A Florida salesman is facing serious time after some seemingly clever tax tap dancing. After being notified that his wages would be levied due to his failure to file for multiple years, he formed his own company and became an independent contractor for it. This allowed him to continue his evasion for several years more. Now, his run has come to an end.
The Supreme Court of the United States (SCOTUS) has agreed to hear a case that aims to clarify when a taxpayer’s actions are paramount to an obstruction of justice.
Topics: Tax Controversy
Ohio has had some interesting tax news in recent weeks. One piece that has received media attention involves recent reports about income tax revenue in the state, the other a proposal that could impact the state’s sales tax.
Topics: Tax Law
The Internal Revenue Service (IRS) has agreed to outsource its tax debt collection efforts. In an effort to help cut down on expenses, the federal agency has arranged to use the services of contractors to contact and extract payment from taxpayers.
Technology has untethered many from cubicals under florescent lights. For a business who mistakenly classifies a remote worker as an independent contractor, the liability can be significant.
Topics: employment tax
Small business owners may write off business expenses that are “ordinary and necessary.” There aren’t limits and net losses can offset other forms of income like salaries and wages. Losses can even carry over to future years. When business expense deductions are abused the penalties can be stiff. When the taxpayer who tried to pass personal expenses as business deductions is a tax judge, any argument about a negligent error doesn’t get very far.
Topics: Tax Fraud
The Internet is a wonderful thing. Google, Bing, Yahoo and other search engines can provide answers to almost any question within a matter of seconds. Some answers are more reliable than others, but savvy tech users know which sites to trust and which to ignore. Savvy tech users likely know that sites that end with .gov are reliable.
Topics: Tax Controversy
A Beverly Hills resident was recently indicted by a federal grand jury for a slew of tax violations, including corruptly endeavoring to impede the internal revenue laws, filing false tax returns, claiming exemptions he did not qualify for, and filing false FBARs.
Hot weather is not the only thing sweeping the country. The Internal Revenue Service (IRS) recently announced that it has received repeated reports of a new tax scam moving through the United States faster than the recent heat wave.
Not having a firm grasp on all the financial happenings within our country is common. There are many different agencies, departments and groups that play vital roles within our nation’s economic health. One such agency currently getting attention from the mass media is FinCEN.