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

August 2014 Archives

Business owners: beware the Trust Fund Recovery Penalty

We've previously discussed some of the red flag actions, or inactions, that are likely to get the IRS's attention. For small business owners, tax obligations are not only financially burdensome, but also confusing leading some to make costly tax mistakes.

In IRS criminal tax cases, the burden of proof is on the government

We talk a lot in this blog about the complexities of U.S. tax codes and how confusion surrounding their meaning and interpretation can spell trouble for a taxpayer. There are also, however, other cases where individuals intentionally sets out to deceive or profit from the IRS. In these types of cases, the burden of proof is on the government to provide evidence that an individual knowingly and intentionally took action to deceive the IRS and personally profit.

IRS criminal charges are serious and carry hefty penalties

They say there are two certainties in life, death and taxes. While the first remains largely an unknown, many Americans have had far too much experience with the later. Tax codes, rules and regulations are notoriously complex and confusing. It's no wonder then that many people make mistakes when it comes to taxes.

U.S. citizens living in Canada oppose FATCA

The full and widespread effects of the U.S. federal government's attempts to crack down on foreign asset and account holders are being felt around the world. The Foreign Account Tax Compliance Act calls upon foreign governments and financial institutions to report and provide information about U.S. citizens with known foreign accounts and assets totaling $50,000 or more.

For entrepreneurs and small business owners, line between personal and professional easily blurred

Starting a business or some type of start-up is a major commitment and the men and women who do so must be dedicated and resourceful. When starting out or expanding operations, entrepreneurs and small business owners must often rely upon bank loans and lines of credit for financing. In addition, these individuals frequently use a large portion of their own personal funds to pay for expenditures and operational costs. In some cases, the lines between business and personal become blurred and finances are co-mingled.

Small business owners fearing criminal tax charges advised to seek legal advice

Small business owners are often credited with serving a vital role in the U.S. economy and providing for both its stability and growth. While small business owners took a tremendous financial hit during the recent recession, many fought back and today continue to thrive and provide vital jobs and services to the communities they serve.

Judge considers request for $750 million penalty for tax evasion

State and federal agencies take allegations of tax crimes, including tax evasion, very seriously. In many cases, there seems to be no limit to the efforts spent on identifying fraud and then holding the accused responsible. Agencies including the Securities and Exchange Commission have substantial resources at their disposal and they may direct them all at a person accused of not paying taxes.

Key advice when dealing with taxes and the IRS

Aside from the fact that the word is pretty much synonymous with paying money, taxes are dreaded for another major reason; namely the fact that tax codes are convoluted and extremely confusing. Anyone who's ever attempted to prepare and file their own taxes can likely attest to experiencing some level of frustration and bewilderment. Given the difficulty that many people encounter when it comes to understanding tax rules and restrictions, there are some things that every taxpayer should know.