Back Taxes, Debt Relief and Tax Liens – What We Should Learn

Feel like this after dealing with the IRS?

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

Businesses Caught in Tax Evasion Report

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

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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

Will Hillary Clinton be the Next Tax Evasion Victim?

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