Posts Tagged ‘IRS enforcement’

IRS Warns of New Phone Tax Scam

Friday, November 8th, 2013

According to a recent press release, the IRS is sounding a warning about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. We initially reported on this scam in a previous post during the government shutdown. It was clear that these brazen thieves were taking advantage of the fact they could continue their crimes essentially without getting caught.

Victims are told they owe money to the IRS and
[Read More]

After Shutdown, Tax Collections Still Are a Priority

Wednesday, November 6th, 2013

For 16 days, the government shut down effectively halted tax enforcement and collections. Now that the IRS is running at full steam again, should you be concerned?
————————–
The government shutdown from October 1 to October 16 closed not only the most critical U.S. government offices; it also furloughed the most essential federal employees. For 16 days, the business of tax collections: analyzing returns, auditing taxpayers, and filing tax liens, effectively
[Read More]

Willie Nelson and IRS Tax Liens Over Twenty Years Ago

Tuesday, September 24th, 2013

Today, I was reminded that it’s been over twenty years since Willie Nelson lost nearly all his possessions to IRS tax liens. Country music news website, The Boot featured an article titled: “23 Years Ago: IRS Places Liens on Willie Nelson’s Property for Back Taxes” that highlights the entertainer’s challenges with the IRS beginning on Sept. 21, 1990, when IRS placed $16.7 million in tax liens on his property. Here
[Read More]

U.S. Investigates Swiss Bank Rahn Bodner for Secret Accounts

Tuesday, September 17th, 2013

Another Swiss bank is experiencing the wrath of the U.S. Government’s focus on offshore tax cheats and revenue collection. A Reuters article titled: Another historic Swiss bank under U.S. tax spotlight reports that Swiss private bank Rahn & Bodmer is under investigation by U.S. authorities as part of a lengthy U.S. Swiss dispute over tax evasion.
The article provides a brief history of Rahn & Bodmer:

It is an old line Swiss
[Read More]

Tax Relief Tips-More Top Tax Audit Triggers to Avoid

Thursday, September 12th, 2013

A tax audit either by the IRS or state taxing authority is no picnic. The process is intimidating, time-consuming, and can be costly especially if you are assessed additional taxes. It’s important that you know how an audit is triggered so that you can prevent one from happening to you. The latest Tax Audit Defense Top Five Audit Triggers to Avoid infographic highlights five top triggers so you can avoid
[Read More]

Tax Policy Study Shows More Americans Paying Taxes

Monday, September 9th, 2013

About this time last year one of the biggest tax news stories centered around a 2009 Tax Policy Center (TPC) report that showed 47 percent of citizens were not paying taxes. According to a Don’t Mess with Taxes, Kay Bell in an article titled: “More Americans are paying federal income,” recent analysis by TPC (a joint venture of the Urban Institute and Brookings Institution), and shows that the 47% group
[Read More]

Tax Relief News in Review-Celebrity Tax Stories

Friday, September 6th, 2013

Happy Friday!
On this short holiday week, the tax news we featured mainly centered on celebrity tax stories. Here is a recap of what we featured:
Tax Problems-Michael Jackson Estate Gets Assessed by IRS – It appears that the estate of the late Michael Jackson and the IRS are engaged in a dispute over how much the estate of the “King of Pop” is really worth. An NBC News Business article
[Read More]

Tax Problems-Michael Jackson Estate Gets Assessed by IRS

Tuesday, September 3rd, 2013

There are ways to value the worth of tangible items like real estate or cars for estate tax purposes. However, placing a dollar amount on the image of a celebrity is a more complicated and disparaging process as the estate of the late Michael Jackson is finding out. An NBC News Business article titled: “What’s Michael Jackson’s image worth? A $434 million question for the IRS“ reports on the giant
[Read More]

Offshore Tax Evasion-US and Swiss Make A Deal

Friday, August 30th, 2013

After just reporting two days ago about the Cayman Islands reaching an agreement with U.S. taxing authorities, the U.S. and Swiss have finally reached a compromise deal for how Swiss banks will report account data on their American clients to the IRS. An ABC News article titled “US, Swiss Reach Deal on American Tax Evaders” reported that this agreement between the two countries will no doubt expose those American taxpayers
[Read More]

Cayman Island Tax Haven No Longer Secret Due to FATCA

Wednesday, August 28th, 2013

First it was banks, now it is the offshore tax havens like the Cayman Islands who will no longer secretly shelter the assets of wealthy Americans. A Tax Connections article titled: “Caymans Makes it Tougher for Wealthy to Hide Money!” states that the Cayman Islands, a major financial center and home to operations for dozens of banks, funds and wealth-management entities, has made an agreement with the U.S. that it
[Read More]

Three Californians Indicted for False Tax Liens and Fraud

Thursday, August 22nd, 2013

The Imperial Valley News (IVN) recently published an article titled: “California Residents Indicted for Filing False Tax Liens Against IRS Employees and Tax Fraud” highlighting an incredible story of three brazen and foolish people who thought they could outsmart the IRS. According to IVN, the Justice Department announced the unsealing of a superseding indictment that charged three Placerville, California residents: Teresa Marie Marty, Charles Tingler and Victoria Tingler, with conspiracy
[Read More]

IRS Relief-Obama Chooses Management Pro to Run Agency

Friday, August 2nd, 2013

President Barack Obama has chosen a crisis management expert to run the IRS – an agency clearly in need of a stabilizing force. According to a Washington Post article titled: “Obama nominates restructuring expert to lead IRS amid political controversy“, Obama selected retired corporate and government official, John Koskinen whose experience managing numerous organizations in crisis makes him an “natural” for taking over an agency facing its own share of
[Read More]

Tax Relief Weekly News Round-Up: Top Tax Stories

Friday, July 26th, 2013

Happy Friday!
The cases and stories that caught our attention this week ranged from offshore tax evasion and estate tax issues, to a prison sentence for failing to file tax returns and July’s Tax Client of the Month.

Estate/IRS tax issues:
Proof that the IRS is going after wealthy Americans is evidenced in the stories of large estates receiving massive tax bills from the IRS. The post Tax Problems-Pohlad Estate
[Read More]

Tax Problems-Pohlad Estate Challenged by IRS

Wednesday, July 24th, 2013

More proof that the IRS is focusing its collection efforts on wealthy taxpayers comes from the Minnesota Star Tribune. The paper reported that the estate of billionaire Carl Pohlad is being challenged by IRS -specifically for the low valuation of the Minnesota Twins baseball team. The article titled: “Pohlads Go One-on-One with the IRS” said the agency claims that Pohlad’s heirs owe the IRS more than $207 million for the
[Read More]

Tax Problems-What to Do if You Inherit Them

Monday, July 22nd, 2013

After recently writing a post about the estate of James Gandolfini, I ran across a follow-up article for Reuters by Amy Feldman titled: “What to Do When You Inherit a Tax Mess.” This article focuses on the types of tax mistakes people make when planning their estate that can inadvertently cause future tax chaos for beneficiaries.
Here are some key points about estate tax issues the article highlights:

Every one in 10
[Read More]