Famous U.S. Tax Evasion Cases & Celebrity Tax Problems September 22, 2011
Tax evasion is often seen as a white-collar crime, with the main targets being high-profile individuals like celebrities. It carries severe consequences for anyone caught. In this day and age with technology being better than ever, it is more than likely individuals will be caught if committing tax crimes. The punishment for evading taxes ranges from hefty fines to jail time. While many think these punishments are reserved for celebrities or high profile criminals, the reality is that the IRS is relentless when it comes to pursuing tax evasion.
IRS Launches Worker Misclassfication Amnesty Program September 21, 2011
The Internal Revenue Service (IRS) has launched a program called the Voluntary Classification Settlement Program (VCSP) or amnesty which enables employers to reclassify certain workers from independent contractors to employees going forward without being liable for all federal employment tax liabilities that would be due for misclassifying workers in the past.
Selling Your Home? Sale of Home Capital Gains & Other Tax Factors September 06, 2011
There are several factors to consider when selling your home, especially in an economy where every cent counts. It is essential for homeowners to understand how actions related to selling a home will impact their finances and, in particular, their tax liabilities.
Cindy Sheehan Receives IRS Intent to Levy Notice September 01, 2011
Cindy Sheehan, the well-known anti-war activist who created a stir in 2005 after her son died in combat during the Iraq war, recently posted on her Facebook page that she received an Intent to Levy Notice from the IRS. Although still unknown, the IRS could be coming after her for income taxes she may not have paid on speaker’s fees and her book contract.
Investing Through Collectibles? There’s A Tax For That! August 29, 2011
If you’re hoping to pay for your child’s college by investing in Beanie Babies, you may be in for a surprise, and not just that you may have paid too much. Making a profit on the sale of collectibles that you held for investment purposes will trigger the capital gains tax, and if this investment was a long-term gain, you may end up paying a higher rate than if you invested in stocks or equities. Profits you make on the sale of other collectible items that weren’t held for the short-term (a year or less) are taxed at your personal income tax rate just as if you invested in stock or bond for the short-term. The IRS defines quite a wide variety of things as “collectibles”, including gold and silver coins, which can trip you come tax time. So when you’re choosing your investment vehicle, be they soft and fluffy or hard and shiny, make sure you keep in mind the tax laws assigned to collectibles.
