Happy Friday! Here are the top tax and tax relief topics reported in this weeks news:
Qualified Tax Resolution Representation
I wrote a post this week highlighting the need for consumers to hire qualified tax representation after reading a Forbes article titled: ?Representation before IRS.? I agree with author Stephen J. Dunn assertions that not all tax professionals are qualified to handle tax controversies going before the IRS. Taxpayers needing help with their IRS tax issues are well served by professionals with the certified tax resolution specialist credential distinguishing them from other tax professionals who may lack tax controversy expertise.
Tax Evasion
- Kevin G. Attar of Hampstead, New Hampshire will serve eight months in prison and pay $30,000 in fines after pleading guilty to charges of tax evasion. According to an IRS audit, Attar, the owner and only shareholder of Surge Inc., an employee services company from 1998 to 2004, diverted $250,000 of company?s income without reporting it on his personal tax returns and under-reporting his taxable income by $246,749 and his tax due and owing by $72,319.
- New York Financial advisor Eric J. Justin, 49, of Lancaster, N.Y., was sentenced to one year in prison for employing several schemes to evade paying his taxes and ordered to pay $216,295.16 in restitution. Court records showed Justin?s entire federal tax liability Justin including interest, IRS penalties and fees totaled $258,403.70. Some of Justin?s tax evading schemes included: redirecting income to his wife to hide his personal/business assets, commingling personal and business bank accounts and transferring funds between them, as well as not having or using a proper accounting method. Additionally, Justin failed to disclose more than $98,000 in life insurance proceeds and falsely claimed to the IRS that his real property was encumbered to misrepresent the asset equity.
Taxpayer Advocate Report
The National Taxpayer Advocate, Nina Olson released her Annual Report to Congress strongly suggesting to the the tax administration they make tax reform their number one priority. In the detailed report, Olson focuses on three main areas: tax reform of complex tax code, IRS funding, tax-related identity theft and details areas where the IRS can improve its practices. She also addresses other serious tax problems the Agency faces such as:
- IRS failure to provide tax refunds to victims of preparer fraud.
- The extraordinarily high IRS audit rate of taxpayers claiming the adoption tax credit.
- Offshore Voluntary Disclosure Program failures, specifically the IRS? inability to distinguish willful tax cheats from non-reporting taxpayers.
Via Twitter:
An article by @Bloomberg News titled: Donors Claim $1.1 Billion Skirting Tax Laws, Audit Says reported that a sampling of taxpayers who claimed non-cash contributions to charities, did not comply with U.S. tax law regarding non-cash donations exceeding $500.This huge IRS oversight cost the government $1.1 billion in revenue 2010, according to the Treasury Inspector General for Tax Administration.
A new episode of the national network television show, Tax Man returns next week with helpful tax help topics.? For additional tax relief news and information, visit the Tax Resolution Services You Tube Channel.
Have a great weekend!
More Tax Help, IRS News and Tax Relief Tips:
- Swiss Bank Wegelin Avoids Court Appearance
- TaxMan Tax Info-Offshore Accounts and Taxable Income
- Tax Resolution Expert-Five Reasons to Hire One
- Senate Confirms Keneally to Fight Tax Crime
- Tax Relief Weekly News Round Up
Tags: certified tax resolution specialist, Identity Theft, IRS audit, IRS tax issues, Offshore Voluntary Disclosure Program, tax cheats, tax help, tax problems, tax relief, TaxMan
Source: http://www.taxresolution.com/blog/tax-relief-weekly-news-round-up-9/
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