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Thursday, September 17th, 2009
As the IRS Amnesty Period is drawing quickly to its expiration date next Wednesday, September 23rd, 2009, overseas account holders must act quickly to voluntarily disclose their funds abroad to reduce their chances of criminal prosecution.
Over Labor Day weekend, a member of the wealthy and privileged elite, Finn M. W. Caspersen, took his own life in the Shelter Harbor Golf Club in Rhode Island. Authorities believed that Caspersen may have owed up to $100 million in back taxes and IRS penalties, and may have even faced prison time.
Whether Caspersen really owed the government that much money or not is not clear, but it is unfortunate when someone chooses to end their life over IRS tax problems. IRS debt can seem overwhelming and can sometimes seem like the end of the world–I’d like to remind you that for every IRS tax problem, there is a IRS tax solution. You are entitled to professional tax help–don’t let your tax problems cripple your financial future.
According to the NYTimes.com, “The I.R.S. learned that Mr. Caspersen held an account at LGT, the private bank controlled with Liechtenstein’s royal family. Liechtenstein pledged last December to disclose the names of some wealthy Americans with bank accounts there, but it was unclear if Mr. Caspersen’s name was among them or how the I.R.S. learned of any account in his name. According to the person familiar with the investigation, federal authorities recently placed tax liens on the personal trusts of Mr. Caspersen’s four sons.”
The latest IRS crackdown on the use of offshore bank accounts by wealthy Americans led to the UBS deal where the big Swiss bank divulged the names of nearly 300 of its American clients in February and agreed to hand over several thousand more last month.
For those who owe back taxes on their money abroad, it’s important to act now before the Amnesty Period ends next Wednesday. By partaking in voluntary disclosure, you will pay a significantly less amount of IRS penalties than what you will owe if you wait to be caught. For instance, if you have one million dollars offshore – that will equal to about $400,000 in IRS penalties in interest. If you don’t do the voluntary disclosure the penalties jump to 2.3 million on a $1 million asset. Additionally, not voluntarily disclosing your foreign bank account will expose you to possibly severe criminal charges. (If you participate in voluntary disclosure before September 23rd, your chances for criminal prosecution will be greatly reduced.)
It is unwise to take your chances of not getting caught by sitting this wave out, voluntary disclosure is a good way for those who owe back taxes for their foreign bank accounts to seek IRS penalty relief. Act now before the September 23rd deadline to save your financial future before it’s too late!
Tax Resolution Services works with clients on voluntary disclosures – so if you owe back taxes or interest/penalties on offshore accounts, we can help. Don’t wait for IRS to come after you, we can help you resolve your IRS problems before it’s too late. Can contact our team of experts for a free consultation. Call us at 866-IRS-PROBLEMS (1-866-477-7762) or visit our website at www.TaxResolution.com
Tags: Back Taxes, delinquent tax returns, delinquent taxes, failure to file, FBAR, Finn M. W. Caspersen, Free Tax Consultation, IRS debt, irs problems, Michael Rozbruch, overseas bank account holders, tax attorney, tax evasion, tax expert, tax help, tax resolution, UBS deal
Posted in Back Taxes, Tax news and tips, tax help | 1 Comment »
Tuesday, September 15th, 2009
The IRS is stepping up its creativity by utilizing resources that stem beyond the basic IRS database. Recently, the IRS announced that it plans to expand a program that cross-references between the IRS database and mortgage payment databases to catch any inconsistencies.
The Treasury Inspector General for Tax Administration announced that the IRS will use the mortgage-interest payment databases to inspect and find non-filers as well as people who reported less income than they paid in mortgage interest. Starting regionally, the IRS will examine more closely the databases to find any IRS tax inconsistencies. The program is scheduled to be implemented nationwide by December 2011.
According to WSJ, “The Treasury inspector general said in a Monday report that tens of thousands of homeowners who paid more than $20,000 in mortgage interest in 2005 either didn’t file a tax return or reported income that appears insufficient to cover their mortgage interest and basic living expenses. The data for 2005 was the latest tax data available when the Treasury inspector general’s office began its audit last year. Based on a sample of these returns, nonfilers and potential under-reporters identified by the inspector general could have owed a combined total of $1.4 billion in tax, penalties and interest, the auditor said.”
The problem with this initiative, one of many “Compliance Initiative Projects“, could be that many lawful taxpayers who have lost their jobs but have been living off of their savings may be audited by the IRS. Taxpayers with ample savings who are still able to make mortgage payments despite being unemployed may be suspected of tax evasion by the IRS who cross-references between these databases.
This could be very problematic for the innocent taxpayer. If you find yourself under IRS scrutiny, you will have to prove your innocence to them. In the current economic climate, it’s extremely important for taxpayers to not only pay their taxes, but also to resolve their existing IRS tax problems immediately before they get out of hand.
“We shouldn’t presume that these struggling families are tax cheats just because they continue to make their mortgage payments despite losing their income,” said Rep. Charles Boustany, the ranking minority member on the House Oversight Subcommittee.
Tax Resolution Services is a team of CPAs, tax attorneys, and tax resolution specialists who will help you with your IRS tax problems. Whether the IRS wrongfully accused you of tax evasion or you have years of back taxes, we will help you get the tax settlement you deserve. You can contact us at at 866-477-7762 or visit our website: www.taxresolution.com
Tags: Back Taxes, Compliance Initiative Projects, delinquent tax returns, IRS debt, IRS enforcement, IRS help, IRS tax audit, Michael Rozbruch, tax attorney, tax evasion, tax fraud, tax help, tax relief, tax resolution services
Posted in Back Taxes, Expert Help From Tax Attorney, IRS help, Seeking Professional Tax Help, income tax relief, tax help | No Comments »
Monday, September 14th, 2009
Tax evasion is tempting – especially when you are a business owner and the money is flowing in. Who doesn’t want to live a luxurious lifestyle by evading taxes and pocketing the extra money, like the story below of this man from Rhode Island. But what about his spouse? Is she an innocent spouse eligible for tax relief?
A Rhode Island man pleaded guilty to tax evasion and bankruptcy fraud after admitting he failed to pay $2.1 million in employment taxes for his two construction companies from March 2005 to July 2006.
Steven Allard, 47, of Scituate, R.I., also admitted that in October and November 2005, he made false statements in a personal bankruptcy petition and during the bankruptcy creditor’s hearing, in that he failed to disclose his ownership of real property in Warwick, R.I.
Instead of paying the employment taxes, Allard used funds from his companies for the benefit of himself and his wife and by diverting funds from the companies to Eaglewood Realty for the purchase of luxury automobiles. He faces up to five years in prison and a fine of up to $100,000.
When someone in a marriage is caught up in a tax scam, what happens to the spouse? The IRS has Innocent Spouse Tax Relief Guidelines that may qualify a person as an “innocent spouse” and make them eligible for tax relief. If you find our that your spouse has been cheating taxes and you are an innocent spouse, you will need professional tax help! Tax Resolution Services offers a free tax consultation for those of you who find that you need a tax attorney or IRS specialist on your side.
Tags: innocent spouse help, innocent spouse tax relief, IRS help, IRS innocent spouse, irs tax relief, professional tax help, spousal tax help, tax attorney, tax cheat, tax evasion, tax fraud, tax help, tax relief attorney, tax resolution services, tax scam
Posted in IRS Tax Cases, IRS Times and Inquirer, Innocent Spouse | No Comments »
Friday, September 11th, 2009
A Baltimore man was charged in connection with an international tax-fraud conspiracy that sought to obtain more than $35 million in federal and state income tax refunds using the identities of 3,300 federal prisoners.
Ten men, including the leader of the conspiracy, Marvin Berkowitz, 62, of Jerusalem, Israel, were indicted by a federal grand jury in Chicago after Berkowitz and the others were arrested in Israel and other locations throughout the United States.
Joel S. Lowenstein, 63, of Baltimore, has agreed to plead guilty to conspiracy to commit mail fraud and will appear at a future date in Harrisburg, Penn., for his arraignment.
If convicted, Lowenstein faces up to five years in prison and fines up to $250,000.
Tax scams are nothing new to the IRS and if caught, you will face a severe prison punishment and a hefty fine. If you find yourself inadvertently involved in a tax scam, you may need to seek professional tax advice. Tax Resolution Services offers tax advice from our staff of tax attorneys and IRS specialists. Contact us at 1-866-IRS-PROBLEMS (1-866-477-7762).
Tags: CPA specialist, IRS specialists, professional tax advice, tax advice, tax attorneys, tax evasion, tax fraud, tax refund, tax scam
Posted in IRS Tax Cases, IRS Times and Inquirer, Tax Scams | No Comments »
Friday, September 11th, 2009
In my industry, I see many cases where taxpayers could avoid or reduce IRS penalties if they provide sufficient documentations that substantiate their business deductions.
Upon IRS request, you must have sufficient documentation to prove the legitimacy of your tax deductions in order to avoid tax evasion charges. If however, you are unaware of illegal deductions that your spouse made on your joint tax return, you are eligible to file for Innocence Spouse (again, with sufficient proof in favor of your position).
Recently, the IRS imposed tax penalties on a couple who failed to provide sufficient documentation to support their business expense deductions. The wife was able to prove her lack of involvement in the case and thereby received partial Innocent Spouse relief.
CCH (http://tax.cchgroup.com) reports:
Couple Fails to Substantiate Deductions; Penalties Imposed; Innocent Spouse Relief Partially Applied to Penalties
A doctor and his wife, who filed jointly, failed to produce business records, documents, or other evidence sufficient to sustain deductions claimed for an emergency room physician business, horse training and related sales activities, interest expenses, or legal and professional services expenses. The horse training and related sales activities did not meet the threshold standard for an activity engaged in for profit under Code Sec. 183 because the taxpayers failed to produce credible evidence sufficient to demonstrate that they maintained detailed and contemporaneous records for those activities, conducted the activities in a businesslike manner, or had the requisite intent to make a profit from those activities; accordingly, deductions under Code Sec. 162 were not allowed.
The taxpayers also were liable for additions to tax under Code Sec. 6651, and an accuracy-related penalty under Code Sec. 6662. They presented no evidence regarding their failure to file their tax returns or their substantial understatement of tax. Equitable relief applied under Code Sec. 6015 to relieve the wife from liability for penalties with respect to tax deficiencies stemming from the husband’s emergency room physician business because she had no substantial involvement in that business and did not assist in maintaining its business records during the years at issue. Further, there was no evidence that the family’s lifestyle changed; therefore, she had no reason to know that the deductions her husband claimed were erroneous.
T.L. Phemister, TC Memo. 2009-201
It’s important for you to know what tax deductions you are entitled to and what records you need to keep in order to prove the legality of your deductions. If you think that you may have wrongfully deducted some expenses or if you are expecting an IRS audit, I strongly encourage you to get expert tax help from a tax attorney to reduce your penalties.
You can get help from our specialized staff of tax attorneys, CPAs, EAs and tax professionals at TRS. Visit Tax Resolution Services for a free income tax relief consultation or call us at 866-IRS-PROBLEMS (1-866-477-7762).
Tags: Back Taxes, business expense deductions, delinquent tax returns, delinquent taxes, Free Tax Consultation, IRS debt, Michael Rozbruch, tax attorney, tax evasion, tax relief, tax resolution, tax resolution services, wrongful tax deductions
Posted in Back Taxes, Innocent Spouse, Seeking Professional Tax Help, Tax news and tips, tax help | 1 Comment »
Wednesday, September 9th, 2009
Baseball superstar, “Miracle Met” Jerry Koosman went from being cheered by his fans to being escorted by the police to jail for not paying his back taxes for the years 2002-2004.
Between Koosman’s Major League Baseball pension, autographs, public appearances, and selling his stocks, he made around $754,950 over those years, out of which $80,000 belonged to the government.
In May, Koosman pleaded guilty to IRS tax evasion charges. “Like most people in their sixties, I’ve made some bad decisions in my life,” he said. U.S. District Court Judge Barbara Crabb reduced his sentence from one full year in prison to half a year with one year of supervised release. Koosman realizes that the bad publicity to his well-earned reputation is not worth the exuberant sum of back taxes.
If you have back taxes, you need to resolve them now before it gets to be even more overwhelming. You have the option to work out an IRS payment plan or get a penalty abatement. Either way, any action is better than no action. Being proactive about solving your IRS tax problems is the first step to financial well-being.
Tags: Back Taxes, delinquent tax returns, delinquent taxes, failing to file federal tax return, IRS debt, Michael Rozbruch, tax attorney, tax evasion, tax expert, tax relief, tax resolution, tax resolution services
Posted in Back Taxes, Expert Help From Tax Attorney, IRS help, Penalty Abatement, Seeking Professional Tax Help, Tax news and tips | 2 Comments »
Wednesday, August 26th, 2009
Thomas R. Kelley, of Salem, S.D., was originally indicted by a federal grand jury on Dec. 3, 2008, for filing a false income tax return, impeding the Internal Revenue Service (IRS), and 16 counts of uttering fictitious obligations. A new superseding indictment added two counts of tax evasion and three counts of willful failure to file tax returns. If convicted, he faces up to five years in prison and a fine of up to $250,000.
Failing to file tax returns gets you nowhere but prison time and hefty fines. If you have tax debt that needs to be resolved, Tax Resolution Services is here to help. We are an experienced staff of tax attorneys and IRS specialists and our tax relief success rate is $0.13 on the dollar for Offer In Compromise settlements! Don’t feel like a tax failure. Let Tax Resolution Services help you today – sign up for a free tax consultation from our professional tax team!
Tags: delinquent tax return, failure to file tax return, filing false tax income, IRS specialist, tax attorney, tax cheat, tax evasion, tax relief, tax relief success rate, tax resolution services
Posted in IRS Tax Cases, IRS Times and Inquirer, Offers in Compromise, Unfiled Returns - Delinquent Tax Returns | 1 Comment »
Tuesday, August 25th, 2009
It’s official–UBS, the Swiss Banking Giant has reached a deal with the US Government and the Swiss Government to release around 4,450 names of American account holders suspected of tax evasion.
The US Government estimates there to be $18 billion hidden in these offshore accounts–giving the IRS plenty reason to scrutinize and audit both the innocent and guilty in the upcoming months.
If you have a UBS account and have not paid your taxes, you can still decrease the severity of your charges by participating in voluntary disclosure. Currently, the IRS offers an Amnesty Program for tax evaders who come forward before their names are disclosed by UBS. (The deadline for this program is September 23rd, 2009).
If you come forward to the IRS before UBS does, the IRS will drop all criminal charges in exchange of you paying all back taxes plus penalties and interest. Considering this exchange could make the difference between jail time and an affordable payment plan, it is worthwhile for tax evaders who have significant unpaid taxes.
Taxpayers are required by law to disclose all income from domestic and foreign sources–all of which are taxable. Therefore, if you are going through an IRS audit or have found yourself in trouble with the IRS, it is best to get professional tax help from an experienced tax attorney, CPA, or certified tax resolution specialist.
Guilty or innocent, it’s crucial for taxpayers with offshore bank accounts to be prepared for severe IRS scrutiny. Get professional tax help now before it’s too late. In most cases, finding the most qualified tax lawyer or tax resolution specialist can significantly reduce your IRS penalties.
Read more on how you can pick the best tax attorney to help you fight the IRS.
Tax Resolution Services is the only national tax resolution firm certified by the ASTPS to negotiate tax settlements with the IRS. We are a nationwide professional tax solution company with a team of tax attorneys and IRS specialists who can help you find tax relief. Free tax consultation – sign up on our website or call us at 866-IRS-PROBLEMS (866-477-7762).
Tags: amnesty period, IRS help, Michael Rozbruch, Penalty Abatement, tax attorney, tax attorneys, tax debt, tax evasion, tax evder, tax expert, tax help, tax lawyer, tax relief, tax resolution, tax resolution expert, tax resolution services, UBS tax settlement, Voluntary Disclosure
Posted in IRS Question Corner, Penalty Abatement, Seeking Professional Tax Help, Tax news and tips, Voluntary Disclosure | 1 Comment »
Monday, August 24th, 2009
Architect Thomas Allan Bouffard, 48, of Vacaville, Calif., was audited by the IRS and pleaded guilty to attempted tax evasion. Bouffard admitted that for tax year 2002 he understated his income by $121,693, resulting in an underpayment $38,388. In 2005, during an IRS tax audit, discrepancies were found in Bouffard’s return for tax year 2002. The IRS then expanded the audit to include his 2003 tax return, and Bouffard admitted there may be “something wrong” with it as well. He faces up to five years in prison.
If the IRS calls you in for a tax audit, going in without professional tax representation on your side, is like a boxer going into a fight without boxing gloves. Professional tax help is just a phone call away – 866-IRS-PROBLEMS (866-477-7762). Call or sign up online for a free tax consultation from Tax Resolution Services – our team of tax attorneys and IRS specialists can help you in the ring!
Tags: IRS audit, irs problems, IRS specialists, IRS tax audit, tax attorneys, tax cheat, tax evasion, tax help, tax representation, tax resolution services
Posted in IRS Times and Inquirer | No Comments »
Friday, August 21st, 2009
As Swiss bank UBS and the Swiss government consider reneging on a deal to turn over 52,000 names of U.S. clients, Justice Department warns criminal prosecution may be next step
By Michael Rozbruch
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For those who follow tax compliance news, February was a big month.
That’s when the U.S. Department of Justice announced a deal with Swiss bank UBS.
The U.S. government agreed to waive criminal prosecution — federal prosecutors suspected the Swiss bank helped American clients evade as much as $300 million a year in taxes from 2002 to 2007 — if UBS would provide the U.S. government with the names of its 52,000 U.S. clients.
The government, of course, suspects these 52,000 U.S. clients are using their Swiss bank account to hide money and avoid income taxes. For wealthy Americans, that’s been a well-laid plan, since Swiss banks are known to offer absolute privacy.
Until now. Well, maybe.
Following the unprecedented agreement, the Swiss have hemmed and hawed, saying an order to release client names would violate Swiss banking law.
A Miami judge asked federal prosecutors what they would do if UBS reneged on the deal. Their response: UBS bank officials would face criminal prosecution.
This is quickly becoming something of an international banking incident. But what does it means for you, an American taxpayer?
A lot, in fact.
Take what John A. DiCicco, Acting Assistant Attorney General for the Justice Department’s Tax Division, said earlier this year about obtaining UBS’s records: “It is time for those who are trying to hide from the IRS to rethink their actions. The Department of Justice is committed to do all that it can to aid the IRS in locating those who would seek to hide behind secret accounts and in holding them accountable under the federal tax laws.”
What DiCicco means, it’s safe to say, is this: The IRS has now mustered its entire strength to dismantle the mechanisms that in the past have facilitated tax evasion.
The highest profile of these mechanisms are Swiss banks, which have made fortunes over the last century operating with a success model that promised to protect money without asking questions or telling secrets. From Americans trying to hide money to dictators trying to steal it, Swiss banks offered the best option.
So to combat tax evasion, the IRS has targeted everything from credit cards to banks located overseas, and in the past year, the federal government has been remarkably successful at obtaining records, creating a sort of tip sheet of those who may be cheating Uncle Sam.
For American taxpayers such as you, the writing is on the wall: Time is short. That’s because, if you’ve used a traditional method of evading taxes such as overseas banks, the IRS will soon find out, if it hasn’t already.
Uncle Sam won’t back down from tax cheats. Ask the secretive Swiss.
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If your offshore account comes under scrutiny from the IRS and you need tax help, Tax Resolution Services can advise you on how to avoid IRS problems. They can also help you with the voluntary disclosure process and filing any back taxes (delinquent taxes) that need to be taken care of.
Michael Rozbruch is a Certified Tax Resolution Specialist, a member of the American Society of IRS Problem Solvers and a Maryland CPA. You can contact him at 866-IRS-PROBLEMS (866-477-7762) to obtain a free subscription to his newsletter titled The IRS Times & Inquirer or read stories from the newsletter on our blog.
Tags: cheating Uncle Sam, delinquent taxes, Department of Justice deal with UBS, failure to pay income tax, filing back taxes, irs problems, John A. DiCicco, Michael Rozbruch, Offshore Banking, Overseas Banking, swiss bank, Swiss banking, tax attorney, tax cheat, tax evasion, tax resolution, tax shelter, tax specialist, UBS, unfiled returns, Voluntary Disclosure
Posted in Back Taxes, IRS Tax Cases, IRS Times and Inquirer, Unfiled Returns - Delinquent Tax Returns, Voluntary Disclosure, Working with the IRS | No Comments »
Thursday, August 20th, 2009
Javid David Azari, 60, of Portland, Ore., pleaded guilty to one count of tax evasion. As part of the plea agreement, Azari agreed to cooperate with the United States regarding the whereabouts of all assets related to income tax evasion.
According to the plea, Azari knew he had unpaid federal income taxes for the years 1997 to 1999, and he attempted to evade payment of those taxes by transferring money out of the United States in 2000 to a bank in Turkey. In addition, on Nov. 28, 2001, Azari deposited $465,000 into a TD Waterhouse brokerage account in the name of a nominee.
He faces up to five years in prison and a fine of up to $250,000.
Even entering a plea agreement with the IRS, Azari still could get five years in prison. Whatever tax problems you are having, Tax Resolution Services can help. Our tax attorneys and IRS specialists provide affordable tax solutions to businesses and individuals who find themselves in tax trouble. From IRS Payment Plans (also known as Installment Agreements), Payroll Tax Problems and many more tax relief services, we will help solve your tax problem. The first step to tax relief is to sign up for a FREE tax relief consultation today!
Tags: IRS payment plan, IRS specialist, offshore tax account, payroll tax problem, professional tax services, tax attorneys, tax cheat, tax evasion, tax relief, tax resolution services, tax services, tax trouble
Posted in IRS Installment Agreements, IRS Tax Cases, IRS Times and Inquirer, IRS help, Working with the IRS | 1 Comment »
Wednesday, August 19th, 2009
With the recent surge in IRS enforcement, small businesses have become a major target for the government. The staggering annual $345 billion tax gap can be largely attributed to small business tax evasion; much of this has been because small businesses are difficult to enforce and many can manage to slip through the tax cracks by underreporting actual income.
Therefore, the IRS has shifted into high gears to catch and penalize small business owners for unpaid taxes–especially for delinquent payroll taxes. While in the grand scheme of things, it may be sensible for the government to close down on the tax gap, the trouble with the new tax collection trend is that many small businesses are actually struggling in this grimy economy and not deliberately trying to evade taxes. Oftentimes what may superficially appear to be blatant tax evasion may simply be a small business owner trying to pay the electric bills by tapping into his/her payroll tax fund.
Considering how vital small businesses are to the American economy, it is surprising how harshly the IRS plans on going after them. According to the Small Business Administration, small businesses:
* Represent 99.7 percent of employer firms.
* Employ about half of all private sector employees.
* Pay nearly 45 percent of total U.S. private payroll.
* Have generated 60 to 80 percent of net new jobs annually over the last decade.
* Create more than half of nonfarm private gross domestic product (GDP).
* Hire 40 percent of high tech workers (such as scientists, engineers and computer workers).
* Are 52 percent home-based and two percent franchises.
* Made up 97.3 percent of all identified exporters and produced 28.9 percent of the known export value in FY 2006.
* Produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited.
Source: U.S. Dept. of Commerce, Bureau of the Census and International Trade Administration; Advocacy-funded research by Kathryn Kobe, 2007 (www.sba.gov/advo/research/rs299tot.pdf) and CHI Research, 2003 (www.sba.gov/advo/research/rs225tot.pdf); Federal Procurement Data System; U.S. Dept. of Labor, Bureau of Labor Statistics
For business owners who have found themselves in IRS trouble, it is important to know that the IRS considers you to be guilty until proven innocent. This means the burden of proof is on you as the taxpayer to show the IRS that there was an excusable cause for your delinquent taxes. The “guilty till proven innocent” motto is troublesome because for business owners who fail to provide convincing proof, the IRS has unyielding power and authority to collect unpaid payroll taxes–even if it means padlocking front doors and shutting a business down completely.
This is why it is very important to seek tax help from a professional tax attorney in order to fight your battle with the IRS. Oftentimes, a tax attorney’s expertise can make the difference between a business’s survival (with IRS penalty abatement) and a business gone dry from severe IRS penalties.
Read more tips on how to prevent your business from getting into IRS payroll trouble.
More helpful articles:
Cracking Down on Businesses with Payroll Taxes Problems: New Economic Stimulus Plan Calls for Heightened IRS Enforcement
How A Business Owner Owed $7 Million in Payroll Tax Debt – But Enlisted Expert Tax Help and Paid Nothing to the IRS!
Small Business Beware – Expect Greater IRS Enforcement as the Agency Cracks Down on Income and Payroll Tax Problems
With IRS Audits on the Rise, Knowing How to Avoid or Resolve a Tax Audit Could Save You Money and Protect the Future of Your Business
Tax Resolution Services is a nationwide professional tax solution company with a team of tax attorneys and IRS specialists who can help you find tax relief. Free tax consultation – sign up on our website or call us at 866-IRS-PROBLEMS (866-477-7762).
Tags: delinquent payroll taxes, delinquent taxes, IRS audits, IRS debt, IRS enforcement, IRS help, irs payroll taxes, IRS problem solver, IRS tax problems, Michael Rozbruch, Payroll Tax Problems, tax attorney, tax evasion, tax help, tax lawyer, tax resolution, Tax Resolution Specialist
Posted in Expert Help From Tax Attorney, IRS help, Penalty Abatement, Tax Relief News, Tax Resolution Options and Alternatives, Tax news and tips, Taxpayer Rights | No Comments »
Monday, August 17th, 2009
An Essex County, N.J., man who sells watches and other merchandise through Internet sites such as eBay pleaded guilty to filing a fraudulent tax return.
Jaime Virtucio, 59, of Bloomfield, pleaded guilty to subscribing to a false personal tax return. At his plea hearing, Virtucio admitted that he received payment from Internet sources, including PayPal and CPS Merchant Services, directly into bank accounts he controlled in return for merchandise he sold over the Internet.
Virtucio admitted that in April 2004, he signed and filed a 2003 tax return that stated his taxable income was approximately $18,307. Virtucio admitted that he actually had received and failed to report additional taxable income of about $106,559 that he gained through the sale of watches and other merchandise.
Virtucio also admitted that he filed false personal income tax returns with the IRS for 2004 and 2005, which understated the amount of taxable income he received for those calendar years. Virtucio admitted that for tax years 2004 and 2005, he failed to report a total of about $122,498 in additional taxable income on those tax returns.
He faces up to three years in prison and a fine of up to $100,000.
I’ve blogged about underreporting income before and every story seems to have the same ending: prison time and a fine. If you are a business operator and are feeling overwhelmed by taxes, seek professional tax help now! Tax Resolution Services is a nationwide professional tax solution company with a team of tax attorneys and IRS specialists who can help you find tax relief. Free tax consultation – sign up on our website or call us at 866-IRS-PROBLEMS (866-477-7762).
Tags: Failing to report income, filing false tax return, filing fraudulent tax return, free professional tax consultation, Free Tax Consultation, irs problems, IRS specialists, professional tax help, tax attorney, tax cheat, tax evasion, tax relief, tax resolution services, tax solution, underreporting income
Posted in IRS Tax Cases, IRS Times and Inquirer, Unfiled Returns - Delinquent Tax Returns | No Comments »
Thursday, August 13th, 2009
UBS and the U.S. and Swiss governments are nearing a settlement over the Swiss bank’s forced disclosure of 52,000 names of U.S. clients suspected of tax evasion.
While the final form of agreement is not yet in place, there are many implications for U.S. taxpayers, including innocent offshore account holders who did not use their Swiss accounts to evade taxes. They may be heavily investigated, so it will be important for them to know their rights and seek a tax attorney’s representation when necessary.
Details of the UBS agreement may also affect the pace of activity under an IRS amnesty program that lets Americans reveal secret Swiss bank accounts in exchange for lower penalties. Through the program, taxpayers with unreported income in foreign bank accounts van avoid criminal prosecution and lower IRS penalties in exchange for voluntary disclosure of their foreign account and payment of all back taxes plus interest.
Taxpayers are required to report all income from domestic and foreign sources. I recently blogged about requirements for offshore account holders to file a Report of Foreign Bank and Financial Accounts (FBAR), which cannot be filed with federal tax returns. The deadline to file with the Department of the Treasury in Detroit, Michigan has been extended from June 30, 2009 to September 23, 2009. While there may be some confusion about who is required to file an FBAR, the IRS is providing extra time for taxpayers to seek tax help.
Remember that a tax attorney or tax resolution specialist can help you avoid IRS problems if your offshore account comes under scrutiny by the IRS. You can contact us for a free consultation to see if you qualify for a voluntary disclosure settlement.
According to Reuters, the days of secret bank accounts are numbered for Americans.
The deal is also expected to put European tax dodgers on notice as other governments are encouraged to seek out hidden accounts.
U.S. authorities believe the 52,000 U.S.-based clients of UBS may be hiding nearly $15 billion of assets.
For more IRS news and tax help tips, follow me on Twitter @taxresolution
Tags: delinquent taxes, Foreign Bank and Financial Accounts (FBAR), IRS help, irs problems, offshore accounts, offshort bank accounts, tax attorney, tax cheats, tax debt, tax evasion, tax expert, tax help, tax relief, tax resolution, tax resolution services, Tax Resolution Specialist, UBS settlement, Voluntary Disclosure
Posted in Back Taxes, Tax news and tips, Voluntary Disclosure, Working with the IRS | 3 Comments »
Wednesday, August 12th, 2009
The owner of a Texas-based trucking company has been convicted of three counts of making false statements on tax returns filed for the company for tax years 2000 to 2002.
Gladys Nell Bishop is the president of Quality Trucking Inc. in Houston. Trial evidence proved Bishop set up an accounting system at the company and maintained checking accounts at two different banks but only reported checks deposited into one of the checking accounts to the IRS. The total unreported income for all three years was in excess of $500,000.
Bishop faces up to three years in prison and a fine of up to $250,000.
Under reporting income is also know as tax evasion. Don’t think about blaming your accountant – when it’s your money, it’s your crime! Got tax problems? We’ve got tax attorneys and IRS specialists that can help you sort through your taxes. Tax Resolution Services boasts a tax relief success rate of 90% – second to none in the tax industry! Tax Resolution Services can be reached at 1-866-IRS-PROBLEMS and visit our Tax Resolution website to view our list of tax help services.
Tags: irs problems, tax attorney, tax cheat, tax evasion, tax help services, tax industry, tax problems, tax relief, tax relief success rate, tax resolution, tax resolution services, underreporting income
Posted in IRS Tax Cases, IRS Times and Inquirer, tax help | No Comments »
