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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

Prices Down Taxes Up

Posted on November 08, 2009
California residents have no respite from the poor economy even though prices of goods go down. They have to pay more taxes. No, it was not the action of the state lawmakers. It was due to deflation. Read more on Prices Down Taxes Up… Prices Down Taxes Up is a post from: IRS Tax Problem Solver Blog - IRS Help Prices Down Taxes Up is a post from: IRS Tax Problem Solver Blog - IRS Help

How to Defraud the IRS-.and Not Get Away

Posted on November 07, 2009
This is the one that did NOT get away. Jesse Ayala Cota, a former district director of the IRS pleaded guilty to one count of conspiracy to defraud the agency in April 2007 by teaching his home-based business clients how to cheat on their taxes...

US Targets Other Banks

Posted on November 06, 2009
After the IRS had made settlement with UBS over the disclosure of information on thousands of suspected tax evaders holding UBS bank accounts, the agency is now looking at investigating similar cases in other Swiss banks. According to IRS Commissioner Doug Shulman, the IRS intends to go after other banks, law firms and entities that help Americans place their cash in offshore accounts without paying taxes...

The Shoe is on the Other Foot

Posted on November 05, 2009
Most of the time, you hear about the IRS suing an individual or a company for fraud. But in this case, you have a tax fraud investigator suing the IRS instead. Miami fraud investigator, Lewis B. Freeman is suing the IRS for allegedly wrongly assessing a $4...

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Tax News

Posted on November 04, 2009
Sysco's Deal with the IRS Restaurant food supplier Sysco Corp. has finalized a deal with the IRS over the agency's demands of taxes deferred by its subsidiary, Baugh Supply Chain Cooperative. Baugh is the subsidiary through which Sysco buys products for its business...

Even Billionaires Do Not Always Get What They Want

Posted on November 03, 2009
When billionaires declare their assets for taxation, they also make billion dollar tax deductions. Andrew Beal, the billionaire founder of Beal Bank in Plano, Texas and financier of Donald Trump's Atlantic City casinos made such a deduction based on losses incurred in connection with loans his bank acquired from Chinese companies...

Swiss Bank Secrecy Laws No More?

Posted on November 02, 2009
In the aftermath of the IRS UBS settlement, a pertinent question arises – how secret are Swiss bank secrecy laws? Once the unquestionable bastion of confidential banking, now with Swiss bank UBS revealing details of 4,450 of its US account holders suspected of tax evasion to the IRS, the secrecy in Swiss banking is no longer a given...

Six Ways to Pay Off Your IRS Debt

Posted on September 30, 2009
If you have received a tax bill from Uncle Sam, here are six ways you can pay up. 1. Pay the bill in one lump sum, including any penalties or interests Read more on Six Ways to Pay Off Your IRS Debt…

What's a Million Bucks these Days?

Posted on September 29, 2009
Does the name Richard Hatch ring a bell? It probably does. Richard Hatch gained international fame when he became the winner of the first 'Survivor' reality show series and won $1 million in prize money. But as it turned out, things went downhill from there...

Reactions to the IRS UBS Deal

Posted on September 28, 2009
To every action there is a reaction. In physics, the reaction is opposite and equal to the action. But in economics, the reaction may be explosive and gargantuan in comparison with the action. We are talking about last week's deal between the IRS and UBS bank of Switzerland that brought closure to the long-running high profile dispute triggered by the bank's strategies in abetting about 52,000 Americans maintain accounts with them without paying taxes on their money...

Come and Get It

Posted on September 27, 2009
Normally, nothing in life comes free. So when the IRS gives anything to you, you really ought to take advantage of it. There are a few tax incentives available this year under the American Recovery and Reinvestment Act (ARRA) for taxpayers to gain from...

Once Bitten, Not Shy!

Posted on September 26, 2009
Last August in Wood County, West Virginia, Sharon Roberts was given a stern warning not to run a puppy mill where the dogs were inadequately taken care of and later sold. But last Friday, when deputies from the Sheriff's office in Marietta, Ohio searched her home, they found dozens of puppies, including one that was dead...

Fancy That!

Posted on September 25, 2009
Two men who pretended to be IRS agents gained entry into an unoccupied house, took some of its contents and told neighbors to help themselves to whatever they wanted inside the house. Giving the impression that the house owner, Gene Medlin owed tax money to the IRS, they said that the house and its contents were being seized and gave permission to the neighbors to take any items they wanted...

Important Dates

Posted on September 24, 2009
Here are some important dates to bear in mind in relation to your taxes. Firstly, a phone forum will be held August 19th on filing taxes online for small businesses and the self-employed. Participants will be told what to beware of and the best way to file your taxes online to avoid being cheated by scams and identity thieves...

More than Meets the Eye

Posted on September 23, 2009
Young, handsome, smart and popular. That's how you would describe Patrick Canon. Merely 38 years old but already with 12 years' experience at being in the city council in Charlotte in 2005, Canon was a step away from being elected mayor. But to everyone's shock, he abruptly pulled out of the election in May citing personal reasons of two deaths among relatives and a renewed desire to be with his family...

Even Governments Owe Money

Posted on September 22, 2009
If you owe money to the IRS, you're not alone. Even some governments owe taxes. Tribal governments, cities and nonprofit organizations in Alaska find themselves in debt to the tune of $4.4 million due to unpaid payroll taxes and penalties. Read more on Even Governments Owe Money…

Work from Home Tax Deductions

Posted on September 21, 2009
Working from home entails a few special considerations when it comes to making deductions for business expenses in your income tax returns. Here are some of them. The area in your home you use for your work must be exclusively used for work purposes on a regular basis...

Does the IRS play God?

Posted on September 20, 2009
The only thing the IRS has in common with God is that they both have three letters in their 'names'. But of late, the IRS has been behaving 'like' God; but not the loving, merciful and kind God, instead it's the high-handed, dominating and controlling god...

No Respecter of Persons?or Corporations

Posted on September 19, 2009
When it comes to catching cheats, the IRS is no respecter of persons or corporations. It does not matter whether you are an individual or a multinational corporation or a local government agencies, as the Cicero Local Development Corporation (CLDC) found out to its detriment...

More Time Required

Posted on September 18, 2009
The year-long dispute between UBS banking group of Switzerland and the US government over the identities of thousands of UBS account holders suspected of using their bank accounts to avoid paying millions of dollars of taxes seems set to continue. The Swiss government is negotiating on behalf of UBS and was supposed to have come to an agreement with US federal lawyers for an out-of-court settlement by Monday when a court hearing was scheduled to hear the case...

New Homebuyers IRS Fraud

Posted on September 17, 2009
The IRS has been deluged with false claims on the new homebuyers' tax credit applications. Under the scheme, first time homebuyers – those who have not owned a principle home during the last three years – who purchase their homes between Jan 1 and Dec 1 this year are entitled to an $8,000 tax credit...

Recovering from Fraud

Posted on September 16, 2009
If you have been cheated financially, the last thing you need is to have to pay hefty taxes on your income.� Remember the Ponzi scheme ran by Bernard Madoff?� If you ever become a victim of such a fraudulent scheme, the IRS has implemented two guidelines that will sound like music to your ears...

It Does Not Hurt to be Careful

Posted on September 15, 2009
Although it has been said before, saying it again would not hurt. The IRS will never solicit your personal financial information through email. Did you know there are some 1,300 websites that use the IRS logo or documents to obtain credit card numbers, Social Security numbers and other personal details? Do not entertain emails that may contain such logos or attachments that look like IRS documents in your inbox...

Arizona Tax Credit Program Abused

Posted on September 14, 2009
What started as a worthwhile program with a noble cause has been abused over the years, say Democratic legislators. Since private schools are non-profit organizations, the Arizona private school tax-credit program was set up with the aim of helping students, especially poorer but deserving ones go to private schools...

The IRS Connection in New Health Reform Bill

Posted on September 13, 2009
In a 1,018 page thick humongous document, the government intends to pass through Congress its new Healthcare Reform Bill. Many objections have been made by concerned individuals and groups over the provisions of the bill because in the final analysis, the bill severely restricts Americans' choice of their own health insurance and thereby 'forces' the American public to opt for the government-sponsored healthcare insurance scheme...

Confession ? Good for the Soul

Posted on September 12, 2009
If confession is good for the soul, then pleading guilty is good for the IRS. In California, John McCarthy opened a Swiss bank account with UBS Bank in the name of COGS Enterprises Ltd., a Hong Kong company and did not file a FBAR (Foreign Bank and Financial Accounts Report)...

The Latest on the IRS UBS Face-off

Posted on September 11, 2009
It's finally official. The number of account holders that Swiss bank UBS will reveal to the IRS under an agreement to settle their dispute will be 4,450. This is a small number compared to the 52,000 names of suspected tax dodgers who have accounts with the bank that contain assets worth billions that have escaped tax...

Playing Russian Roulette

Posted on September 10, 2009
The IRS UBS dispute is over. The dispute was resolved when UBS agreed to disclose an unspecified number of names of their American account holders to the IRS who are suspected of tax evasion. The number is estimated to be about 52,000 Americans. If you are one of the UBS bank account holders, you would know whether you are one of those concerned or not...

Payroll Tax Fraud Equals Big Tax Problem for Hospital CEO

Posted on September 09, 2009
Guilty as Charged Payroll tax fraud is a matter of grave importance to the IRS. It recently took to court the CEO of Granada Hills Community Hospital, a hospital with tax exemption status for failing to remit taxes amounting to close to $2 million. The federal court last week made a ruling that agreed with the IRS' contention and pronounced the CEO guilty...

Caged Up

Posted on September 08, 2009
Nicolas Cage is not a happy man, at least not with the IRS. The federal agency has placed two liens on the properties he wants to sell in New Orleans for failing to pay taxes in 2007. The liens amount to the total unpaid taxes of about $6.26 million...

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