Robert J. Fedor, Esq., L.L.C.

May 2013 Archives

Mary J. Blige and husband owe $3.4 million in tax debt

In recent years, millions of Americans have fallen on tough economic times. Job loss, falling property and home prices and medical debt are all factors that often result in financial hardship. Even those Americans of considerable wealth have suffered. In many cases, such individuals may appear outwardly well-off while assets dwindle and debt mounts. We recently learned of the precarious financial standing of Grammy-award winning singer, Mary J. Blige.

Woman's personal freedoms and beliefs trumped by tax laws

Death and taxes are often referred to as the two constants in life. Under U.S. law, there are very definite circumstances which require an individual to file a tax return. Even individuals who are retired or not employed must file tax returns if they had federal funds withheld from a pension, receive Social Security income, or have retirement accounts such as a 401(k) or IRA. In some cases, U.S. citizens falsely believe they are not required to file or pay taxes. In other cases, U.S. citizens wrongly believe they are entitled to monies held in imaginary government-backed bonds and trusts.

Two arrested in identify theft and tax fraud scheme

In recent years, much has been written in the U.S. media warning citizens about financial schemes and crimes involving identity theft. Such crimes are often carried out by individuals who obtain the social security numbers and other personal identifying information of unsuspecting and elderly citizens. In some cases, individuals accused of identity theft have been linked to elaborate tax fraud crimes in which fraudulent tax returns are filed.

How to rebound from tax debt and tax troubles

Most Ohio residents can likely relate to procrastinating at home or work at some point. While cleaning the house or submitting a monthly expense report are important, putting such tasks off likely won't lead to hefty fines or criminal charges. When it comes to procrastination and taxes, however, failing to file or pay taxes can result in just that.

Don't throw away those tax-related receipts just yet

As the April 15 tax deadline has come and passed many Ohio residents can breathe a sigh of relief. Many may also be tempted to toss all those receipts and other tax-related documents right into the trash. Before taking such action, however, it's important to know what the legal statute of limitations is should an IRS audit occur.

Singapore to crack down on suspected tax evaders

Singapore is a small island nation situated in the Pacific Ocean near Malaysia and Indonesia. While once occupied by various foreign rulers, today Singapore is an independent and sovereign city-state. In an effort to protect the financial interests of businesses and individuals, Singapore has some of the world's most structured policies with regard to banking privacy and secrecy.

Willie Nelson's tax woes foster unique agreement

Country crooner and musical legend Willie Nelson is known for many things. Among them is his well-publicized trouble with the Internal Revenue Service stemming from tax debt. Recently, Nelson turned 80 and reminiscent about his career, life and financial woes.