If you own or have signature authority over a foreign account and put in the name of another entity in order to hide it from the IRS or avoid the FBAR disclosure requirements, you can count on a criminal prosecution if the IRS catches you. Wolfgang Roessel has been convicted of filing a false tax return, a… Continue reading Florida Man Convicted for Unreported Foreign Account
It’s no secret that Florida has stepped up its efforts to find and prosecute individuals who are responsible for collecting and remitting sales taxes to the Department of Revenue. Now, it seems that the state has intensified the step up. Taxpayers who are required to charge and collect Florida sales taxes in the State of Florida must remit those taxes to… Continue reading Jail Time for Failure to Remit Florida Sales Taxes
The state of Florida is targeting used car dealers for their failure to remit collected Florida sales taxes and bringing charges against their owners and officers for theft of state funds. In the last two years, we have represented over a dozen Florida used car dealers whose owners and officers are under criminal investigation for failing to… Continue reading Florida Used Car Dealers Targeted for Sales Tax Fraud; Theft of State Funds
Actor Wesley Snipes went to jail for three years for failing to file his federal income tax returns. This should be a cautionary tale to any American or United States resident who has not filed his or her federal income tax returns for two years or more. Although the referral of a non-filing case to the IRS criminal investigation division used… Continue reading Failing to File a Tax Return is a Federal Tax Crime, Just Ask Wesley Snipes
Jack Townsend has an excellent post today (all of his posts are excellent) about C corporation constructive dividends. In United States v. Ellefsen, ___ F.3d ___, 2011 U.S. App. LEXIS 18684 (8th Cir. 2011), the appeals court addressed the issue of whether the IRS properly reclassified payments made by a C corporation to a trust, of which… Continue reading Constructive Dividends and the Substance Over Form Doctrine
Courtesy of Paul Caron in Johnston: Your Tax Dollars At Work, Unconstitutionally: Reuters, A Gift, From NY to Abu Dhabi, by David Cay Johnston: How does being taxed to give money to the oil-rich kingdom of Abu Dhabi and its hereditary ruler strike you? The cost, if you live in New York State, comes to about $1.4 billion, or roughly… Continue reading David Cay Johnston Reports More Government Waste
My old blogging friend, Joe Kristan, of Roth & Company has published his “Fight the Power” edition of Tax Roundup. In this case, the power to be fought isn’t the federal government, but private corporations. Fight the Power! Tax Analysts’ Joseph Thorndike defends the corporation income tax as a bulwark against corporate power ($link): “Popular fondness for taxing… Continue reading A Case for the Corporate Income Tax?
The IRS will place a lien on your property to secure payment of your tax debt. A Notice of Federal Tax Lien may be legally issued by the IRS only after the following 3 requirements are met: The IRS makes an assessment against the taxpayer; The IRS sends the taxpayer a written Notice and Demand for Payment; and The taxpayer… Continue reading IRS Liens and How to Get Rid of Them
In these bad economic times few of us have any extra cash laying around after we pay our monthly living expenses. The IRS doesn’t care about that, right? Wrong. If you can’t pay your debt and can prove it, the IRS will stop (at least temporarily) attempting to collect the debt from you. Non-Collectible Status… Continue reading Unfiled Returns? Back Taxes? What are Your Options?
The Associated Press reports that singer Lauryn Hill pleaded guilty to failing to file tax returns on more than $1.5 million she earned from 2005 through 2007. Hill’s attorney said she plans on paying the back taxes, interest and penalties before she is sentenced in November. Ms. Hill claimed that she didn’t pay her taxes because “she withdrew… Continue reading Singer Lauryn Hill Guilty of Failing to File Tax Returns
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