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September 2016 Archives

3 defenses to criminal charges involving tax evasion

Avoiding paying taxes that the IRS requires is one of the most common tax crimes in the United States. It's called tax evasion, and it's a type of tax fraud that the IRS prosecutes seriously. Of course, there are ways people legally do not pay taxes on certain money, like pre-tax money that goes into a retirement savings account like a 401(k), or money that is not taxed for qualifying expenses like medical expenses and childcare expenses.

San Antonio doctor facing prison for payroll tax nonpayment

A San Antonio physician and surgeon is facing 41 months in federal prison after conviction on a complicated scheme to defraud the Internal Revenue Service (IRS) of quarterly payroll tax payments. The financial maneuvers employed by Dr. Anthony Sertich spanned several years, and involved, among other things, numerous personal and business bankruptcy filings (on behalf of his two offices, Advanced Artistic Facial Plastic Surgery of Texas and South Texas Otorhinolaryngology) to take advantage of automatic stays to prevent tax collection.

Disclosing your foreign income

The IRS is very diligent when it comes to enforcing tax laws. It is particularly concerned that all earnings are reported, and that federal income taxes be paid on all earnings - even money earned outside of the United States. Failing to report international income can result in fines and penalties, as well as criminal charges.

Generations: How Millennials (surprisingly) approach taxes, pt 1

No one would deny there are generational differences. For example, in the realm of music, Baby Boomers of course had their rock 'n roll. But other generations have their own preferences, from hip hop to a host of other genres.What about taxes? In this two-part post, we will take note of some ways in which Millennials tend to approach taxes differently than other generations.

Deducting expenses for pets: Is it ever allowed?

The tax code allows for many different types of deductions, including home mortgage interest, charitable contributions and many more.All of these deductions seek, in various ways, to encourage some form of desirable social activity.What about deductions for taking care of pets? Are there circumstances in which a deduction could be allowed? In this post, we will address that question.

Collateral consequences flow from tax fraud charges

Tax law is complex. Only a handful of people fully understand it and taxes are often controversial. While they pay for various services, who pays and how much are tricky policy questions. Tax laws, like any laws are violated for various reasons. Sometimes, the violations are motivated by greed, but it isn't always that simple.

Gambling and taxes, part 2: How are wins and losses treated?

Opinions on gambling run the gamut. Some say it's not gambling if you don't lose. Others say that gambling usually involves getting nothing for something.Regardless of how you view it, however, gambling has tax implications. In the first part of this post, we discussed the tax aspects of fantasy sports leagues.In this part of the post, let's look more generally at how gambling income and losses are treated for tax purposes.

Embezzlement charges can go hand-in-hand with tax crime allegations

Legendary crime boss and Mafioso Al Capone learned the hard way that the tax man always cometh. Even "Scarface" himself wasn't immune to the eventualities of life: death and taxes. Despite being a known gangster and bootlegger, openly running illegal gambling operations and brothels, extorting countless and being responsible for the deaths of dozens of people (either by his own hand or on his orders), his only sizable prison term (a 10-year sentence, of which he served only seven before being released) was for tax crimes.

Gambling and taxes, part 1: fantasy sports leagues

In Texas and across the country, the "Friday night lights" are back on. Colleges and the NFL have kicked off new seasons as well, as football again takes center stage in many people's leisure activities. Of course, football-following fever goes way beyond going to a stadium or watching games on TV. Internet-based sites now enable the creation of fantasy leagues that pay out real dollars to the winners.Are these fantasy leagues a form of gambling? We will address that question in the first of a two-part post on gambling and taxes.

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