Feel like this after dealing with the IRS?
There are hundreds, if not thousands, of cases that you can find all over the internet and local news about people not paying their taxes. From local business owners, to politicians and even celebrities of all kinds – this is not something that should be new to us as American citizens. So what should you do if this happens to you? What should you do if a letter shows up in your mailbox one day? With over 20 years of tax debt relief experience, the team at Talon Tax has some insightful ideas and topics of discussion on this matter.
Marc Anthony Owes New York $2.5 Million in Back Taxes
Singer Marc Anthony has agreed to pay about $2.5 million in back taxes, interest, and penalties to the State of New York due to his failure to file returns for five years, the Manhattan District Attorney announced Wednesday.
Anthony has not been charged, but his manager, accountant, and his three companies all pleaded guilty to tax crimes in a plea deal reached with the Manhattan District Attorney’s office. Anthony must pay the $2.5 million by June 1.
A state Department of Taxation computer drew attention to Anthony when it kicked out his state return due to discrepancies, according to Peter Farrell, an assistant deputy commissioner of the department.
The New York born Anthony, who is married to singer and actress Jennifer Lopez, was not charge due to his reliance on his accountant to file his tax returns, Manhattan District Attorney Robert Morgenthau said. Continue reading
If any of these are the case then you must consider seeking advice from with an experienced tax relief lawyer who can help you get out of major tax related problems. These legal representatives can assist you by providing you with all of their know-how and understanding in getting optimal possible tax relief. A lot of people know practically absolutely nothing about the tax guidelines and policies, and even less know the proper means to deal with tax debt issues.
If you really want tax reduction in your company then be sure to pick tax relief attorneys that have experience dealing with company taxes. Unless you are familiar with tax laws and policies, getting this kind of decrease is primarily most likely possible when you have an experienced tax relief lawyer on your side.
There are other crucial services like audit representation, tax recommendations, financial investment guidance, trust fund recovery and levy management which are provided by these lawyers. They have all the competence regarding policies, regulations and all the legal treatments related to tax charges. If you fail to pay your due taxes then IRS (Internal Revenue Service) can charge you one or more of the about 140 various types of tax charges. Continue reading
One of the scariest circumstances in life is having to fight an enormous federal firm that is hunting you down to pay up for the services that are being provided to you inform of taxes. Well it is not excellent either particularly since you don’t have the money to pay the taxes that have been accrued overtime and likewise they don’t let you understand that there are avenues that you can follow to get a tax relief.
Tax Lines Rises
The variety of tax liens filed by the Internal Revenue Service increased even as the ability of Americans who owed back taxes lost their ability to pay up, largely because of increasing unemployment.
The IRS filed over one million tax liens against American taxpayers in the 2010 fiscal year, up 14 percent over 2009, according to the National Taxpayer Advocate, an independent company within the IRS that assists taxpayers who are experiencing financial harm. By comparison, the IRS submitted only 168,000 tax liens in 1999. Continue reading
Facing a $1.5 million tax debt, Brian McKnight is ready to talk about the situation. While speaking with Huffington Post, McKnight opened up about his debt, and the ongoing lawsuit he has filed against his former accountant.
In the video clip, McKnight drops some knowledge and advice for other celebrities that could possibly end up in his situation, saying you have to watch every penny and what is going on.
“When you have business managers, when you have folks managing your money, it’s very important that you know where every single penny of yours, not just the dollars, is going,” he said. “And that those people are doing their diligence to make sure that you’re on time with the things that you need to be on time with. Because we basically all work just to pay taxes, let’s be real about that. Practically in my tax bracket. And when those things lapse, there can be some bad things that happen.”
The full interview can be seen above…. Continue reading
FORTUNE — Credit Suisse CS is expected to plead guilty to a charge of conspiring to aid tax evasion as part of a settlement with the U.S. Department of Justice.
A guilty plea from the bank would be the first time a major financial institution has admitted a crime in more than a decade, according to The Wall Street Journal, and it comes as the Justice Department takes a more aggressive approach to supervising Wall Street.
U.S. Attorney General Eric Holder is expected to hold a press event later Monday to outline the case. The Justice Department filed a criminal charge against the company earlier in the day. Credit Suisse has been in negotiations with the government regarding these charges.
In addition to the guilty plea, Credit Suisse is expected to pay about $2.6 billion in penalties and hire an independent monitor for up to two years…
More at Credit Suisse expected to plead guilty to aiding tax evasion – Fortune
PROVIDENCE, R.I. (AP) — The owner of a North Smithfield construction company has pleaded guilty to participating in a conspiracy to defraud the federal government by evading more than $1 million in taxes. Continue reading
If the Clinton’s were so broke, where did all that money come from? Was it reported to the mighty IRS truthfully or was something hidden?
We left White House ‘broke’: Hillary Clinton defends speaking fees
(CNN) – Former Secretary of State Hillary Clinton defended the fact she’s reportedly made $5 million in speaking fees since leaving the State Department in early 2013 by arguing that her family “came out of the White House not only dead broke but in debt.”
Pressed by ABC’s Diane Sawyer in a clip of an interview that will air in full on Monday night, Clinton added that her family had “no money” when they left the White House more than a dozen years ago and “struggled to piece together the resources for mortgages for houses, for Chelsea’s education.”
“You know, it was not easy,” she said in the excerpt that aired on “Good Morning America.”
More at Hillary Clinton defends high speaking fees: ‘We were broke and in …
Hillary Clinton Claims She and Her Husband Were ‘Dead Broke’ When They Left the White House — See Some of the Numbers for Yourself Continue reading
President Obama announced new executive action to ease student debt Monday. The plan is intended to reduce student loan payments and to try to ease the economic drag that massive student loan debt has created. The action helps borrowers by capping repayments at 10 percent of their monthly income.
Mr. Obama’s main action will be to expand on a 2010 law that capped borrowers’ repayments at 10 percent of their monthly income. The intent is to extend such relief to an estimated five million people with older loans who are currently ineligible—those who got loans before October 2007 or stopped borrowing by October 2011. But the relief would not be available until December 2015, officials said, given the time needed for the Education Department to propose and put new regulations into effect.
Also, Mr. Obama will announce that the department will renegotiate contracts with companies that service federal loans to give them additional financial incentives to help borrowers avoid delinquency or default. The Education and Treasury Departments are to work with the nation’s largest tax-preparation firms, H&R Block and Intuit Inc., to ensure that borrowers are aware of repayment options and tax credits for college tuition.