James Press, the Deputy Chief Executive of Chrysler, is now facing government tax liens due to his inability to pay off loans without his bonus paycheck.
Chrysler received $4 billion in government rescue loans in early January of 2009 to avoid collapse–the harsh conditions faced by Chrysler also led to the discontinuation of all managerial bonus payments.
According to Bloomberg News, “Due to the turmoil in the automobile industry and uncertainty surrounding
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Recently, the IRS decided to expand on an existing program of mining mortgage payment data to catch tax cheats—anyone who reported less income than they paid in mortgage interest run the risk of getting an IRS audit.
Each year, the home lender sends the home owner a 1098 form, also known as the mortgage-interest statement. The IRS also receives a copy of this form and will cross-check the numbers on this
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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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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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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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Auto dealers across the nation have been benefiting from the “Cash for Clunkers” stimulus program–selling more fuel efficiency cars in exchange for fuel-guzzling “clunkers.”
Not only are average consumers loving the $4,500 non-taxable cash vouchers from trading in their old cars for new ones, auto dealers can also benefit above and beyond the mere increase in sales. In order to auto dealers to save money and avoid serious
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Recently I had the pleasure of appearing on Fox Business News to talk about how taxpayers can reduce their back taxes and resolve their IRS tax problems in the current economic climate. I was very excited to share tax resolution tips with a national audience; in times like this, it has become especially important for taxpayers to learn how to resolve their back taxes and avoid IRS penalties to protect
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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
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Recently I blogged about my guest appearance on Fox Business News talking with Brian Sullivan about the latest IRS collection efforts and how taxpayers need to know how to avoid and resolve back taxes in order to secure their financial future.
In the current tax climate, the US Government is hard-pressed for funding in order to pay for programs such as the $800 billion stimulus package, the “Cash for Clunkers” program,
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I received a virus in my email inbox recently from someone that looked like they were working for the IRS, but was in actuality a scam artist. Check out the latest deception method to obtain personal information from taxpayers like you:
——————-
From: Internal Revenue Service [mailto:no-reply@irs.gov]
Sent: Wednesday, September 09, 2009 7:32 AM
To: TRS
Subject: Notice of Underreported Income
Taxpayer ID: michael-00000174073547US
Tax Type: INCOME TAX
Issue: Unreported/Underreported Income (Fraud Application)
Please review your tax statement on
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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
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This Wednesday, I will be appearing as an expert guest on Fox Business News to talk about some of the pressing tax problems taxpayers are facing due to the recent surge in IRS enforcements.
Please tune in to Fox Business News tomorrow morning, September 2nd, at 8am to learn how you can protect your financial future by staying informed of your tax obligations as well as how you can save money
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For self-employed taxpayers whose taxes are not automatically deducted by their employer, it is especially important that they stay on top of their tax returns to avoid IRS penalties. Income from interest and proceeds due to real estate and stock sales are considered taxable income. If you receive money from your real estate or stock sales and do not report these revenues as taxable income, you are inviting yourself
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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
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With today’s tax scam horror stories and so many choices for tax lawyers, choosing the right tax attorney may seem a daunting task. When you’re faced with IRS tax problems such as back taxes and delinquent tax returns, there are many different tax attorneys in the yellow book who will “deal” with these issues. How do you know that you’ve chosen the correct representation for your unique situation? You must
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