Two reality starts that might be familiar names to residents of the Chicago area are now facing federal allegations of tax evasion and other federal charges. The couple has said that they are innocent of the criminal charges and have publicly blamed a former employee...
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Year: 2019
IRS wage levies can drain a person’s paycheck fast
Like other debt collectors, the Internal Revenue Service has a process by which it can garnish an Illinois taxpayer's wages and divert those wages to offset delinquent taxes. Unless the taxpayer makes other arrangements, the wage levy will continue until the taxes get...
Capital gains tax breaks on homes can cause issues
Many New Yorkers may already know that there are a lot of generous tax benefits associated with home ownership. In addition to being able to deduct interest from mortgages, for instance, the sale of a home can also be exempt from capital gains tax, at least up to a...
Employment and offshore tax issues remain high IRS priorities
As is the case across the federal government, funding cuts have meant fewer agents in charge of pursuing criminal tax litigation in cooperation with federal prosecutors.Officials recently confirmed there are 2,100 IRS special agents, down from 2,800 in the late...
The four types of IRS audits
Nobody likes an audit. It’s a painful, mind-numbing and thorough examination of your taxes and financial information. The Internal Revenue Service performs audits to ensure you are reporting your taxes correctly and adhering to tax laws.To determine whether an audit...
Be cautious when paying independent contractors in cash
Particularly for some smaller to mid-sized businesses in the greater New York area, it may be easier to pay certain bills under the table, that is, in cash or otherwise outside the business's normal accounting system.There is nothing illegal about doing this per se....
Penalties for tax evasion are wide-ranging
As this post has discussed before, a New Yorker can wind up in federal prison for tax evasion. Specifically, after a conviction for tax evasion, a court can order the guilty party to spend up to five years behind bars.However, these are not the only criminal penalties...
Back taxes force famous Brooklyn bagel shop to close
A bagel shop in Brooklyn that garnered widespread fame for its multicolored bagels has been forced to close after New York's taxing authorities seized the property.According to the New York Department of Taxation and Finance, the owner of Rainbow Bagels owes almost $1...
The next big tax battleground could be art, real estate
According to a report from the Stanford Graduate School of Business, many people may be moving to foreign real estate investments and even investments in artwork and other collectibles as a way of avoiding their tax obligations.In 2010, the United States passed a law...
How does an offer in compromise work?
As previous posts here have discussed, many people in White Plains and the other New York suburbs may find themselves the target of an IRS audit or other collection action. Following an audit, even a well-meaning person may find himself faced with a large tax bill...