Happy Friday! It’s time for a review of this week’s mixed bag of tax relief topics:
Currently Not-Collectable Status – Status 53
A new video from the Tax Man series explains how Currently Not-Collectable Status works for taxpayers having trouble with tax debt repayment because their current expenses are higher than their income. Currently Not-Collectable Status gives these folks time (sometimes up to two years) whereby they are not obligated to make payments to the IRS. However, it’s not a final resolution. Often an IRS Installment Agreement is a better option to pay off back taxes over time and sometimes the Offer in Compromise program works best. If you need tax debt relief, you are encouraged to find a reputable certified tax resolution firm who carefully examines all the case details making sure the final resolution has your best interests in mind.
Every week there are stories about tax evaders – this one was no exception.
- Two Wisconsin Business Owners: Lisa Bartz Vanden Elzen, 46, of DePere, Wisconsin and Russell L. Thill, 71, of Berlin, Wisconsin both pleaded guilty to charges of felony payroll tax evasion.
- Bartz Vanden Elzen failed to pay $193,000 in payroll taxes and $81,000 of the employer-matched share. She faces up to five years in prison and a fine of up to $250,000.
- Thill was charged with failing to pay more than $256,000 in payroll taxes and the $128,000 in employer matched share. He also faces up to five years in prison and a fine of up to $250,000.
- A New Mexico Couple was found guilty this week of federal tax evasion charges. Joseph C. Kupfer, 49, and Elizabeth D. Kupfer, 50, were charged with failing to report roughly $768,333 in taxable income for 2004 through 2006 tax years thus evading the payment of $286,175 in federal taxes. In a bold attempt to conceal this income, the couple gave their tax preparer incomplete information and signed both false and fraudulent tax returns, which were then submitted to the IRS.
Celebrities facing tax issues did not escape the news. This week’s spotlight is on pop singer, Prince.
- According to a Business Week titled “Prince Failed to Comply With IRS Summons Over Taxes, U.S. Says” the performer ignored an IRS summons sent on behalf of French taxing authorities who are trying to determine his tax liability for 2009 and 2010 the years he performed there. This story is significant in that it indicates just how far worldwide taxing authorities will go, and the help they receive from others (the IRS) to collect taxes due.
Tax Shelter and Identity Theft Schemes Thwarted
- Both @AccountingToday and @WashingtonPost reported this week that Chicago attorney, Donna Guerin who helped clients avoid taxes through illegal tax shelters, plead guilty to her involvement in the tax shelter scheme.
- Both @Reuters and @sfgate reported that 14 people have been arrested in a long-running U.S. identity theft ring that filed thousands of fraudulent federal income tax returns and claimed $65 million in illegal refunds.
IRS policy news
- From @foxnews article, the IRS has stated that its agents will not be involved in tax audits for Affordable Care Act.
Have a great weekend!
Visit our You Tube channel for additional tax relief information through one of the informative TaxMan and Tax Expert videos.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Relief Weekly News Round-Up
- IRS Offers Tax Help Tips-Worker Classification
- Tax Relief-Bankruptcy and Tax Debt
- Currently Not-Collectable Status – Status 53
- Tax Relief Weekly News Round Up