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past eight years in "Ohio Super Lawyers"
Published by Law & Politics, Cincinnati Magazine, and Columbus Dispatch.
Published by Law & Politics, Cincinnati Magazine, and Columbus Dispatch.
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Another blog post I have told you that the IRS Audit’s about 1% of returns. It varies by years and it is often influenced by the IRS resources and other demands upon their time. This percentage also varies based upon your income. On the average, only 6 tenths of a percent of Taxpayers with adjusted [...]
Read more...There is no one easy answer to this statement. However, they rely tremendously on computer technology to help spot potential abuses. Some returns are manually pulled and reviewed, but the IRS uses computers to look for “red flags.” Much of this electronic screening uses something the IRS refers to as “tolerance levels.” The exact [...]
Read more...Not many of us have much sympathy for the IRS. However, it is good to know they have problems of their own. Because of these problems, i.e. hiring freeze, an increasingly complex tax code and a surge in tax refund identity theft, the IRS finds it harder to spend time detecting fraud and/or tax mistakes. [...]
Read more...If you are self-employed you need to pay self-employment taxes. This is true even if you are part-time. These taxes are over and above your normal Federal, State, and City income taxes. If you are used to being an employee, you are used to seeing your check have a deduction for Social Security Tax or [...]
Read more...1). Ja Rule. If you are like me, you may not know who Ja Rule is. He is a Rapper and an Actor and he pled guilty to tax evasion last year in New Jersey Federal Court. He admitted that he did not pay taxes in 2004, 2005, and 2006. He now owes the [...]
Read more...Both of them owe the IRS millions. Nicholas Cage is an Academy Award Winning Actor. He has made tons of money. He made over $40 million dollars in 2009. Unfortunately, he has trouble keeping it. Initially, the IRS reported he owed more than $6 million dollars and that number later jumped to $13 million. I [...]
Read more...If you owe the IRS money, one possible solution is an Installment Agreement. Up until recently, if you owed less than $25,000.00 you could do something known as a Streamline Installment Agreement. The advantage of a Streamline Installment Agreement is that it is simple to get and enter into. The IRS recently changed their procedures, [...]
Read more...Virtually all forgiven debt is considered as income by the IRS, which creates a nasty surprise for many taxpayers. I have had many clients come to me because they were surprised to learn they had an IRS debt, even though they had always filed their tax returns and paid the taxes that were due. This [...]
Read more...I have written and talked at length about how to settle your IRS debt for less than what you actually owe. This is known as an Offer in Compromise. I have written another blog post about the formula that the IRS uses. That formula is still very much used by the IRS. This goes to [...]
Read more...FEW CHANGES IN TAX LAWS THIS YEAR Next to the political gridlock in Washington, there are very few changes to this year’s tax laws. Of course, the tax code is still pretty complex. “Although, congress keeps talking about simplicity, they have really done very little to simplify the tax systems” says Mark Luscombe, [...]
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