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

July 2014 Archives

Delinquent tax filers and payers advised to take action

Some people are by nature procrastinators. Others have mastered the art of avoidance or plain old ignoring the problem in hopes it will just goes away. In most cases, however, these tactics are not successful. This is especially the case when dealing with the IRS and matters related to filing and paying one's taxes.

When it comes to reporting foreign assets, actions speak louder than words

We've previously provided information related to some of the new IRS requirements concerning reporting the existence of foreign accounts and assets. We also discussed how individuals who fail to comply with these new regulations can own up to and remedy their mistakes by contacting the IRS and stating whether their errors were willful or non-willful. While the preferred, and less expensive, route is to assert that non-compliance with or failure to file a Report of Foreign Bank and Financial accounts was non-willful, or innocent, in nature; proving such may be more difficult than one anticipates.

Prosecution argues Ray Nagin's sentence, too lenient

On August 29, 2005, a massive storm surge caused by Hurricane Katrina caused several levees within the New Orleans area to fail. As a result, an entire major metropolitan city along with outlying regions was engulfed in water and completely devastated. In the wake of Katrina, the city's mayor Ray Nagin gained worldwide recognition and admiration as he pleaded for assistance in the rescue and evacuation of thousands of residents who failed or were unable to heed his calls for mandatory evacuation.

IRS' attempts to regulate independent tax preparers come under fire

We've previously reported about unscrupulous tax preparers who take advantage of clients and commit tax crimes. In an effort to weed out these dubious tax preparers, the Internal Revenue Service recently established a new program called the Annual Filing Season Program. The IRS contends that participation in the program is voluntary. Independent tax preparers who participate will "obtain 18 hours of continuing education," and their names will be included in the IRS' Directory of Federal Tax Return Preparers with Credentials and Select Qualifications, which will appear on the agency's website.

Man dodges tax evasion conviction

As U.S. citizens, we are afforded certain freedoms, rights and protections, many of which are outlined in the U.S. Constitution and Bill of Rights. While Americans enjoy many freedoms and rights, citizens must still abide by certain laws, rules and regulations; which aim to keep order and maintain our ability to sustain the freedoms and way of life we enjoy. Laws pertaining to criminal activity are primarily enforced by governmental, federal and state law enforcement agencies.

Business owners and sole practitioners cautioned against following questionable financial advice

Small business owners and independent practitioners such as dentists and doctors often have complex financial structuring plans. When it comes to finances, the feat of sorting and figuring out personal and business assets and debts can be a complex and arduous process. For these reasons, many small business owners and independent practitioners turn to financial professionals like accountants and tax preparers.