The U.S. Attorney’s Office in Los Angeles is taking on a pilot project to pin-point their investigations to the wealthiest zip codes in the L.A. metro area. The idea being that anyone who is selected for investigation in these areas will result in a higher tax liability than those who live in less affluent areas. […]
With just weeks remaining before the new tax season opens, Congress walloped the IRS with $341 million in budget cuts. That’s in addition to earlier slashes to the IRS budget of more than $1 billion since 2010, resulting in nearly 13,000 employee layoffs. Is that a wise choice or an act of spite toward an […]
This May Be Your One Last Opportunity to Avoid Criminal Prosecution and Increased Civil Penalties! Since July 1, 2014, the most feared U.S. legislation regarding international tax enforcement – Foreign Account Tax Compliance Act (“FATCA”) – is being implemented by most banks around the world. As part of this compliance, foreign banks from around the world […]
Topics Covered: 1. IRS Agent Seduced Me, Then Didn’t Help Me With Audit, Oregon Man Claims. 2. Your worst nightmare: An IRS audit. What the tax man looks for. 3. Questions from our listeners: a. I received an IRS Notice informing you that your return has been selected for examination. What should I do? b. […]
The Rev. Al Sharpton lately has come into prominence as an imposing figure as men in power lined up to exclaim their admiration for him. Mayor Bill de Blasio and Gov. Andrew M. Cuomo hailed him as a civil rights icon. President Obama sent an aide to read a message commending Mr. Sharpton’s “dedication to […]
Under the Foreign Account Tax Compliance Act (“FATCA”), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans’ and U.S. permanent residents’ offshore accounts worth more than $50,000. Institutions that fail to comply could effectively be frozen out of U.S. markets. As of this blog posting, the U.S. has entered […]
Are you at risk for this major tax penalty? Don’t let the hustle and bustle of the holiday season distract you into a hefty tax penalty come April. The Internal Revenue Service expects consumers to begin taking distributions from many of their retirement accounts-including 401(k) and 403(b) plans, and traditional IRAs-starting in the year […]
Vincent Burroughs who lives in Oregon was selected by the IRS for an audit of his tax returns. Little did he know that the IRS was going to clean him out in more ways than just his bank account. Let me explain – maintaining a friendly but professional demeanor can be important to an audit […]
Your business is growing and you are prospering. Business is good. Life is good. Then the unbelievable happens, which turns your world upside down and pushes you into pure panic. This panic mode is instantly brought on by receipt of an IRS audit letter. Most of us don’t fear something exploding or catching on fire […]
In the late 90s and early 2000s, Scott Stapp and his band, Creed, topped charts with songs like “Higher” and “With Arms Wide Open.” The band sold more than 50 million albums worldwide, making frontman Stapp a millionaire who at the height of his popularity had an estimated net worth between $10 and $30 million. […]
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