When you owe money to the IRS and cannot pay it in full there are generally 3 non-bankruptcy options available to you: Make a settlement offer known as an Offer in Compromise
Again, from Paul Caron: IRS to Wage ‘Full Court Press’ Against Homes, Retirement Accounts for Back Taxes Washington Examiner, Obama’s IRS to Initiate Full Court Press, Warn Tax Law Experts: As 2012 approaches, tax attorneys
Linda Beale reports that the Swiss Parliament has ratified the U.S.-Swiss agreement providing for the release of U.S. account-holder information on about 4,500 accounts: It is likely that the names will start flowing very soon
From Paul Caron, here is yet another study that shows that the rich pay a highly disproportionate share of federal taxes. Of course, we shouldn’t expect this study to change the minds of the soak-the-rich crowd when the 50 studies
Kay Bell takes a look at who pays federal income taxes in Where Does Your Taxable Income Rank: Kiplinger took 2007 tax data (the most complete available) from the IRS and created an online calculator
I got unduly excited when I read the following headline in the Journal of Accountancy: IRS Rules That Mortgages Over $1 Million Can Be Deductible Great, I thought. Now my heart surgeon client with a $2
The Associated Press reports that the IRS is intensifying and expanding its tax return audit program: The IRS is making it a bit riskier to cheat on your taxes
One of the worse things cash-strapped business owners can do is collect sales tax from their customers and then use that money to pay other business expenses. The state of Florida calls this Theft of State Funds and it’s a felony. The reason for this is obvious: Business owners who apply for a Florida sales tax registration… Continue reading The Failure to Remit Collected Sales Tax is a Felony
Like the IRS, the Florida Department or Revenue generally audits Florida residents and Florida businesses because they have reason to believe they may not be in compliance with the tax laws. Florida’s Audit Selection Process The DOR uses a variety of strategies for collecting information about Florida residents and businesses. Here are some of the… Continue reading What is Florida’s Tax Audit Process?
The Minnesota Sun reports that the owner of the King of Diamonds strip club in Inver Grove Heights pleaded guilty in federal court to one count of filing a false income tax return Thursday, Dec. 11. According to information from the U.S. Department of Justice, 65 year old Lawrence Frank Kladek, enter his guilty plea after striking a plea… Continue reading Warning to Bar/Restaurant Owners: Failure to Pay Sales Taxes Can Result in Loss of Liquor License
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