently interviewed by Joe Mont for an article in The Street.com, Overseas Bank Sting Ensnares Average Joes. That’s right- NO ONE is safe from the IRS. You may have an offshore bank account anywhere (not just in Switzerland!) for Holocaust reparations, an overseas job, or perhaps you married a spouse from another country who has funds there. We spoke to someone who was a model and worked in Japan and Europe, and the funds were deposited in the local bank for convenience. Even if you have a timeshare or second home in Mexico and have a bank account to fund operating expenses, you could be a potential target.
As President of Tax Resolution Services, Co., Brian also heads up our firm’s specialized Offshore Banking & FBAR Defense Division. He personally oversees all our offshore tax evasion defense cases and works closely with our team of experts (tax attorneys, CPAs) to help our clients dobtain FBAR compliance and reduce severe IRS penalties.
If you think your offshore bank account may be a potential IRS target, it’s important to follow the IRS’ disclosure guidelines. It’s also important to amend your tax returns accurately. In addition to huge fines, filing a false tax return is punishable by up to three years in prison. Tax evasion carries a five-year sentence. Failure to file a report that gives details of a foreign bank’s name and the amount of an account holder’s assets is punishable by a 10-year sentence.
Our team of tax attorneys, tax resolution specialists and CPAs can help you mitigate the severe IRS penalties and criminal sanctions for offshore account holders. Don’t wait for IRS to come after you, we can help you resolve your IRS problems before it’s too late. Call us at 866-IRS-PROBLEMS (1-866-477-7762) or for a free consultation.
Tags: Back Taxes, brian compton, irs offshore accounts, offshore bank accounts, offshore tax evasion, offshore tax evasion defense, overseas bank accounts, tax attorney
Posted in Back Taxes, Offshore Tax Settlements | No Comments »
Thursday, December 3rd, 2009
One of the worst mistakes a taxpayer can make is to underestimate the power and reach of the IRS.
Recently, we have seen how serious the IRS is about collecting back taxes and penalizing those who have deliberately evaded their tax payments. The truth is, no one is safe from the IRS’s grasp-not even A-list celebrities like the ranks of Wesley Snipes, Pete Rose, Sophia Loren, and many more. These celebrities have faced some severe IRS charges and penalties for evading large sums of tax payments.
While it may be difficult for many taxpayers to directly relate to owing the IRS millions of dollars in back taxes, these celebrity IRS tax evasion stories still teach regular taxpayers a valuable lesson: the IRS will find you if you cheat on your taxes.
It has been a common misconception that the IRS “only goes after the big fish.” This is simply not true. Our team at TRS has compiled an archive of tax resolution stories from regular taxpayers like you who have found themselves caught in IRS problems. Check out Stuart B’s tax resolution story at The TRS Files to learn how everyday taxpayers resolved their IRS debt.
Don’t mistake your chances of getting caught by the IRS. If you think that you may be in IRS trouble, the best thing to do is to be proactive about resolving your tax problems. Many times, the IRS penalties are much more severe if the IRS finds you before you go to them. Get tax help now if you fear that you may be next.
To read more about how you can resolve your IRS tax debt, check out our IRS tax debt relief newsletter.
You can also learn more other tax help tips and advice by checking out our previous IRS tax debt relief newsletters.
Tax Resolution Services is a team of tax attorneys, CPAs, and tax resolution specialists who help taxpayers like you with IRS problems every day. Call us today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com
Tags: Back Taxes, celebrity tax evasion, tax attorney, tax evasion, tax help, tax relief, tax resolution, TRS Files, true tax resolution stories
Posted in Back Taxes, Seeking Professional Tax Help, TRS Files, Tax news and tips | No Comments »
Wednesday, December 2nd, 2009
Before the UBS deal of 2009 that sent overseas account holders scrambling to submit their voluntary disclosures before October 15th’s amnesty deadline, many people believed a number of IRS myths: that Swiss Bank Accounts are a “tax fortress” impenetrable by the IRS or that the IRS only cared about the “bigger fish.” However, as we have seen in the past couple of months, this is clearly not the case anymore. At this point, taxpayers with undisclosed funds should be looking for expert offshore tax evasion defense.
Authorities in Switzerland have notified the first 500 Swiss bank clients whose names they are set to turn over to the United States government for suspected tax evasion. Those 500 people will have met strict criteria established by Swiss authorities, which include holding over 1 million Swiss francs at any time between 2001 and 2008, the use of false documents or other fraudulent actions, and accounts that earned an average of 100,000 francs a year for the last three years.
Since Switzerland built a reputation of neutrality that extended to its banking system, creating an independent enclave of banks immune from outside pressure, this latest collaboration with the IRS to hunt down tax evaders is groundbreaking news.
Wealthy Americans who have depended on these foreign bank accounts can no longer feel safe from the IRS with their money stashed abroad. It would be naive for anyone to believe that cheating the IRS of back taxes will go unnoticed forever.
What’s really important to note from all of this is that the IRS is serious about collecting all the taxes it can get. Regular taxpayers who don’t have overseas bank accounts can take away a very valuable lesson from all of this: If the IRS can get these guys, you better believe they can get you.
Just ask the tens of thousands of Americans who were using a Caribbean bank account linked to a U.S. credit card to evade taxes. Now that the IRS has their information thanks to a separate deal with the credit card companies, they have every reason to be sorry.
Don’t underestimate the power and the reach of the IRS. If you gamble with your chances of getting caught for tax evasion, it’s like playing Russian Roulette with a loaded gun–your luck is bound to run out at some point.
If you find yourself in IRS trouble due to having funds in a undisclosed foreign bank account, you may be able to reduce your penalties or settle your taxes with an IRS payment plan. Learn how you can get an offshore tax settlement to save your financial future.
To learn more tax tips and tax help advice, check out our previous publications.
If you owe the IRS back taxes, you can take control of your tax problems by getting expert tax help. By being proactive with resolving your tax problems, oftentimes you can reduce your IRS penalties and fines. Tax Resolution Services is a team of tax attorneys, CPAs, and certified tax resolution specialists. We’re here to help you get the tax settlement you deserve. Call us today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com
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Wednesday, December 2nd, 2009
No amount of singing or dancing can get you out of a tax lien filed by the IRS. When the IRS files a tax lien, it means that you owe taxes, usually a lot of taxes. Tax liens are no laughing matter – they can tie up your personal property and real estate, make it impossible to get financing for a car or home and, for celebrities, possibly the most embarrassing part of having a tax lien filed against them is that it is public knowledge. Famous actor Nicholas Cage knows this first hand – having a tax lien recently filed against him stating he owes $6 million in taxes. Now joining Nicholas Cage is former Backstreet Boy Aaron Carter. He’s not the first Hollywood star to evade taxes (see my former post on Worst Cases of Celebrity Tax Evasion), and he won’t be the last either!
Aaron Carter owes the IRS more than $1 million in unpaid taxes, according to tax lien filed in Los Angeles.
The former House of Carters star and Dancing with the Stars contestant has unpaid taxes that date back to 2003. For that year alone, Carter owes the government $965,284. He also owes $45,350 from income earned in 2006.
Carter, who was eliminated from the ninth season of Dancing with the Stars, has not been charged with a crime.
If a tax lien is filed against you, you need to do something about it! Seek professional tax help from Tax Resolution Services. We offer a free tax consultation and ongoing free tax advice on our tax blog – updated almost daily!
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Monday, November 30th, 2009
IRS Payment Plans, also known as an Installment Agreement, are available to those who owe taxes and feel they cannot pay their tax liability all at once. If you are in this situation, it is wise to work with a tax professional, such as Tax Resolution Services’ team of tax attorneys and IRS specialists, who can help you negotiate a low Payment Plan with the IRS. When people are facing taxes, some people make bad decisions such as trying to write-off personal expenditures as part of their business. This isn’t smart and usually doesn’t go over well with the IRS, as seen in this article.
Leonard Widman, 54, of Sherman, Conn., was sentenced to 12 months and one day in prison for failing to pay more than $170,000 in taxes.
Widman owned a sole proprietorship known as Phase II Construction, which performed general contracting services in New York and Connecticut. Phase II Construction had a business checking account into which Widman deposited all business receipts and from which he paid both business and personal expenses.
For tax years 1997 to 1999, Widman filed tax returns and made false statements to IRS employees. In a series of interviews with IRS agents in 2003 and 2004, Widman falsely represented the nature of dozens of expenditures made from the Phase II Construction checking account as legitimate business expense. These expenditures included payments for renovation done to Widman’s home, personal gym equipment, family meals, marina and boat fees, vacations, furniture, and clothing. In addition, Widman told IRS investigators he had received loans and cash gifts from family members and friends, which would be non-taxable sources of income, when in fact he had not.
In all, Widman failed to pay $173,355 in federal income tax and self-employment tax.
Don’t turn to filing false tax returns if you are afraid that you owe more taxes than you can pay to the IRS. Instead work with a qualified tax professional to find out what your options are. Tax Resolution Services may help you work out an IRS Payment Plan or you may qualify for the IRS Offer in Compromise program. If your tax troubles seem unbearable, pick up the phone and call Tax Resolution Services for your free tax consultation today. 1-866-IRS-PROBLEMS.
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Posted in IRS Installment Agreements, IRS Tax Cases, IRS Times and Inquirer, Offers in Compromise | No Comments »
