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Year: 2013

Trust Fund Criminal Penalties

Posted in Firm News,IRS,tax planning,trust funds on August 21, 2013

When it comes to employee tax withholdings, business owners can be sentenced to jail if they aren’t careful. In July, Richard Whatley of Salt Lake City was sentenced to a maximum 51 months on federal prison for willful failure to account for payroll taxes. On top of that, he must pay $540,000.00 in restitution. This… (Keep reading)

Redstone

Posted in Firm News,IRS on May 6, 2013

A recent Notice of Deficiency from the IRS has received national attention, both for its timing and its recipient. The Notice was directed to Sumner Redstone, the 89-year-old majority shareholder of CBS and Viacom, for failure to file a gift tax return pertaining to a gift made in 1972. The amount of the taxes and… (Keep reading)

Tax Evasion and the IRS

Posted in Firm News,IRS on April 29, 2013

True or false: The IRS wants to throw you in jail for tax evasion. FALSE! It is very rare for the IRS to show up at your home, cuff you and haul you off to jail. Most criminal investigations conducted by the IRS are linked to fraud, drug or money laundering activities. The IRS is the… (Keep reading)

The IRS and Social Media

Posted in Firm News,IRS,tax planning on April 16, 2013

The IRS indicated as early as December of last year that it would begin in January to examine connections between social networking accounts for actionable tax violations. As this strategy gains wider recognition, new and challenging issues have begun to arise. It has said that it will only monitor accounts if a tax form raises… (Keep reading)

Tax Planning and IRS Issues

Posted in Firm News,IRS,tax planning on February 1, 2013

Tax planning is a very important part of running a successful business. We have many clients who come to us owing the Internal Revenue Service thousands of dollars. The simplest way to avoid any problems with the IRS is to file your taxes in a timely fashion and pay all the taxes owed. However, in… (Keep reading)