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

October 2013 Archives

Foreign accounts and entities often red flag for IRS

Much like you'd rely upon a doctor for physical health, many people rely upon the advice of a tax professional when attending to their financial health. This is especially true for those individuals who own a business and likely have tax issues that are more complex in nature.

Penalties and punishments associated with tax crimes often harsh

Individuals who act in the capacity of a professional tax preparer have a fiduciary duty to act in the best interests of their clients. Individuals and small business owners often hire tax professionals to ensure tax documents are accurate and to help ensure for the best possible outcome with regard to paying taxes or receiving a tax refund.

Laws related to statutes on tax matters often unclear

Whether intentional or an honest oversight, filing inaccurate or fraudulent tax documents can have serious consequences. Individuals who underestimate income or fail to file at all are often plagued by feelings of paranoia. For those individuals who could potentially face criminal charges related to tax evasion or tax fraud, it's important to be informed about the statute of limitations for these types of tax crimes.

Self-employed individuals often prone to making to tax errors

Individuals who are employed at a large company don't have many decisions to make regarding taxes. In most cases, employers take care of ensuring necessary tax-related requirements are fulfilled and forms filed. In cases where an individual is self-employed, however, these responsibilities fall squarely on that individual's shoulders and failure to comply with tax laws can result in fines, penalties and even criminal tax charges.

No relief for taxpayers impacted by IRS liens or levies

As of today, Americans have endured 16 days of the federal government shutdown. As Washington politicians continue to haggle over a deal to avoid default and reopen the government, citizens across the U.S. are left to deal with the fallout.

Business owners must be careful when selecting tax preparer

We've previously discussed in this blog the fact that small business owners must take on many roles. However, for many small business owners, the role of tax professional is often one they shouldn't assume. Tax-related codes, rules, laws and documents can be complex and confusing and we've previously reported on tax crimes cases that resulted when business owners attempted to prepare and file their own taxes.

Despite shutdown, taxpayers must file by Oct. 15 deadline

Ohio residents are currently being inundated with news reports and stories related to the current federal government shutdown. As federal offices are either shut down completely or operating with bare bones staff, U.S. taxpayers are growing increasingly impatient and intolerant of Washington politics and political posturing.

IRS auditors turn focus away from individuals

Most taxpayers want as little to do with the Internal Revenue Service as possible. While keeping accurate financial records and filing and paying taxes on time can help reduce the likelihood that an individual will be the subject of increased IRS scrutiny or an IRS audit, anyone can be the subject of such unwanted attention.

IRS claims Jackson estate owes more than $7M in back taxes

It's difficult to dispute the commercial success enjoyed by the late Michael Jackson. It's also difficult, however, to dispute that the late singer had his share or personal, legal and financial problems which seemed to often overshadow his larger-than-life career.