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Tuesday, November 24th, 2009
We’ve been hearing a lot of stories about how the IRS is dealing with the abundant influx of voluntary disclosures from Americans who had hid their money overseas in Swiss banks such as UBS. The LA Times recently reported that the IRS is settling with over 14,700 overseas foreign account cases.
According to the LA Times, “To put it simply, this is a historic milestone for the nation’s hardworking taxpayers.”
While many taxpayers flocked to voluntarily disclose their foreign untaxed funds before October 15th’s amnesty deadline, some taxpayers may have missed this date. The good news is that hope for IRS penalty reduction or an IRS overseas tax settlement is not lost. You can still get tax help from an expert tax attorney to settle your IRS debt. Expert tax help from a well-qualified tax attorney could make the difference between a manageable IRS payment plan and a crippled financial future.
Earlier this year, UBS paid a $780 million penalty under a deferred prosecution agreement filed in a Florida federal court that included disclosure of an additional 150 names. It is no secret that the IRS is serious and aggressive about piercing the veil of overseas secret banks in order to collect back taxes. In fact, the foreign “tax haven” climate is changing to be virtually a thing of the past.
Just last week, the IRS and Swiss unveiled the criteria being used to determine which American UBS accounts will be disclosed under the August agreement:
“Accounts being targeted include those that contained 1 million or more Swiss francs at any time between 2001 and 2008; instances in which there was clear fraudulent actions, such as false documents; and accounts that earned an average of 100,000 francs a year for at least three years.
The equivalent amounts in U.S. dollars vary widely depending on the year, as the dollar lost over a third of its value against the Swiss franc during that period. One million francs was worth about $600,000 in 2001, compared with about $900,000 seven years later.”
[LA Times]
Don’t wait around for the IRS to find you. If you have undisclosed foreign funds in oversea bank accounts, you must act now to settle your IRS debt before the IRS slams their harsh penalties on you. By being proactive, you can take control of your tax situation and walk away with an IRS offshore tax settlement that you can live with.
Tax Resolution Services is the nation’s leading offshore tax evasion defense firm. We are a team of expert tax attorneys, CPAs, and certified tax resolution specialists who are here to help you get the tax settlement you deserve. Call us today at 1-866-477-7762 for a free consultation or visit our website at www.taxresolution.com
Tags: FBAR amnesty, IRS debt, IRS offshore tax settlement, IRS payment plan, IRS penalties, offshore account holders, overseas tax settlement, tax attorney, tax help, UBS settlement
Posted in Back Taxes, IRS Installment Agreements, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, tax help | No Comments »
Wednesday, November 18th, 2009
The latest IRS step-up in tax collection crackdown has some 14,700 wealthy Americans shaking in their chairs. The IRS reports that it has been seeing an “unprecedented” number of Americans who have come forward before the October 15th amnesty deadline. Offshore account holders who voluntarily disclose their unpaid back taxes on foreign funds by this deadline are able to receive reduced IRS penalties.
For those who did not make the deadline but are worried about being discovered by the IRS before coming forward, U.S. Internal Revenue Service Commissioner Douglas Shulman encourages them to come talk to the IRS before the IRS finds them, emphasizing that “It will be much worse for them if we find them first.”(According to the Reuters article).
According to Reuters, “Shulman also said the outpouring of hidden offshore accounts does not affect in any way the obligation of UBS to turn over those American account-holder names. There had been some speculation that success in the amnesty program would cut the obligation of UBS to turn over accounts.”
Furthermore, the Swiss Justice Department said it would hand over the names of wealthy U.S. clients of UBS with accounts holding more than 1 million Swiss francs ($986,200) where there is a reasonable suspicion of tax fraud.
It is clear that the IRS tax collection rigor has heightened to the point where foreign “tax havens” will dissolve to be a thing of the past. However, if you have not yet disclosed your untaxed foreign funds, there is still a chance that you can get an IRS offshore tax settlement that will be less severe than the IRS penalties you would face otherwise.
The important thing to know is that in order to get the optimum tax resolution for failing to disclose your foreign funds, you need to seek tax help from an expert tax attorney. It’s important for you to be represented by someone who understands the IRS language and the legal aspects behind tax resolution procedures. This will ensure that you get the best chance possible at settling your offshore tax debt with lesser IRS penalties than you would otherwise.
Tax Resolution Services is a team of tax attorneys, CPAs, and certified tax resolution specialists who can provide you with the tax help you need. If you are thinking about talking to the IRS about your undisclosed foreign bank account funds, call us first for a free consultation! 1-866-477-7762 or visit www.taxresolution.com
Tags: Back Taxes, Douglas Shulman, FBAR, IRS offshore tax settlement, October 15th, offshore account amnesty, offshore tax settlement, Reuters, tax help, UBS
Posted in Back Taxes, Offshore Tax Settlements, Seeking Professional Tax Help, Tax news and tips, tax help | Comments Off
Wednesday, November 18th, 2009
Ever since the latest IRS crackdown on American offshore bank account holders, Swiss banks such as Julius Baer Group has reported losses in financial assets due to scared Americans who are withdrawing their money. This latest news shows that the IRS has successfully struck fear among Americans who up until recently, have been able to evade taxes with offshore bank accounts.
According to the NYTimes, “shares in Julius Baer fell 2.78 francs, or 6.9 percent, to close at 37.79 francs last week.” Since Julius Bauer Group does not have a large onshore presence in Europe to capture assets, this latest trend of American account holders pulling out their funds is especially troublesome.
It’s not unusual for companies that do business internationally to have offshore bank accounts. But what offshore account holders need to know is that the IRS is determined to smoke out more tax revenue from offshore hiding places than ever before. I recently blogged about how offshore account holders can still get tax help to get an IRS offshore tax settlement–learn more about how you can get tax help to reduce your IRS tax penalties.
But don’t let fear of the IRS overwhelm you. Even if you missed the Oct 15th deadline to disclose your foreign accounts, you can still get tax help to reduce your IRS penalties and criminal sanctions. A tax resolution expert or tax attorney can help you get a good IRS offshore tax settlement even if you failed to disclose your account before October 15th.
These are crucial times for offshore account holders to get the right kind of tax help. Dealing with offshore tax evasion cases before the IRS requires a whole new level of rigor. Make sure that you get tax help from someone who is experienced and an tax resolution expert instead of just any tax attorney or CPA. Make sure you hire someone who can act both as a financial adviser as well as a tax savior.
To learn more about how you can reduce your IRS penalties and get an IRS offshore tax settlement, visit our latest IRS offshore tax settlement page to discover your tax resolution options. You can also visit our TRS news page for more tax help resources to obtain tax relief.
If you believe that you owe back taxes on your foreign accounts, you need to retain either a tax attorney, tax resolution specialist or CPA who will take over all communications with the IRS, make the required disclosures, file FBAR reports and amend tax returns typically for 2003 through 2008.
Tax Resolution Services is a team of tax attorneys, CPAs, and tax resolution specialists who can help you get the expert tax advice you need. Call us today at 1-866-477-7762 for your free consultation or visit our website at www.taxresolution.com
Tags: Back Taxes, IRS offshore tax settlement, IRS penalties, Julius Baer Group, Penalty Abatement, tax attorney, tax evasion, tax help, UBS settlement
Posted in Back Taxes, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, Tax news and tips | 2 Comments »
Tuesday, November 17th, 2009
We provide offshore tax evasion defense for clients who have been targeted by the IRS. And I’ve heard on many occasions that it’s difficult to find reliable offshore tax resolution information on the Internet. So we’ve added a new tax help resource devoted to IRS offshore tax settlements to to further help people with overseas accounts by educating them on their options for tax relief.
Each year, the government racks up billions of uncollected tax revenues from offshore accounts held by Americans. Since the latest UBS deal, the IRS has buckled down to find and penalize an unprecedented number of offshore tax evaders and is still going strong to investigate additional offshore “tax havens.”
Recent events prove that the IRS is more determined than ever to investigate high-net-worth individuals – both at home and overseas – so really, no one is safe from the wrath of the IRS. The latest headlines of harsh IRS crackdowns and expensive IRS tax penalties has sent a message to the rest of us: the IRS will not tolerate offshore tax evasion.
The good news is: for those of you who missed the October 15th filing deadline for tax amnesty, there is still hope for an IRS offshore tax settlement if you seek professional tax help now from a tax attorney, CPA, or certified tax resolution specialist.
It’s important for taxpayers to know that Report of Foreign Bank and Financial Accounts (FBAR) penalties can amount to as much as 200-300% of the asset value of the account. So if you have an unreported overseas bank account, you really need to get expert tax help as soon as possible to seek penalty abatement to reduce the impact of financial penalties and criminal implications.
Due to the severity of the financial penalties and criminal implications, it is not in your best interest to wait for the IRS to approach you. If you believe that you owe back taxes on your foreign accounts, you need to retain either a tax attorney, tax resolution specialist or CPA who will take over all communications with the IRS, make the required disclosures, file FBAR reports and amend tax returns typically for 2003 through 2008. Don’t wait for IRS to come after you – get tax help for resolving your IRS problems before it’s too late.
TRS is a team of expert tax attorneys, CPAs, and certified tax resolution specialists. Call TRS today at 1-866-477-7762 today for a free consultation!
Tags: Back Taxes, FBAR, IRS amnesty, IRS offshore tax settlements, offshore bank accounts, Penalty Abatement, tax advice, tax attorney, tax help
Posted in Back Taxes, IRS help, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, Tax Relief News | No Comments »
Monday, November 16th, 2009
Some people are just straight up tax cheats. The Wyoming man in the story below blatantly evaded his taxes doing things such as underreporting income and filing false tax returns. Subsequently he was sentenced to prison time and left with a hefty fine – all of which he deserves. For those who find themselves in tax debt, not because they were purposely cheating on taxes but because of other extraordinary conditions in their lives, tax relief is possible! Hiring a tax professional – like a tax attorney or tax specialist – is the first step to relieving tax debt. There is nothing to fear about seeking tax help – if you are innocent! If you are starting to seek help for your tax debt, Tax Resolution Services tells you exactly what to expect when resolving tax debt.
John T. Minemyer, 49, of Casper, Wy., was sentenced to 12 months in federal prison for tax evasion. Minemyer was also ordered to pay a $25,000 fine and restitution totaling $200,918.22.
Monomer’s tax evasion charge stems from when he was a resident of Colorado Springs, Colo., where he was a 50 percent partner in a company known as Lozon, which sold coupler devices used for underground fiber optic cables. Minemyer filed with the IRS false joint tax returns for the years 2000 and 2001, substantially underreporting his income from the partnership and using a series of offshore financial transactions to hide that income.
As a result, Minemyer failed to report on his 2000 return income of $355,176, which resulted in an underreported tax liability of $140,561. In addition, Minemyer failed to report on his 2001 return income of $174,087, which resulted in an underreported tax liability of $60,357. The total loss for both years is $200,918.
“This case is a good example of those who evade their tax obligations may end up finding themselves in federal prison and owing a lot more money than they would have originally had to pay,” said U.S. Attorney David Gaouette.
Tax Resolution Services is a team of tax attorneys and IRS specialists who have helped people resolve tax debt through negotiation and mediation with the IRS. Retaining Tax Resolution Services is the first step to getting out of tax debt – and it’s easy. Call us at 1-866-IRS-PROBLEMS or fill out the online form for a free tax consultation.
Tags: evading taxes, filing false tax returns, Free Tax Consultation, irs problems, IRS specialists, Offshore Banking, tax attorney, tax cheat, tax debt, tax evasion, tax professional, tax relief, tax resolution services, tax specialist, underreported tax liability, underreporting income
Posted in Back Taxes, IRS Tax Cases, IRS Times and Inquirer, IRS help, Seeking Professional Tax Help, Tax Debt Help News, tax help | No Comments »
Thursday, November 12th, 2009
We all know that accepting bribes is not acceptable. Call it what you may, “gifts and gratuities”, but we all know that a person with a governing position, like a mayor, who accepts gifts and gratuities is basically accepting a bribe. When the bribe happens to be cash, or something of great cash value, it is still taxable. But because it is a bribe, the mayor decides to evade taxes instead. Where does this story end? I think you know the answer – many years of prison and a hefty fine. What happens, however, to his spouse? Does she go to jail too? Sometimes yes, sometimes no. Our government, after all, is understanding. The IRS has an Innocent Spouse provision and some spouses may be cleared of their partner’s tax debt if they qualify for tax relief as an innocent spouse. Sometimes an individual makes bad decisions, like this Louisiana mayor below – and it is nice to know that if his spouse is innocent from tax charges, she will not be sharing in his prison time.
The mayor of Mandeville, La., pleaded guilty to honest services mail fraud and tax evasion.
According to court records, Edward “Eddie” J. Price III, as the elected Mayor of Mandeville, was a public official who was prohibited by state law from receiving gifts and gratuities from professional service contractors for the city of Mandeville and developers with business interests with the city. From 2003 to 2007, Price accepted numerous trips from the city’s engineer and a developer in the Mandeville, La., area to participate in expensive golf tournaments in Pebble Beach, Calif. These trips had a value in excess of $45,000. Price’s plea of guilty to honest services mail fraud included admissions that he illegally utilized money from his campaign fund account to pay various personal expenses.
In addition, Price failed to file a tax return for the 2007 tax year, evading taxes on his income as mayor as well as the value of the gifts and gratuities he received and funds he had taken from his campaign account.
The politician faces up to 25 years in prison and a fine of up to $500,000.
“This investigation is another example where the teamwork between the IRS, FBI and the United State Attorney’s Office has brought justice to our community,” said IRS Special Agent in Charge Michael DePalma in a statement.
In the case above, we do not know have information on whether the mayor’s spouse qualified for tax relief as an innocent spouse. If you find yourself suddenly in an unfavorable tax situation because you were / are married to someone who cheated or evaded taxes, and you feel that you are innocent, consult a tax professional to see if you qualify for Innocent Spouse tax relief. A tax attorney or IRS specialist can help you find tax relief today. Tax Resolution Services is the nation’s leading tax negotiation and tax mediation firm and if we can help you find tax relief today. Free tax consultation form online or call 1-866-IRS-PROBLEMS.
Tags: do i qualify for innocent spouse tax relief, evading taxes on income, failure to file tax return, Free Tax Consultation, Innocent Spouse, innocent spouse from tax charges, irs problems, Lousiana mayor guilty of tax evasion, mail fraud, tax attorney, tax evasion, tax relief for innocent spouse, tax resolution services
Posted in IRS Tax Cases, IRS Times and Inquirer, Innocent Spouse | No Comments »
Saturday, November 7th, 2009
Know what’s going on in your office! When an employee starts to embezzle money and evade taxes to line their pockets and offshore bank accounts, it often goes unnoticed by the company’s owners for months or years until a lot of money is stolen. If you own a business, being smart about who you hire is one thing, making sure they are doing their job accurately and honestly is another. Keep a watchful eye on your employees, especially those handling your taxes and payroll. If you feel something is wrong with your payroll or taxes, I highly recommend involving a tax professional immediately. A tax professional, tax attorney or IRS specialist can help you assess your situation and Tax Resolution Services offers a free tax consultation to get you started. Don’t let your employee cheat you out of money like this Illinois woman!
An Illinois woman faces up to 16 years in prison after pleading guilty to four counts of tax evasion, willful failure to file federal income tax returns, embezzlement from an employee benefit plan and failure to pay employment taxes.
The convictions are the result of the conduct of Mary R. Storer, 40, formerly of Wood River, Ill., after she was hired by Elk Heating and Cooling as their office manager in 2006. Storer’s responsibilities included answering the telephones, setting up customer appointments and handling accounts receivable and accounts payable. She was also in charge of payroll and filing and paying Elk Heating’s payroll taxes. Storer immediately began embezzling money from Elk Heating and gambled away almost all of the money. In all, she lost over $103,000 at the Alton Belle Casino in 2006. As part of the plea, she admitted she committed tax evasion, embezzled money from Elk Heating’s employee benefit plans and failed to pay over employment taxes of Elk Heating. She has agreed to pay restitution in the amount of $266,056 to Elk Heating.
Remember to ask the right questions when hiring a tax attorney or tax professional. 1-866-IRS-PROBLEMS is the number for tax relief from Tax Resolution Services.
Tags: embezzling from employee benefit plan, failure to file taxes, failure to pay employment taxes, free professional tax consultation, Free Tax Consultation, irs problems, IRS specialist, tax attorney, tax evasion, tax help, tax professional, tax relief, tax resolution services
Posted in Tax Problem FAQs | No Comments »
Tuesday, November 3rd, 2009
In my years of experience as a tax resolution specialist, I have met many people who hold the misconception that the IRS primarily targets a specific group of people with back taxes–either the wealthy celebrity tax cheats or the Joe Six-Packs. This is simply not true.
Turn to the news and you will find a wide range of people who have been getting in trouble with the IRS. Just watch Entertainment Tonight and you will see that there is more than the usual glamor Hollywood news surrounding stars such as Nicholas Cage–a Hollywood A-lister and Academy Award winner, who owes Uncle Sam a whopping $6.6 million in back taxes due to a tax lien on his Louisiana property.
Additionally, don’t be surprised to find out that the IRS does not stop at just the living tax cheats who owe back taxes. In October, the Internal Revenue Service filed a tax lien against the estate of Vickie Lynn Marshall in Los Angeles County. Better known as Anna Nicole Smith, Marshall died in Florida in February 2007. The federal government says her estate owes $125,112.86.
Many people are mislead by the media coverage of celebrity tax evasion cases and feel a false security that the IRS is busy going after the “big fish.” But the truth is, the IRS is just as enthusiastic about going after the average folks–taxpayers like you or your neighbor.
Take Blainey J. Nicholas, a 43-year-old doctor in New Orleans who received five years of probation and a $20,000 fine for failing file a tax return that reported the $200,000 he had earned. Or Leonard Widman, a 54-year-old developer from Sherman, Conn. He was sentenced to a year in prison for not paying $170,000 in taxes.
But that’s not all. Even people caught doing one crime can end up finding themselves with tax charges to boot. Take the case of Mary R. Storer, 40, formerly of Wood River, Ill. She was caught embezzling funds from her employer and losing that money at the local casino. Of course, the IRS learned she didn’t report that embezzled income and hit her with tax charges as well.
Don’t be one of the people who underestimate the power of the IRS to come after tax cheats both big and small. The IRS is one of the very few government divisions that is expanding during this recession–this means they have more resources to collect unpaid income taxes. Even if you don’t know of anyone who has been in IRS trouble–don’t believe that it can never happen to you. The IRS will always find those who cheat on their taxes.
Learn more about how to protect yourself from the IRS. Read previous TRS Newspaper articles.
If you owe back taxes to the IRS, our team of TRS tax attorneys, CPAs and Tax Resolution specialists can help you resolve your tax debt. Find a resolution to your IRS problems today and call TRS now at 1-800-477-9609 for your free consultation.
Tags: Back Taxes, celebrity tax evasion, Michael Rozbruch, tax attorney, tax expert, tax help
Posted in Back Taxes, Expert Help From Tax Attorney, Tax Liens and Levies, Tax news and tips | 1 Comment »
Friday, October 30th, 2009
Earlier this week, Democrats offered a bill that will strengthen the IRS’s ability to crack down on tax cheats who “hide” their full income by using foreign bank accounts.
Following the latest UBS deal that brought 7,500 Americans forward who had previously concealed their foreign bank accounts from the IRS, this new bill “would impose new reporting requirements on foreign financial institutions doing business in the United States, and on American advisers who help United States residents invest abroad. Foreign institutions that do not comply would be hit with a 30 percent withholding tax on income from their American assets”–according to Associated Press.
This bill is estimated to raise $8.5 billion over the next ten years–an effort by the IRS to cash in on some of the $100 billion per year the government loses to overseas tax evasion.
For American taxpayers and business executives who wish to hold their monies overseas, it’s important to recognize that these foreign banks have been given a choice: either they report their American account holders or they don’t get to access the American capital markets.
Gone are the days where the wealthy can “store” some money away without being discovered for unpaid taxes. The IRS is stepping up its game to heighten international compliance from offshore banks to give up information instead of protecting the privacy of their account holders.
If you have an overseas bank account, it is advisable for you to disclose your foreign funds to the IRS instead of gambling that you will never be discovered. Oftentimes, the IRS penalties on back taxes of foreign funds can equate to almost the full amount in these foreign bank accounts. Don’t wait another day, take control of your financial future by getting tax help now!
Read more about how the new Democratic bill will help strengthen IRS powers for delinquent tax collection.
If you have been caught in IRS crosshairs for not paying taxes on your overseas money, you can still get professional tax help to get a penalty abatement. It’s not too late to save your financial future. Call us today at 1-866-477-7762 for a free consultation or visit our website at www.taxresolution.com
Tags: delinquent taxes, IRS debt, Michael Rozbruch, offshore tax settlement, penalty abatement for offshore accounts, tax attorney, tax evasion, tax expert, tax help
Posted in Back Taxes, Penalty Abatement, Seeking Professional Tax Help | No Comments »
Thursday, October 29th, 2009
On Friday, the first American was prosecuted in a UBS tax case and sentenced to house arrest after admitting he concealed about $6 million in assets from the IRS.
Americans who missed the October 15th deadline for tax amnesty can still reduce severe IRS penalties for offshore accounts (including FBAR penalties that can amount to 200-300% of the asset value of the account!) Account holders need to get expert tax help as soon as possible to seek penalty abatement to reduce the impact of financial penalties and criminal implications.
According to the New York Times, a wealthy accountant who provided extensive help in the tax evasion inquiry of the Swiss bank UBS was sentenced to a year of house arrest Wednesday after admitting he concealed about $6 million in assets from the Internal Revenue Service.
Steven Michael Rubinstein, 55, was the first United States citizen charged in the investigation. Federal District Judge Marcia Cooke said his prosecution sent a message around the globe about the risks of hiding assets in offshore accounts — and that he deserved credit for helping federal investigators find more tax cheats and crooked bankers within UBS and other institutions in Switzerland and elsewhere.
“Thousands, if not millions, of taxpayers now know what the legal landscape is,” Judge Cooke said. “Now, we will not tolerate offshore tax evasion.”
Read the full article from NYTimes.com here: Accountant Sentenced to House Arrest in UBS Tax Case.
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: FBAR penalties, IRS penalties, offshore account holders, offshore accounts, Penalty Abatement, tax help, UBS tax case
Posted in IRS Tax Cases, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help | No Comments »
Thursday, October 29th, 2009
Facing back taxes can be overwhelming, but must be done! Did you know that working through your back taxes owed doesn’t have to be done alone? I recommend professional tax services to help you find tax relief. Tax Resolution Services specialize in helping people resolve their tax debt one step at a time. Remember that no one can avoid taxes. Eventually the IRS will catch on to you like this attorney who thought his tax scam was above the law!
An Oklahoma and an Arkansas man were charged with conspiracy to defraud the United States, tax evasion and failure to file taxes.
Lindsey Kent Springer, 43, of Kellyville, Okla., used the name Bondage Breakers Ministry to solicit and receive money. Springer’s stated purpose for Bondage Breakers Ministry was “to get rid of the Internal Revenue Service.”
The indictment alleges that Oscar Amos Stilley, 45, of Fort Smith, Ark., an attorney, assisted Springer’s tax evasion through a variety of means. Stilley maintained an interest-bearing account which lawyers use to deposit and hold client funds. The pair allegedly used the account and various other devices — such as cashier’s checks, check cashing services, money orders, cash and other means — to conceal Springer’s actual income and avoid creating the usual records of financial institutions.
Springer allegedly told IRS employees that all funds he receives are gifts and donations to his ministry and that he does not have any income and he does not provide any services for payment. The indictment lists numerous transactions that dispute this.
Springer faces up to 22 years and Stilley up to 15 years in federal prison if convicted of all counts.
Tax Resolution Services’ road map to resolving tax debt outlines the steps towards tax relief. The first step is a free tax consultation - fill out the form online – or call us – 1-866-IRS-PROBLEMS. Tax relief is only a click or phone call away!
Tags: Back Taxes, back taxes owed, evading taxes, facing back taxes, failure to file federal tax return, failure to file taxes, irs problems, professional tax services, resolve tax debt, tax attorneys, tax evasion, tax help, tax relief, tax resolution services, tax scam, tax scheme
Posted in Back Taxes, IRS Tax Cases, IRS Times and Inquirer, Tax Scams | No Comments »
Wednesday, October 28th, 2009
I recently blogged about the Worst Cases of Celebrity Tax Evasion- and the tax resolution lessons we can learn from these high-profile cases to make sure you don’t land in IRS trouble!
I came across another article on FoxNews.com about the Tax Problems of the Stars – which feature both recent headlines and some blasts from the past. Here are some highlights:
Nicholas Cage recently made headlines for his huge tax liabilities – the IRS has filed more than $6.3 million in tax liens against the actor for back taxes owed. And earlier this year it was reported that celebrity chef Gordon Ramsay owed £7 million in back taxes.
Famed photographer Annie Leibovitz landed in financial trouble lately, including a reported $1.5 million owed in back taxes
Country singer Willie Nelson got hit with a $16.7 million bill for back taxes in 1990 and consequently recorded the album “The IRS Tapes: Who’ll Buy My Memories?” – with all proceeds going directly to Uncle Sam to pay off the IRS debt.
In 2002, tennis champ Boris Becker was convicted of tax evasion in Germany, sentenced to two years probation and was ordered to pay 3 million euros in back taxes and another 500,000 euros in fines and charitable contributions.
For more information on achieving a tax resolution for your back taxes or IRS debt, visit www.taxresolution.com for a free tax relief consultation or call 866-IRS-PROBLEMS.
Tags: Back Taxes, celebrity tax evasion, IRS debt, IRS tax problems, Nicholas Cage, tax problems of the stars
Posted in Back Taxes, Tax news and tips | No Comments »
Monday, October 26th, 2009
If you owe taxes to the IRS, and feel like you do not have the money to pay them back, you can work out a payment plan with the IRS, also known as an Installment Agreement, which allows you to pay your tax liabilities over time. Some people are able to negotiate their tax payment plans, but if you owe $25,000 and over, I would highly recommend working with a tax professional to negotiate a payment plan that you are comfortable with. Remember that the IRS does not discriminate! Evading taxes is a severe crime whether you owe just a few thousand or a few million! This multimillionaire in the article below is a great example, he may be rich but he will still be sitting in prison like everyone else.
The developer of a Morris County, N.J., condominium community was sentenced to a year in prison for evading corporate income taxes.
Morton Salkind, 77, of Denville, N.J., and Aventura, Fla., was ordered to turn himself in to the federal Bureau of Prisons on Oct. 5 to begin serving his prison sentence at a facility yet to be determined. He was also ordered to pay a $30,000 fine and to serve two years of supervised release after leaving prison.
Salkind had previously agreed to pay back civil taxes, penalties and interest on his individual income taxes of approximately $17 million and to date has paid $11.5 million. That leaves a balance to the government of nearly $6 million for which he remains liable.
“Today’s sentence sends a strong deterrent message that tax evasion is not a victimless crime,” said William P. Offord, Special Agent in Charge of the IRS Criminal Investigation Division, in a statement.
In pleading guilty, Salkind admitted that the false accounting entries included claiming approximately $5.7 million in expenses related to the development of Fox Hills that were never incurred. He also admitted that false accounting entries inflated legitimate project expenses.
Tax Resolution Services is a team of tax attorneys and IRS specialists who are here to help you find tax relief. Our tax attorneys can help you negotiate an IRS Payment Plan that fits your lifestyle and needs. Fill out our online tax consultation form – it’s a free tax consultation to get you on the road to tax relief. Get free tax advice everyday by subscribing to our tax blog!
Tags: Back Taxes, free tax advice, Free Tax Consultation, Installment Agreement, IRS Installment Agreements, IRS Payment Plans, IRS specialists, paying back owed taxes, paying back taxes, payment plan with the IRS, tax attorneys, tax blog, tax evasion, tax relief, tax resolution services
Posted in IRS Installment Agreements, IRS Tax Cases, IRS Times and Inquirer | No Comments »
Thursday, October 22nd, 2009
More than 7,500 Americans rushed to take advantage of a the opportunity for tax amnesty offered through a special voluntary disclosure program for offshore accounts that ended last Thursday. But what can you do if you didn’t come forward to the IRS last week and still need to declare your offshore account?
If a U.S. taxpayer or U.S. resident was not able to file the voluntary disclosure memorandum by the October 15th filing deadline to qualify for tax amnesty, there is a heightened need for that account holder to get expert tax help as soon as possible.
All offshore reporting activity is being managed thru the IRS’s Criminal Investigation Division (CID). The Foreign Bank Account Reporting (FBAR) penalties for not filing and meeting the amnesty guidelines are severe:
- FBAR penalties can amount to 200-300% of the asset value of the account.
- If CID makes a referral to the U.S. Department of Justice for felony indictment, the criminal sanctions can be as much as 10 years in prison.
Depending on the magnitude of the penalties, it may be appropriate to seek redress through the penalty abatement process – this may be an effective approach to minimize or reduce the impact of these penalties.
Every year the government loses billions in tax revenues from offshore accounts held by Americans. According to The New York Times, The Obama administration is determined to smoke wealthy tax cheats out of their offshore hiding places. In recent months, dozens of formerly uncooperative sanctuaries, from Singapore to Liechtenstein, have rushed to sign on to new multinational agreements on information sharing. The Treasury Department is negotiating with several countries to establish common protocols to exchange information about foreign accounts. The Internal Revenue Service is opening offices in Beijing, Sydney and Panama and opening a new unit to investigate evasion by high-net-worth individuals, at home and overseas.
Due to the severity of the financial penalties and criminal implications, it is not in the account holders best interest to wait for the IRS to approach them. Even though the amnesty deadline has passed, the account holder should retain specialized tax representation now.
Effective representation means that your 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.
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: Foreign Bank Account Reporting (FBAR), offshore accounts, Penalty Abatement, tax amnesty, tax attorney, tax help, Voluntary Disclosure
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Thursday, October 22nd, 2009
Celebrities, just like average taxpayers, can run into serious IRS problems. You have an edge over the high-profile celebrity tax cheats in that you can learn how to avoid IRS tax problems from the worst celebrity tax evasion cases.
Recently Access Hollywood compiled a list of celebrity tax cheaters who found themselves in deep IRS trouble with Uncle Sam. With thousands of fans and loyal followers, ending up on the California’s list of people who owed the most in back taxes does not sound very good for publicity.
The old trick of moving overseas no longer work for tax evasion as many foreign bank accounts are seriously contemplating not accepting American account holders (after the latest UBS ordeal). Some countries like the UK has set up special VIP celebrity tax evasion squads to come after those who are rich and famous with a dislike of paying taxes.
The list of celebrity tax cheaters is impressive: Leona Helmsley, Al Capone, Judy Garland, Annie Liebovitz, O.J. Simpson, Luciano Pavarotti, Martha Stewart, “Stone Cold” Steve Austin, David Brenner, Anna Kournikova, Lea Thompson, Method Man, Floyd Mayweather, Jim Thorpe, MC Hammer, Nicolas Cage, Stephen Baldwin, Toni Braxton, Robin Givens, Dionne Warwick, Sinbad, Buster Keaton and Willie Nelson.
Some of the most famous celebrities are on the California’s Top Delinquent Tax Bill List. Read more on my blog post about how celebrity tax evasion added to the $143 Million in California Back Taxes. Let these celebrity tax cheaters’ pains be your gain. Here are some important tax evasion lessons you can learn from these celebrity tax cheaters:
1. Marc Anthony’s celebrity tax evasion lesson: Trust, but verify. Celebrity tax cheater Anthony’s (singer, actor and J.Lo’s husband) tax evasion problems started with four years of unfiled tax returns. With the help some of the best tax attorneys money can buy, he convinced the IRS that he didn’t commit tax evasion because he trusted his financial team to file the returns for him. According to Anthony, he didn’t know he was a celebrity tax cheater and was surprised to discover his team had gotten him on the hook for tax evasion. Because he convinced the IRS he wasn’t complicit in the unfiled tax returns, Anthony escaped the celebrity tax cheater label (and more importantly tax evasion jail time), but still had to pay $2.5 million in back taxes. The tax evasion lesson here is to confirm that your taxes have been filed. If you suspect someone on your team is making you a tax cheater, or hasn’t been acting properly, contact a tax attorney immediately.
2. Sophia Loren’s celebrity tax cheating lesson: Even an innocent spouse can end up doing jail time. The tax evasion case against the Italian screen siren had more to do with her celebrity tax cheater husband Carlo Ponti’s unpaid taxes, but Loren ended up doing 17 days of a 30-day sentence in a Naples jail for tax evasion. If you file a joint return, your neck is on the tax evasion line for your tax cheater spouse’s taxes. Many couples appoint one partner to handle the finances. If you feel your tax cheater spouse hasn’t been faithful with their taxes, take your returns to a tax attorney or tax resolution specialist to see if you qualify for innocent spouse relief.
3. Abbott and Costello’s celebrity tax cheating lesson: Don’t let your nice guy image get in the way of avoiding a tax evasion problem. Although he played the fool in the movies, Lou Costello (the dumb one of the comedy duo) was the more astute businessman and Bud Abbott (the smart one) was constantly making bad business decisions. Sometimes our self or public image prevents us from being assertive with our business and financial advisers when it comes to the topic of tax evasion. This lack of follow-through cost the celebrity tax cheating comedy duo dearly. According to Wikipedia, in 1956, the Internal Revenue Service charged the celebrity tax cheaters with tax evasion, forcing them to sell their homes and most of their assets, including their lucrative film rights. In 1957 they formally dissolved their partnership. Don’t let a tax evasion problem destroy your partnerships, always asks tough tax evasion questions of your financial team. And contact a tax evasion attorney or certified tax resolution firm immediately if you need tax help with your IRS problems.
4. Wesley Snipes’s celebrity tax cheating lesson: Write your politics on your blog, not on your tax forms. According to his tax evasion trial coverage, one of the reasons celebrity tax cheater Wesley Snipes didn’t file his tax returns was due to bad tax evasion advice that was politically motivated. Although failure to file your taxes is a misdemeanor, celebrity tax cheater Snipes was sentenced to three years of jail time and millions in back taxes and tax evasion penalties. You may have heartfelt political or religious feelings about how your taxes are used, or even the validity of the U.S. Government to levy taxes, but put those tax evasion thoughts in your blog, not on your tax forms. Once you file (or don’t file) your taxes, it becomes tax evasion, which can send you to jail. If you’ve gotten on the tax cheating side of a political tax protest, contact a tax evasion attorney before the IRS or other G-men come knocking on your door.
5. Richard Hatch’s celebrity tax cheating lesson: Don’t “forget” to pay taxes on income (especially when 51 million people saw you get it). As the first winner on Survivor, celebrity tax cheater Richard Hatch argued that he wasn’t guilty of tax evasion because he believed that CBS had paid the taxes on his million-dollar win (despite clear language in his contract explaining that he was liable for paying all taxes). If you get advice that says you don’t have to pay taxes on income, get a second opinion. If you make serious bucks, have your financial team’s tax work audited by another firm. If you think you’ve been given bad tax evasion advice, run, do not walk, to your nearest tax attorney or tax resolution specialist.
6. Joe Francis’s celebrity tax evasion lesson: Just because you’re incorporated, doesn’t make everything you grope a “deduction”. The celebrity tax cheater producer of the Girls Gone Wild videos claimed more than $20 million in phony tax deductions. His tax cheating returns were more like Accountants Gone Wild. If you’ve got some filer’s remorse, and suspect that you might be guilty of tax evasion, you can always file an amended return, but consult with a tax evasion attorney first. You don’t want your amended return to be seen as an admission of guilt for more serious tax evasion charges.
7. Darryl Strawberry’s and Pete Rose’s celebrity tax evasion lesson: What part of INCOME taxes don’t you get? At one time, celebrity tax cheaters Darryl Strawberry and Pete Rose were baseball’s biggest stars, making their autographed memorabilia very valuable. While these celebrity tax cheaters could rattle off their statistics for every season, the one figure they forgot to include was the income from autograph and memorabilia shows. When they autographed their tax returns without that income, they became celebrity tax evaders. Celebrity tax cheater Strawberry was ordered to pay $450,000 in back taxes, while celebrity tax cheater Rose had to pay $366,000 and went to jail for five months for tax evasion. If you’ve “forgotten” some income (such as eBay profits), you’re a tax cheater. Consult a certified tax resolution specialist or tax attorney on how to amend your IRS return without getting hit with severe penalties for tax evasion.
It is true that even the beautiful and rich cannot escape Uncle Sam, but some people may not realize that the IRS doesn’t only go after the “Big Fish.” I recently blogged about how average Joes are just as likely to get into IRS trouble. You may envy the celebrities for their glam and fortune–but if you take these tax evasion lessons to heart, you will have something much more valuable than fame. You will have your financial and personal freedom.
For more information on achieving a tax resolution for your back taxes or IRS debt, visit www.taxresolution.com for a free tax relief consultation or call 866-IRS-PROBLEMS.
Tags: Back Taxes, celebrity tax cheats, celebrity tax evasion, Innocent Spouse, IRS debt, Michael Rozbruch, tax attorney, tax expert, tax help, Tax Tips, unfiled taxes
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