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
Posts Tagged ‘tax issues’
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
It’s no secret that the tax resolution industry has come under fire for egregious actions taken by some tax resolution firms. Their bad business practices have damaged the reputation of the entire tax problem representation industry and set the Federal Trade Commission (FTC), now the Consumer Financial Protection Bureau (CFPB) out to regulate it. I recently read a Forbes article by Stephen J. Dunn titled: When Will Congress Act Against
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
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
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
Virtual currencies such as Bitcoin have created a whole new way to pay for things. However, the tax rules governing how to report virtual currency use are not as defined as they should be – possibly causing tax problems down the line. A recent Forbes article titled, “Bitcoin in IRS Crosshairs, Says Government Report” explains a new Government Accountability Office report (GAO) that suggests the IRS should watch Bitcoin and
Well, it looks like some states are not taking the new internet sales tax regulations lying down. According to the Washington Post article titled: “Attorneys general from 3 states without sales taxes urge House to vote down Internet tax bill“, the attorneys general from Montana, Alaska and Oregon all sent letters to U.S. House representatives Wednesday urging them to oppose an Internet tax bill. They allege that the measure is
Recently, I have been asked for my thoughts on the IRS’ proposal to pre-filled tax returns. Under a proposed system, the IRS would pre-fill taxpayers’ returns with the data employers and financial institutions have already reported. I came across a Forbes article titled: “Are IRS Prepared Tax Returns the Solution to our Tax Woes?“ that presented a decent overview of what such a system would mean for taxpayers, tax preparers and
For fifteen years, I have helped resolve IRS tax issues for good people who made past tax mistakes and got into trouble with the IRS. These folks got the the tax relief they needed because they hired expert tax representation capable of handling cases such as theirs. A new Tax Resolution Services commercial for The Blaze TV reminds taxpayers who owe back taxes how important hiring certified tax representation to handle
Last year I wrote an article titled, “The E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Law”, to point out potential IRS tax problems facing e-commerce businesses. I did this because state lawmakers were introducing legislation that forced them to collect and pay state taxes. Fast-forward to today and it looks like online businesses may in fact be mandated to do just that.
A Web Pro News article titled,
This episode of the national network television show, TaxMan highlights the story of yours truly, Michael Rozbruch. I thought consumers out there should get to know me a little bit and understand my background. I also wanted to convey my reasons for wanting to resolve people’s tax problems and why I started Tax Resolution Services, Co. fifteen years ago and have never looked back. (Below the video are some main
The discussion of the tax code has been front and center especially since the National Taxpayer Advocate, Nina Olson released her annual report to Congress. In it, Olson suggested the need for tax reform and strongly urged lawmakers to take significant steps to simplify the way too complex tax code.
People often ask me what would happen if we just had a flat tax. I decided to answer that question in
Being able to help people resolve their tax problems is the reason I enjoy coming to work every day. I especially enjoy sharing real client success stories because it shows that good people sometimes fall on hard times and have tax issues with the IRS. It also proves that there’s a solution to every tax problem if clients find the right representation.
A new commercial for The Blaze TV highlights former clients
The week after Thanksgiving was busy with tax news. Here are some of the topics we reported:
Scrap Metal Dealer John W. Hufgard, 59, of Bath, Ohio, was charged with three counts of tax evasion for allegedly evading approximately $397,659 in federal taxes for tax years 2007 through 2009.
John Giannelli Sr., 66, of Danvers, Mass. pleaded guilty to operating an illegal gambling business. The charges and prison sentences Giannelli is