Link: http://www.cnbc.com/id/100617291   The IRS is focusing much of its resources on wealthy taxpayers.  Our firm is seeing an increased number of audits focused on high earning  individuals and businesses.  Among the most likely audit risks are Schedule C businesses and individuals claiming large amounts of itmized deductions.  Individuals or companies that are selected for […]

Link: http://www.detroitnews.com/article/20130316/METRO01/303160352#ixzz2OIbj1ATi   Detroit – The man charged with fixing Detroit’s faltering finances has been hit with four liens in four years from the state of Maryland for unpaid taxes, records show.   State records show Kevyn D. Orr, who was appointed emergency manager on Thursday, has two outstanding liens on his $1 million home […]

Link: http://www.baltimoresun.com/business/bs-bz-accupay-payroll-taxes-20130301,0,7542483.story Accu-pay, a payroll company with its headquarters in Bel Air, Maryland has been accused of not remitting to the IRS and State of Maryland the withheld payroll taxes it collects on behalf of its clients.  These frauds are all too common, and unfortunately, case law shows that the responsibile officers of the non-paying […]

On January 3, 2013, Switzerland’s oldest bank, Wegelin & Co. (“Wegelin”), pled guilty to assisting U.S. taxpayers in hiding more than $1.2 billion in assets from the Internal Revenue Service (“IRS”).  Wegelin is the first foreign bank to plead guilty to U.S. tax evasion charges.  In 2009, United Bank of Switzerland (“UBS”) faced charges of […]

This year, thousands of business owners were puzzled upon receiving a Form 1099-K from their credit card processors. The ability to accept credit cards as a form of payment is an opportunity for business owners to expand. According to the American Bankers Association, there are more than $2.5 trillion in credit card transactions every year. […]

Link: http://www.irs.gov/pub/irs-pdf/i9465fs.pdf   The IRS has recently announced a set of relaxed rules on setting up Installment Agreements for individuals owing between $25,000 – $50,000.  The IRS will no longer require a financial Collection Information Statement (Form 433-A or Form 433-F ),  for these taxpayers and will allow them to setup streamlined installment agreements.  This […]