Posts Tagged ‘tax evasion’

Floyd Mayweather Jr. Agrees to Pay $5.6 Million in Back Taxes

Wednesday, October 7th, 2009

After his comeback fight with Juan Manuel Marquez, Mayweather Jr. agreed to pay the IRS $5.6 million in back taxes before the IRS took it out of his purse.
According to the LA Times, “the IRS sent the Nevada Athletic Commission a levy notice on Sept. 4 ordering Mayweather’s unpaid taxes from 2007 to be deducted from his $10-million fight purse.” Essentially, the IRS managed Mayweather’s cash flow for him by
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Tax Help News: The IRS Is On Facebook–But It’s Not There to Be Your Friend

Thursday, October 1st, 2009

If you need proof that the IRS is thinking more creatively than ever to catch tax evaders, read this article on how the IRS is mining social media networks like Facebook and Myspace to find people whose profiles reflect more income than their tax returns do.
The IRS is searching for information such as relocation information, professional profiles, and financial bragging updates such as “leaving on a private jet to France.”
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“Girls Gone Wild” Founder Joe Francis Will Pay $250,000 in IRS Tax Penalties For Fraudulent Tax Returns

Wednesday, September 30th, 2009

Lately, the rich and the famous who have been creatively evading taxes have been transformed by the IRS into the financially desolate and infamous.
The recent guilty plea by Joe Francis, founder of the soft-porn empire “Girls Gone Wild” demonstrates how omitting nearly $563,000 in interest tax can turn into 301 days in jail.
LA Times reports:
“Girls Gone Wild” founder Joe Francis pleaded guilty Wednesday to filing false tax returns and will
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Filing A Delinquent Tax Return is Better than Evading Taxes as this Connecticut Man Who Got 5 Months in Prison for Tax Evasion Found Out

Wednesday, September 30th, 2009

Better late than never!  Regardless of what you’ve heard, you have the right to file your original tax return, no matter how late.  Filing a delinquent tax returnwill keep you out of prison, evading taxes won’t!  As William DeLorenze found out:Â
William DeLorenze, 54, of Westbrook, Conn., was sentenced to five months in prison, to be followed by one year of supervised release, after pleading guilty to one count of filing
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Texas Woman Evades Taxes and Gets Prison Time - Options Like IRS Payment Plan Can Help Ease Tax Burden

Tuesday, September 29th, 2009

Perhaps people evade taxes because they feel like they cannot afford to pay their taxes - especially those who are independent contractors and receive wages without tax deductions.  The IRS will work with you, if you are willing to work with them.  One example is the IRS Installment Agreement, also known as an IRS Payment Plan, where you can pay your tax liabilities over time.  If you choose to go
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Swiss Bank Account Information to be Turned Over to IRS: Tax Evaders Trying to Shelter Money May Consider IRS Voluntary Disclosure Program

Monday, September 28th, 2009

The end is near for U.S. taxpayers who are using the world’s most famous tax haven to shield assets and avoid paying Uncle Sam his due.  If you have an offshore account where you’ve been evading taxes, you should be worried!  Did you know that the IRS is offering an extension to the voluntary disclosure program to come clean about undeclared income?
By Michael Rozbruch
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In one of the latest — and
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Avoiding Taxes Like this Man from Akron Can Get You Prison Time and an IRS Tax Lien Against You

Friday, September 25th, 2009

If you owe the IRS taxes, they can file a federal IRS tax lien against you!  With a tax lien filed against you or your business, your credit is affected.  It shows up on your credit report and will make it difficult, or impossible, to obtain financing for an automobile or a home.  How does an IRS tax lien get filed against you?  A great example is this man in Akron, Ohio,
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Do You Procrastinate on Filing Taxes? Do You Owe the IRS Back Taxes? You Are Not Alone!

Thursday, September 24th, 2009

IRS tax problems such as back taxes and IRS penalties may be scary–so scary that many people tend to procrastinate resolving the problem until it becomes too big to ignore. With the October 15th tax extension deadline just a little over two weeks away, it’s time for you to overcome your tax anxieties and take control of your tax problems before they become any bigger.
Unlike other forms of procrastination, the
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IRS Payment Plans Are a Possibility Even If You Owe $4 Million Like This Las Vegas Attorney

Wednesday, September 23rd, 2009

IRS Payment Plans, also known as IRS Installment Agreements, are a possibility even if you owe the IRS big money.  This Las Vegas attorney owes almost $4 million dollars to the IRS and he could have negotiated an IRS payment plan instead of evading taxes.  However, if you owe more than $100,000, you will need professional tax representation to negotiate an Installment Agreement for you since the IRS are toughest
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IRS Extends Deadline for Offshore Tax Settlements to October 15th: Get Tax Amnesty For Back Taxes Owed on Foreign Accounts

Monday, September 21st, 2009

In an effort to keep the doors open for foreign bank account holders wary of criminal prosecution, the IRS has extended the deadline for voluntary disclosure from September 23rd to October 15th, giving taxpayers an extra 2.5 weeks to come clean about their undeclared income.
If you have undeclared funds in foreign bank accounts, now is the time to act in order to reduce your chances of criminal prosecution and to
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Payroll Tax Evasion Lands Florida Couple in Prison Plus Hefty Fine by the IRS

Saturday, September 19th, 2009

Tax evasion is not a good idea.  Whether you are doing it to save yourself some money or doing it so your employees will save money.  Either way avoiding taxes is a bad idea!  As I said on my website, the bottom line is: Past due payroll taxes can cause you to lose your business and your freedom!  A great example of the trouble you can find yourself in with payroll tax evasion follows:
Judith and Norman
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Filing a Delinquent Tax Return is Better Than Failure to File Taxes

Thursday, September 17th, 2009

I’ve blogged many times about people who fail to file taxes, for whatever reason.  They may be knowingly evading taxes or they may be too scared to file taxes because they are afraid that they won’t be able to pay whatever they owe the IRS.  Did you know that you can file a tax return, even when it is grossly late?  Better to file a delinquent tax return, than be convicted
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Tax Help for Overseas Bank Account Holders: Voluntary Disclosure for IRS FBAR Amnesty Ends Sept 23

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
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Innocent Taxpayers Could Face IRS Audits as Agency Mines Mortgage Payment Data for Individuals With Unfiled Tax Returns

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
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Tax Evasion of $2.1M for Rhode Island Man - Is Wife Eligible for Innocent Spouse Tax Relief?

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?Â
A Rhode Island man pleaded guilty to tax evasion and bankruptcy fraud after admitting he
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