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

October 2014 Archives

Small businesses and owners frequently targeted by IRS

Small business owners often make many financial and personal sacrifices to ensure for the growth of their business. Starting a business is a complicated process and requires that an individual is not only knowledgeable about their specific market, products and services, but also about financial matters.

What happens if I can't repay my tax debt?

Individuals who fail to file or pay their taxes may do so for a number of reasons. For many, fear is a motivating factor. An individual may know that he or she simply isn't able to pay their tax debt. Afraid of the potential consequences that may result from filing one's taxes and not being able to pay the IRS tax bill, some individuals may cling to the hope that the IRS will somehow forget both they, and their tax debt, exists.

New Jersey reality stars headed to prison

Bravo's "Real Housewives" reality series has proven to be very lucrative for the network as the series has several casts in numerous cities and states. The New Jersey edition of the Housewives series has undoubtedly been one of the most conflict-ridden and therefore lucrative for the network.

Government report recommends changes to IRS' W-2 verification practices

Ohio residents who have filed an income tax refund, likely recall including information from and a copy of one or more W-2 forms. A W-2 is issued by an individual's employer and includes information related to an individual's gross income earnings and tax deductions. This information is crucial in determining how much a taxpayer owes in taxes. Likewise, W-2 information is also needed to assess whether a taxpayer is eligible to receive an IRS tax refund.

Tips for delinquent tax filers

Every year as the April 15 deadline to file income tax returns approaches, business owners and individuals alike scramble to ensure they have the documents they need and have correctly completed related tax forms. What happens, however, if an individual simply allows the dreaded tax deadline to pass without filing a return or taking action to request a filing extension?

Governments take action to shut down foreign tax loopholes and shelters

Many people, particularly those with considerable amounts of wealth, rely upon the expertise of financial advisors and tax professionals when figuring out how to make and retain money. In years past, many Americans and citizens of other countries took advantage of potential tax shelters and loopholes associated with foreign accounts. Today, with the enaction of FATCA, the U.S. has largely cracked down on these practices. However, other methods to secure assets and possibly avoid paying taxes still exist.

The IRS's Criminal Investigations unit was busy in 2013

The federal government is not forgiving of individuals or businesses it believes have committed tax crimes or are attempting to avoid paying taxes. All U.S. businesses and citizens, as well as some non-U.S. businesses and citizens, are required to pay taxes on all earned income. In cases where the IRS suspects an individual or business is engaging in activities related to tax evasion, money-laundering or tax fraud; a special division of the IRS known as the Criminal Investigations unit becomes involved.