Are you at risk for this major tax penalty? Don’t let the hustle and bustle of the holiday season distract you into a hefty tax penalty come April. The Internal Revenue Service expects consumers to begin taking distributions from many of their retirement accounts-including 401(k) and 403(b) plans, and traditional IRAs-starting in the year […]
Vincent Burroughs who lives in Oregon was selected by the IRS for an audit of his tax returns. Little did he know that the IRS was going to clean him out in more ways than just his bank account. Let me explain – maintaining a friendly but professional demeanor can be important to an audit […]
Your business is growing and you are prospering. Business is good. Life is good. Then the unbelievable happens, which turns your world upside down and pushes you into pure panic. This panic mode is instantly brought on by receipt of an IRS audit letter. Most of us don’t fear something exploding or catching on fire […]
In the late 90s and early 2000s, Scott Stapp and his band, Creed, topped charts with songs like “Higher” and “With Arms Wide Open.” The band sold more than 50 million albums worldwide, making frontman Stapp a millionaire who at the height of his popularity had an estimated net worth between $10 and $30 million. […]
Topics Covered: 1. “Celebrities And Their Tax Problems” – Lauryn Hill, Wesley Snipes, Richard Hatch, Willie Nelson and Chris Tucker. 2. Lien vs. Levy 3. Aggressive Actions Beyond Liens And Levies Taken By California Tax Agencies- Franchise Tax Board (“FTB”), Board Of Equalization (“BOE”) and the Employment Development Department (“EDD”). 4. Questions from our listeners: […]
London Mayor Boris Johnson is being pursued by U.S. tax officials while his former New York counterpart Michael Bloomberg was given an honorary knighthood by Queen Elizabeth last month. Beware As The U.S. Tax Net Closes On Thousands Of U.S. Citizens Living Abroad. The Conservative mayor of London – who was born in New York […]
California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has three tax agencies! They are the Franchise Tax Board (“FTB”), Board Of Equalization (“BOE”) and the Employment Development Department (“EDD”). What does FTB […]
A Federal Tax Lien just makes sure the IRS eventually gets paid. A levy means now the IRS gets paid. A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property […]
A lot of people get confused between Tax Liens and Tax Levies – let us break this down for you. A lien is not a levy. A lien secures the government’s interest in your property when you don’t pay your tax debt. A levy actually takes the property to pay the tax debt. If you […]
If you think that by keeping sloppy records, the IRS cannot determine how much income you earned – think again. The Worth family, Donald, Marie, and their son, Frank, operated a chain of seven surf and skateboard shops across California, called White Sands. Their business was selected for audit by the IRS. In the course […]
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