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Taxation & Estate Planning

IRS Problem Solver Blog

IRS Problems and how to solve them
By Darrin T. Mish, Esq.

Post Frequency: 7.9/day

Last Entry: March 30, 2011 at 14:49:38

Guess Who Owes the IRS

Posted on August 11, 2010
Even the rich and famous does not escape the taxman. Here are a few cases where the IRS is looking to collect taxes from some familiar faces: Alicia Keys? new husband, hip hop producer Swizz Beatz reportedly owes Uncle Sam about $2.4 million...

IRS Raids Rapper?s Home

Posted on August 10, 2010
The IRS field agents in Tennessee raided rapper Young Buck?s home in an attempt to recover $300,000 in taxes. The entertainer, whose real name is David Darnell Brown, had earlier filed court motions to put his assets out of reach of the IRS but the IRS agents had acted nonetheless...

Actor Chris Tucker in Trouble with IRS

Posted on August 05, 2010
Chris Tucker, famous for his role as James Carter alongside Jackie Chan in the Rush Hour movies is in trouble with the IRS for allegedly failing to pay his taxes in 2001-2002, 2004-2006 amounting to $11.5 million. As such, at the end of last month, the IRS filed a Notice of Federal Tax Liens at the L...

Billionaire McCombs Told to Pay $45 Million by IRS

Posted on August 01, 2010
The IRS is demanding $45 million in back taxes from San Antonio billionaire Billy Joe ?Red? McCombs. The back taxes pertain to the tax years 2002 and 2003. The basis for the demand was a tax strategy that was disallowed by a judge, originally to billionaire Philip Anschutz...

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Number of Asset Seizures by IRS Declines

Posted on July 31, 2010
Did you know the IRS has its own CID (Criminal Investigation Department)? Among its various responsibilities, the IRS CID is authorized to seize assets in combating crime and unlawful activities pertaining to tax evasion. Seizure of assets here means the lawful confiscation of assets by the government where the ownership of such seized assets passes on to the federal government of the US...

Tax Battle ? All Square between P&G and IRS

Posted on July 30, 2010
A US District court judge made two separate rulings each favoring one side in the legal tussle between Proctor and Gamble (P&G) and the IRS. Federal Judge Timothy Black is presiding over the $435 million court battle in which he has thus far made two rulings...

Little-known Tax Deductible Expense

Posted on July 29, 2010
Most people are familiar with the usual expenses you can get tax breaks for. For business owners, you get tax relief for business-related expenses. If you are an employee, you would probably enjoy tax deductibles like donations to charities, child relief and so on...

No Estate Tax this Year

Posted on July 28, 2010
If you are an heir to a large estate this year, count your lucky stars. This year, Congress has allowed the estate tax to lapse so whoever inherits anything from a dearly departed is free from tax as far as the inheritance goes. Some of the biggest gainers in 2010 are the heirs of New York Yankees owner George Steinbrenner who passed away recently...

Mayweather Jr. Caught between Taxman and Pacman

Posted on July 27, 2010
Floyd Mayweather Jr. is pondering this next move. Faced with a deadline by boxing promoter Bob Arum, the American boxer has to make a decision that will have implications on himself both inside and outside the ring. Arum is waiting impatiently, as is the rest of the boxing world, for Mayweather Jr?s decision on fighting famed Filipino boxer Manny Pacquiao, nicknamed the Pacman...

Conrad Black Fined $71 million by IRS

Posted on July 26, 2010
Former newspaper mogul Lord Conrad Black has been fined $71 million in back taxes, penalties and interest charges by the IRS after his conviction on fraud charges. Black is currently serving a 6 � year prison sentence in a federal penitentiary in Coleman, Florida...

Myrtle Beach Political Campaign under FBI, IRS Investigation

Posted on July 25, 2010
The FBI and IRS have begun investigations into campaign contributions amounting to $239,500 for political action committees and area politicians including gubernatorial candidate Gresham Barrett and members of the Myrtle Beach City Council by interviewing at least two individuals thus far...

Section 9006 Tax Reporting for Small Businesses

Posted on July 24, 2010
Section 9006 of the new Health Care Reform bill states that businesses have to submit a Form 1099 for all purchases of goods and services of more than $600 a year made from any vendor. This requirement will take effect in 2012. More on Section 9006 Tax Reporting for Small Businesses Section 9006 Tax Reporting for Small Businesses is a post from: IRS Tax Problem Solver Blog - IRS Help Section 9006 Tax Reporting for Small Businesses is a post from: IRS Tax Problem Solver Blog - IRS Help

Possible Outcomes of New 1099 Tax Law

Posted on July 23, 2010
Beginning 2012, all businesses will have to submit Form 1099 for every purchase they make of goods or services costing above $600. But this does not apply to purchases made by credit or debit cards. Card transactions will be covered in a separate law expected to be tabled sometime next year...

Tax Whistleblower Acknowledged in Dillion Case

Posted on July 20, 2010
In what is seen as a landmark decision by the US Tax Court, a whistleblower has won the right to be heard for tax information disclosed to the IRS. William Prentice Cooper, a lawyer and boyfriend of Ann Peipers, the widow of a grandchild of Dorothy Dillon Eweson gave information about tax evasion to the IRS on one of the biggest and most famous American fortunes, the one owned by famed Wall Street financier, Clarence Dillon (1882 ? 1979)...

Minnesota State Senator Owes $250,000 in Unpaid Taxes

Posted on July 19, 2010
Minnesota State senator Satveer Chaudhary (DFL ? Fridley), currently owes the IRS more than $252,000 in back taxes for the years 2007 and 2008. His and his wife, Denise?s unpaid taxes for 2007 amounted to some $100,000 while that for 2008 came up to $151,000...

IRS and Taxpayers To Bear Burden of New Healthcare Compliance

Posted on July 18, 2010
The new healthcare law requires the IRS to administer giving tax incentives for those who purchase medical insurance. This is the government?s move to encourage every American citizen to be properly covered by insurance in view of the rising costs in healthcare...

American HSBC Account Holders Receive IRS Letters

Posted on July 17, 2010
In what is widely seen as a move to further clamp down on tax evasion through offshore accounts, the Justice Department has sent numerous letters to account holders of HSBC offshore accounts, in particular in India or Singapore. This initiative is a joint effort by the Justice Department and the IRS to track down more taxpayers who use offshore accounts to hide their assets after the IRS? dispute with UBS Bank of Switzerland last year...

Small Businesses Cry Foul over New Tax Paperwork Requirement

Posted on July 16, 2010
Many small businesses will suffer as a result of a relatively unknown legislation in President Obama?s health care reform (dubbed Obamacare) that effectively increases the paperwork these businesses have to submit in relation to taxes...

IRS Signs Agreement on Offshore Accounts

Posted on July 15, 2010
The IRS has recently signed a landmark information-sharing treaty with 15 foreign governments allowing it access to information on the dealings Americans have in these countries. These dealings involve working and earning a paycheck and operating a bank account in those foreign countries...

Seneca Nation Casinos come under IRS Audit

Posted on July 14, 2010
The Seneca Indian Tribe, already under IRS investigation, have come under renewed scrutiny as the IRS launched an audit on its casino operations and its business dealings with employees and contractors. The IRS? earlier probe had to do with a $2...

Watchdog Group Reports Minister to IRS

Posted on July 13, 2010
Watchdog group the Americans United for the Separation of Church and State reported Reverend H. Wayne Williams for endorsing a political candidate from the pulpit in Washington D.C. But the outspoken minister was far from intimidated...

BP Oil Spill Compensation Taxable

Posted on July 12, 2010
According to a release posted on the IRS website recently, the victims of the BP oil spill who have received compensation for loss of income from the oil company would have to pay income taxes on the payments they receive although generally, payments to compensate damage to property and personal injury are not taxable...

Small Business Owners Crash Course on Taxes

Posted on July 11, 2010
With so many Americans losing their jobs, a vast majority of them have started their own business. These ones quickly find out that having a business of their own entails lots of tax knowledge, something they never came across when they were in someone else?s employment...

IRS Audit may result in Probe on Chavez Operations

Posted on July 10, 2010
An IRS audit that detailed irregularities in the operations of the Cesar Chavez Network could result in a criminal probe. The audit, which was released last month, highlighted the exorbitant salaries of the leaders of Cesar Chavez Academy and Dolores Huerta Preparatory High, conflicts of interest including acts of nepotism when hiring workers and expense accounts that seemed dubious...

White Powder Substance Sent to IRS Building

Posted on July 09, 2010
The IRS office in Bellevue received an envelope that contained some white powder last week. At the same time, a similar incident took place at a courthouse in Seattle, WA. These were not the only two locations. CNN reported that there were at least 6 different locations involving various government buildings across the country that received these mysterious white powder filled envelopes...

UBS-IRS Deal Uncertain after Swiss House Rejection

Posted on July 08, 2010
In the latest development of the much publicized American Swiss deal in which UBS bank agreed to disclose details of 4,450 of its American account holders the IRS suspects of dodging taxes, the Swiss House of Representatives voted against it as it directly violates the 1934 Swiss Bank Secrecy Law...

Tax Benefits on Healthcare for Small Companies

Posted on July 07, 2010
For smaller companies, providing benefits like health insurance can be quite a burden. This is all the more the case as the cost of health insurance continues to rise without any signs of abating despite the economic slowdown. In view of this, the government has initiated health care reform by giving tax incentives to employers who provide health insurance coverage for their employees...

Swiss To Help IRS Nab Tax Dodgers

Posted on July 06, 2010
After a much-publicized initial rejection by the Swiss lower house of parliament of an IRS-UBS deal in which the Swiss bank agreed to forward details of 4,450 of its American depositors suspected of tax evasion, the lawmakers have now made an about turn and voted in favor of the deal...

Retirement Homes to Pay Higher Taxes

Posted on July 05, 2010
The IRS intends to collect on the billions of dollars of taxes that come from entrance fees retirement homes charge to the elderly who use their services. Some of these retirement homes are profit making organizations whereas others are non profits...

IRS-UBS Deal Likely Brought to Swiss Voters

Posted on July 04, 2010
Last year, the IRS and Switzerland?s UBS Bank hammered out a deal where UBS agreed to disclose names of 4,450 American depositors suspected of stashing the cash in their UBS accounts to avoid paying taxes, against Swiss banking laws. But although the agreement was made between the two parties, the court in Switzerland declared the agreement illegal because it violated Swiss secrecy laws...

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