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Archive for October, 2009

I am sorry I have not blogged

Friday, October 30th, 2009

I am sorry that I have not added any new blogs.  I had a field trip with my 6 year old yesterday, and then some other things got in the way.  I promise more today.

Rhode Island Inches Towards Making Prostitution Illegal

Tuesday, October 27th, 2009

This is my tax blog.  Prostitution has nothing to do with taxes, except for the unclaimed fees that the ladies receive for services.  However, that is not the point of the article or the title.
Rhode Island has legal prostitution?  I knew about Nevada, but I had no idea that Rhode Island is the other state [...]

An Offer in Compromise, what to expect

Tuesday, October 27th, 2009

First and foremost an Offer in Compromise (OIC) should only be used as a last resort.  The IRS will not settle on taxes that a tax payer can repay, and the filing of an OIC suspends the statute of collection.  We represent people every day, we file an OIC only when it is the best [...]

I am Asked Often, Can I discharge State and Federal Taxes in Bankruptcy?

Tuesday, October 27th, 2009

I am constantly trolling for new and exciting information.  Congratulations, I have found some relevant information.  Many of my clients inquire about what happens to tax debt once the client files a bankruptcy proceeding.  Normally, I don’t post the writings of an attorney, I just don’t like messing with fire.  However, Christopher Grafton with the [...]

Former NBA Player Anthony Mason has Tax Problems

Tuesday, October 27th, 2009

Tax problems are not isolated to an individual.  I tell many clients, “You are not alone” “Thousands of people have tax problems”.  Mr. Mason made over $40 million.  That is a ton of money by anybody’s standard.  However, for whatever reason Mr. Mason now owes a bunch of back taxes.
Former Milwaukee Bucks and New York [...]

Harrison brothers, business partners sentenced to prison for tax evasion

Monday, October 26th, 2009

This isn’t the way to go about your life.  I am not judging.  I help these kinds of people every day. 
These brothers needed help way before the IRS assessed criminal charges.  The brothers needed guidance from a qualified professional.  Obviously, they could make a substantial living.  To operate a grocery store, the finances are complicated, [...]

One man puts a dent in tax evasions

Monday, October 26th, 2009

The subject of foreign bank accounts has always seemed above my pay grade.  I do not proclaim to have any vast knowledge of the laws that relate to the foreign bank accounts.  I think the complexity is similar to if you move out of the country.  The laws are complex and fraught with the danger [...]

Stimulus payout may bite you in the tax

Monday, October 26th, 2009

The tax preparer community noticed the situations that are described below, back in the spring.  At several continuing education seminars, I enjoyed discussions regarding how tax payers may find out how much they owe.
The stimulus plan lowered federal income tax withholding rates, which results in more take-home pay but less money going toward taxes. The [...]

Roth IRA door opening just a little to wealthy

Sunday, October 25th, 2009

New rules end income cap on conversions, but not on contributions.
I get a call about this topic once a year.  I have never had a client convert any major amount of money.  I have had clients convert 3, 4 thousand dollars, but no conversions with any substantial money.
A conversion makes sense for those who anticipate [...]

Elkhart County cities see property taxes rise, rural areas see them fall

Sunday, October 25th, 2009

I am a business owner in Indiana, I have clients in Elkhart county.  It is nice to hear good news about Elkhart county.  The article contains good news and bad news.  The good news, people who live in unincorporated towns, are going to see a property tax decrease.  Some folks will receive bad news, their [...]