If there is one word that makes both individuals and businesspeople alike nervous, it's the word "audit." Even if you're certain that all of your ducks are in a row, knowing that IRS agents are poring over your tax documents is enough to make you lose a little...
Year: 2016
Restaurateur receives jail time for hidden, Swiss accounts
Rowen Seibel, a well-known restaurateur, was sentenced to one month of jail time and 300 hours of community service for hiding more than $1 million from the IRS. He hid the funds by using a secret Swiss bank account and Panamanian shell company.It may seem like Mr....
When the IRS comes calling, ask for your attorney
Special agents from the IRS Criminal Investigation Division want to talk to you. What do you do? In an effort to seem cooperative, you may agree to answer their questions. This is often a mistake. In fact, the wisest approach is the same as it would be for law...
Tax negligence vs. tax fraud: the difference means a lot
It may seem that the difference between tax negligence and tax fraud are trivial. However, these are legally two very different types of illicit actions that taxpayers may commit when filling out their tax returns. Accordingly, they have different definitions and...
What effect is the 5-cent bag tax having?
Sometimes, authorities impose a tax not just to raise revenue, but to attempt to control the public’s behavior toward a perceived public good. One common example is special taxes on cigarettes. Such taxes are usually intended to encourage smokers to quit, though they...
What to do if the IRS hits you with a tax lien
If the IRS has put a tax lien on your company, it can be very difficult to continue doing business. You may lose control of your accounts receivable, and suddenly be unable to obtain credit. Your business might not grind to a complete halt, but a tax lien can be a...
With Q2 almost over, make sure your payroll taxes are current
If you are a business owner, you are likely aware of the peaks and valleys in revenue that are inherent during the operation of the business. Because of these fluctuations, it is often tempting to delay paying bills and other obligations during times when revenue is...
New soda tax could complicate things for businesses
It appears that owners of restaurants, convenience stores and similar businesses in Philadelphia will soon have to begin collecting an extra sales tax on soda. The City Council there has passed a 1.5-cents-per-ounce tax on all drinks with added sugar or artificial...
Maryland officials praise new tax fraud detection system
In Maryland, finding fraudulent state income tax returns is the job of the Comptroller of the Treasury’s office, through that agency’s Bureau of Revenue Estimates’ Questionable Return Detection Team. In years past, the job was overwhelming, with a staff of 20 sifting...
Couple charged in federal court with spending payroll tax money
The federal government expects Rockville businesses to withhold payroll taxes from their employees -- and to hand over that money to the IRS. When authorities believe that a business has failed in either step, they will bring serious federal charges against the...