Some lawmakers have asked the IRS to stop imposing what they say are excessive penalties on small businesses that use questionable tax shelters.
These businesses are being hit with big fines – an unintended consequence of a law aimed at corporations that use the shelters to avoid taxes. The IRS penalties, which can reach $300,000 a year, are automatic under the law.
The 2004 law setting up the automatic penalties was designed
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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
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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
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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
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When you have decided to seek professional tax help to battle your debt with the IRS, there are many factors to seriously research and consider before handing over your financial file. I spoke with TJ McCormack last month on LA Talk Radio regarding the important indicators taxpayers need to pay attention to in order to find the best tax attorney available. After all, taxpayers are putting their financial fates in
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In the current economy with people losing their jobs left and right, the one word we have not heard as frequently as “recession” is “bankruptcy.” There are more mentions of foreclosures in the aftermath of the credit crash than mentions of people filing for personal bankruptcies. When I was on the LA Talk Radio with TJ McCormack last month, we chatted about the possible boons of filing for bankruptcy and
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The IRS is the worst institution for taxpayers to owe money to. And no one should take comfort in knowing that the IRS clerks working for $9.75-$10.25 an hour have people’s financial fates in their hands, and by them flipping a switch, can generate a tax lien notice or a levy notice to any bank or employer. When I was on the LA Talk Radio show with TJ McCormack
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QUESTION: My brother opened a custodial stock account when my 4-year son was born.  He did not tell me that he sold some long-term stocks in 2007 for a capital gain of $2,900.  Since I did not know about it, I did not report it on a tax return.  If I amend my tax return, then I was overpaid $260.  If I file a return for my son, then he
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As a tax resolution specialist, I help individuals and businesses resolve tax problems every day – and I can help you get the help you need to solve your IRS problems!
Got tax questions about tax audits, wage garnishments, IRS bank levies, payroll tax problems, or income tax relief in general? Call us today at 1-866-IRS-PROBLEMS or visit www.taxresolution.com for a risk-free tax resolution consultation.
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Question: I am in the middle of
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Return preparer fraud made this year’s IRS Dirty Dozen list of common scams taxpayers should avoid. In this down economy, the promise of large refunds may seem tempting to taxpayers, but victims of tax schemes will end up facing more tax problems in the long run.
Dishonest tax return preparers are scam artists that skim money from their clients’ refunds and charge inflated fees for return preparation services. They attract new
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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
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John Kerry’s dispute with the IRS over payroll taxes makes him the latest politician with tax problems to make headlines.
According to The Washington Times, the Internal Revenue Service has filed a tax lien seeking more than $800,000 from Sen. John Kerry’s 2004 presidential campaign, escalating a dispute over payroll taxes that the lawmaker’s office blames on faulty government paperwork.
The candidate must now convince the government’s tax collector that his campaign
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Nassau County, N.Y., Legislator Roger Corbin has been charged with filing false federal tax returns and making false statements to agents of the FBI and IRS.
According to the complaint, Corbin received 81 checks totaling approximately $226,000 from a developer between Feb. 22, 2005, and Dec. 31, 2007. Each of the checks was made payable to “Cash” and deposited into one of Corbin’s personal bank accounts. In interviews with special agents
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As a leading tax expert, I’ve  helped thousands of taxpayers resolve their federal and state tax collection problems. I love what I do and helping people solve their IRS problems is already incredibly rewarding – so on top of that, it’s a real honor to be named a Finalist in the Executive of the Year category in the 2009 American Business Awards. I was also recently recognized by CPA Magazine
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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
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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
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