Sunday 23rd of July 2017 11:33:35 AM

Posts Tagged ‘free tax’

  • Real Housewives of Tax Evasion

    Tuesday 30th of July 2013 12:21:16 PM

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    Seems as though celebrities can’t keep themselves away from the spotlight even if it means being indicted on 39 counts of fraud and tax evasion.

    This morning in New Jersey, ‘Real Housewives of New Jersy’ stars Teresa and Joe Giudice were set free on a combined $1Million bond after Judge Cathy Waldor indicted them on fraud charges.

    Neither Joe or Teresa are allowed to leave the country or even travel past New York and New Jersey. To ensure this Judge Cathy Waldor ordered them to give up their passports!

    Forty-one year old Teresa her 43-year-old husband are accused falsifying their income in order to obtain several loans. This occurred prior to the reality TV show in 2009.  They also falsified financial records when filing a bankruptcy.

    To read more about this story see http://www.nydailynews.com/entertainment/gossip/real-housewives-stars-court-article-1.1412468

  • IRS Cancels Furlough Day

    Monday 22nd of July 2013 10:47:57 AM

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    Finally some good news for IRS employees; The IRS will be cancelling the previously scheduled furlough day for July 22. The reason for the cancelled furlough day is because the continued effort to cut costs has been successful.

    Consequentially, all IRS offices including help lines will be open as regularly scheduled and all IRS employees will be paid for July 22, 2013.  This includes the employees of the Taxpayer Advocate Service.

    The IRS urges to use their online services to answer common question such as “Where is my Refund?”

    For more information about this and other IRS news you may visit http://www.irs.gov/News-&-Events

  • I’m Not a Player, I Just Don’t Pay My Taxes A Lot!

    Monday 24th of June 2013 11:25:02 AM

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    Rapper “Fat Joe” is facing two years in prison in addition to a hefty $100K fine for not paying federal taxes on unfiled income.  He plead guilty in a federal court in Newark last Thursday.  “Fat Joe” failed to file his income taxes on more than $3 million of earnings.  In 2007 he failed to file a reported $1.3 million in income and royalties then again in 2008 with $1.4 million, and also in 2009 and 2010 there is about $1 million of unfiled income taxes.

    According to Assistant U.S. Attorney Joseph Mack the tax loss to the US government was just over $700,000. “Fat Joe’s” attorney, Jeffrey Lichtman of New York, insisted that there was no intent to mislead the IRS. Lichtman said “This is a guy who had been paying his taxes for years when he was making a significant amount of money… He changed accountants and errors were made. We were in the process of addressing this when we received notice that there was a criminal investigation.”  Lichtman also insisted that this is not a tax evasion crime instead simply failure to file tax returns.

  • Electronic Tax Administration Advisory Committee Delivers Annual Report

    Thursday 20th of June 2013 2:54:08 PM

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    In a meeting today The Electronic Tax Administration Advisory Committee (ETAAC) has made public its 2013 Annual Report to Congress.  According to the IRS the report highlights 5 groups of recommendations on issues regarding the electronic tax administration.

    Highlights of the report include suggestions on the following key results:

    • Support standards for safety measures, privacy and fraud deterrence
    • Provide incentives for e-filing employment tax returns
    • Expand access to data and online tools
    • Leverage relationships in the electronic filing community
    • Fund CADE 2 and the 1040 Modernized e-file (MeF) programs

    See the full report here.

  • Gifts Can Be Taxed, Too!

    Wednesday 19th of June 2013 9:40:30 AM

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    Planning on giving someone a gift? Expect the IRS to impose a gift tax.

    The gift tax is a tax on the reassignment of assets from one person to another, granted the giver does not receive anything in return for the gift. The gift tax applies regardless of the donor intending the reassignment to be a gift or not.

    Gift tax can also be imposed for the transfer of property.  A property gift would also include money or the income generated from the property in question.  Again, this only applies if the giver does not receive anything in return for the gift of the property.

    Keep in mind that if you sell something at below its entire value or if you a loaning out money at a reduced or no interest loan, this may also qualify as a gift.

    In any and all gift tax occurrences the donor is who pays the gift tax. For more information on the gift tax please visit the IRS website.