Like any large organization, federal government agencies often operate in silos. Communication between them is rarely seamless. New tax collections rules show a focus on inter-agency coordination. But how well will these rules really work? Back in an April post, we discussed a rule that would allow the Department of Justice […]
How can you catch up on back taxes? An announcement from the IRS last week could help. If you had too little withheld from your wages or took an early disbursement from a retirement account, you might have a significant tax obligation. Very few have liquid assets sitting around to […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]