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Archive for November, 2009

How quickly can my case be resolved?

Wednesday, November 25th, 2009

The firm had a meeting with a prospective new client Thursday November 19th.  The tax payer has a really large problem.  The IRS has decided the best method of collections would be a wage levy.  The client hired the firm to stop the wage levy.
Friday November 20th, the firm contacted the IRS to find out [...]

Sebastian man gets 30 months in prison for tax evasion

Tuesday, November 24th, 2009

The title of the article, this man got nearly 3 years, after time off for good behavior this man will still do almost 24 months in prison.  Please read the case, I want to discuss what this man did.  The case is reported from the TCPalm, a southern Florida news source.
Carl Libertino, 42, of Sebastian [...]

Sid's Furniture owner guilty of tax evasion

Monday, November 23rd, 2009

I am impressed a state government has prosecuted a tax evader.  Sarah Schemkus reports for the Cape Cod News:
Abbott Davidson of Centerville, former owner of Sid’s Furniture in Hyannis and star of a well-known series of local TV ads, pleaded guilty today to charges that he failed to pay $245,000 in taxes over a two-year [...]

Developments in Limited Liability Companies-LLC Changes

Monday, November 23rd, 2009

Since the advent of LLC’s, the IRS has been behind the curve.  These entities are special business organizations they do not fit the traditional mold.  These companies are not standard corporations, nor are they partnerships.
The LLC is a state formed organization.  Each state has its own LLC codification.  This makes the IRS’s task even harder.
The [...]

Who Falls Under Self-Employed Taxes Laws?

Friday, November 20th, 2009

I do enjoy this discussion.  Unfortunately, the author is somewhat vague and way too simplistic.  The article is from the FinancialWeb:
You have to pay self employed taxes on your income if no employer is responsible for your tax filing. This generally applies to people who work full-time for themselves, such as sole proprietors or independent [...]

RI couple sentenced to prison for tax evasion

Friday, November 20th, 2009

This article hits my radar for a very particular reason.  What do you think it means to sign a joint tax return with your spouse?  To me and the rest of the tax preparer community, it means joint liability.  The IRS is very serious about joint liability.  NEVER sign a tax return unless you know [...]

Danbury strip club owner pleads guilty to tax evasion

Friday, November 20th, 2009

When your business is on the moral fringe, you might want to take steps to ensure that no governmental agency can target your establishment.  Hire the correct professional 1-877-489-8999.  Hire a professional that has dealt with companies such as this.  We represent many clients from all over the country involved in many varied businesses.  We [...]

Many parents inaccurately claim college tax credit

Friday, November 20th, 2009

I have never like the way Congress has setup the myriad of college credits.  Why make it so complicated?  The issues are many and numerous.  A paid tax preparer and great software is needed to complete the return and claim the allowed credits.  It is not often that I make a statement like that, but [...]

Disappointed in my Postings this week

Friday, November 20th, 2009

I have not had much this week.  I have not found anythig all that interesting.  Most of the information I have seen this week has related to health care.  Honestly, I have many opinions regarding that subject; howver, I have no intention of discussing the subject.  The health care subject is above my paygrade.
I continue to [...]

Missouri lawmaker pays $20,000 in back taxes

Monday, November 16th, 2009

I have always practiced as a niche accountant.  I have never audited or worked with Not-For profit companies.  I used to represent several real estate investors in and around Fort Wayne, IN.  Many of my clients suffered when the tenants could not pay the rent.  I understand the position this Missouri lawmaker was in.  From [...]