Wednesday 22nd of November 2017 6:36:53 PM

Posts Tagged ‘tax problems’

  • 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.