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

April 2014 Archives

Pursuing an offer in compromise could settle delinquent taxes

As the April 15 deadline to file federal income tax returns has come and gone, many people might be awaiting correspondence from the Internal Revenue Service. Some might be expecting a refund check. On the other hand, those who are in tight financial circumstance might dread getting a notice of delinquency from tax officials.

Reports indicate that more MDs are being targeted by tax fraud

While it might seem hard to believe, tax fraud is rapidly becoming something of an epidemic here in the U.S. If you don't believe it, consider that figures from the Treasury Inspector General's office reveal that the Internal Revenue Service paid out almost $4 billion in counterfeit tax refunds in 2012 alone.

Red flags in taxes may lead to audits from the IRS

People have their own way of filing their taxes. Some file as soon as they have all of their information, while others wait until the last possible day to get their taxes in. Along these same lines, some go to a tax preparer, while others electronically file on their own at home. Either way though, whether someone filed as soon as possible, or spent April 15 running around their home looking for that one last 1099 form, experts estimate that individual filers have roughly a one in 100 chance of ending up being audited. 

Despite budget cuts, IRS will continue to scrutinize small business owners and wealthy

With the 2013 tax year now in American's rearview mirror, agents from the Internal Revenue Service are busy analyzing data to ensure the numbers match up. In cases with the IRS identifies discrepancies between an individual's reported income and claimed income, the IRS may choose to perform an audit. Thankfully for most Americans, today the chances of an individual taxpayer being selected for an IRS audit are less than one percent.

Youngest Baldwin brother pays off $400,000 tax debt

Many Ohio residents are likely familiar with the famous Baldwin brothers. Recently the youngest of the Baldwin acting clan, Stephen, gained media attention for a very different reason. According to officials from the Internal Revenue Service, Baldwin failed to file and pay his state taxes for the tax years 2008 through 2010. As a result, he faced criminal charges for failing to pay some $400,000 in tax debt.

Tardy taxpayers advised to file for extension

It's been a chaotic and stressful last few months. Your father passed away in January and you welcomed your third child into your family in February. On top of everything, your demanding job asked you to return to work after only six weeks of maternity leave and you've been struggling with the loss of your loved one while also trying to tend to your family and meet important work deadlines. One day, you and your husband look at the calendar and realize that it's April 10 and taxes are due in a mere five days.

Taxpayers advised to file returns on time

No one likes having to file or pay taxes, yet failing to do so can have many negative consequences. The April 15 IRS tax deadline is quickly approaching, which means individuals and small business owners only have roughly one-and-a-half weeks to gather necessary financial records to complete and file taxes. So what happens if an individual isn’t able to meet the April 15 deadline? While the IRS often accepts formal requests for an extension, it does not treat those who simply fail to file kindly.

IRS announces it will treat bitcoins as property, not currency

Ohio residents have likely heard about or may have even used bitcoins. A virtual currency that originated in 2009, bitcoins are now accepted by many retailers and effectively allow an individual to purchase goods and services anonymously. In recent years, bitcoins have grown in popularity and the anonymity the virtual currency affords users has drawn the attention of and concern from government and law enforcement officials who contend the globally recognized virtual currency is readily used by individuals who are attempting to evade paying taxes or purchase and sell illegal drugs.