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

May 2014 Archives

IRS laws related to foreign assets, complex and confusing

IRS tax codes and rules are notoriously complex. As a result, taxpayers often unknowingly fail to claim certain assets or file required forms. The more complex an individual's financial situation and structuring, the more rules and forms that must be followed and filed. Additionally, IRS tax codes and rules are subject to change at any time and, often, without notice.

Tax debt plagues federal government workers

Nearly every U.S. adult citizen is required to pay taxes. From a part-time worker at a fast-food restaurant to an executive at a large corporation, Uncle Sam doesn’t discriminate or play favorites. Tax rules and codes are notoriously complex and can be easily misinterpreted. As a result, taxpayers may error when filing or paying their taxes. In fact, it turns out even individuals who work within the U.S. federal government encounter confusion and problems when calculating their tax bills.

U.S. taxpayers subject to penalties and tax charges under FATCA

Ohio residents likely recall hearing about the famed foreign Swiss bank accounts of wealthy Americans hoping to evade paying U.S. taxes. In an attempt to prevent foreign bank accounts from becoming tax shelters for U.S. citizens, in 2010, the federal government enacted the Foreign Account Tax Compliance Act.

Dealing with tax delinquency, IRS penalties and back taxes

It's been just about one month since the deadline to file 2013 state and federal tax returns came and went. Individuals and small business owners, who failed to file or pay their taxes, may believe they are in the clear and that the Internal Revenue Service won't discover they didn't file or pay their taxes. This assumption, however, is wrong and, when it comes to the IRS, it’s important to remember that no news isn't necessarily good news.

What to do when a letter from the IRS arrives in the mail

As American taxpayers breathe a sigh of relief that another April tax deadline has passed, some will soon begin receiving unwelcome inquires from the Internal Revenue Service. Perhaps few articles of mail are more dreaded than a letter from the IRS. In some cases, the IRS may contact a taxpayer requesting more information or ask for clarification related to a portion of their tax filings. In other cases, a letter from the IRS may be to communicate notice of an IRS audit.

IRS may soon use private debt collectors to recoup tax debt

Another April 15 tax deadline has come and gone and it's likely many tax payers either knowingly or inadvertently failed to pay some portion of their taxes. In cases where an individual owes the IRS money, it’s highly likely the IRS will eventually find out. When that happens, depending on the amount of tax debt, the IRS may be willing to work with a taxpayer to come to terms on how to repay all or a portion of the debt.

Appeal of guilty tax evasion verdict not successful for famous fashion duo

Regardless of wealth or stature, no one is immune to the long and far reach of the Internal Revenue Service. In fact, well-off Americans are more likely to become the targets of an IRS audit or investigation. The IRS statistically also seems to disproportionately target wealthy and successful small and large business owners.

Former mayor and wife prevail in federal IRS case

In cases where an individual or small business owner is facing felony charges related to tax evasion or tax fraud, the burden of proving intentional wrongdoing falls to the prosecution. However, even in cases where evidence proves an individual is guilty of committing tax evasion or tax fraud, prosecutors must be able to prove these crimes were committed with knowledge and intent.