Archive for the ‘Taxes’ Category


8 Athletes that had Problems with IRS Tax Debts

Tuesday, May 19th, 2009

1. Darryl Strawberry
Dodgers star, Darryl Strawberry first got in to trouble with the IRS in 1994 when he was put under investigation for tax fraud. The IRS tacked him with tax evasion, and he had to pay back $350,000 in back taxes, serve 3 years of probation, six years of home confinement, and complete 100 hours of community service.

2. Lawrence Taylor
Former Giants linebacker, Lawrence Taylor filed an incorrect federal income tax return back in 1990. Taylor pleaded guilty to the tax charges in 1997, and was punished with three months house arrest, five years probation and 500 hours of community service for income tax evasion.

3. Pete Rose
Baseball favorite, Pete Rose, also got in to some trouble with the government in 1990, when he filed a false income tax return. Despite his celebrity status, Rose was sentenced to five months in a correctional facility, three months in a community treatment center, 1,000 hours of community service and a $50,000 fine.

4. Helio Castroneves
The recent controversy around Indy 500 racer Helio Castroneves and his supposed $5 million tax debt has shed light on the tax problems sports stars can get in to. He is currently being tried for evading taxes on a licensing deal that he claims to never have received a dime from. Only time will tell whether the Indy 500 and dancing with the stars celebrity actually committed the tax crime.

5. Willie McCovey
Hall of Famer Willie McCovey, like many other athletes who ran in to tax trouble, did so by forgetting to claim cash made during autograph signing. While McCovey pleaded guilty to the crime, he also claimed to have committed it unknowingly, since he had a professional handle his accounting. He was sentenced to two years of probation and fined $5,000.

6. O.J. Simpson
Although infamous for more than his athletic abilities, O.J. Simpson upset the IRS enough to be put on the California tax shame list. His tax debt was over $1.5 million, and he stayed on the list for more than a year.

7. Jesse Owens
The late 1930’s Olympic winner Jesse Owens got himself into trouble with the IRS. After the Olympics, Owens tried multiple business ventures in the United States to profit off his newly found fame. However, one of his ventures lost Owens a fortune and rendered him unable to pay his full tax liability. As a result, Owens was forced to declare bankruptcy.

8. Boris Becker
Famed tennis player and bad boy, Boris Becker, ran right in to tax trouble when it was discovered his apartment was not his priority residence, as previously claimed. As a result, he was given two years probation, fined $500,000, and ordered to pay expensive court fees.

The Tax Lady Roni Deutch and her law firm Roni Lynn Deutch, A Professional Tax Corporation have been helping taxpayers across the nation find IRS tax relief for over seventeen years. The firm has experienced tax lawyers who can fight IRS tax liens on your behalf.

Article Source:http://www.articlesbase.com/taxes-articles/8-athletes-that-had-problems-with-irs-tax-debts-915295.html

IRS Tax Debt and Benefiting From Online Tax Attorney Services

Tuesday, May 19th, 2009

When you feel you need professional help or advice to resolve your IRS tax debt problems, it’s likely your problems have escalated to the point where you can’t deal with them yourself. In case of such a situation, the exact amount owed is not the issue, but your incapability to resolve the situation takes priority, since you in fact have two problems – your outstanding federal dues and your “inability” to solve the problem on your own i.e. how you plan to redeem your government dues. This is when you start thinking seriously about seeking professional help to effectively deal with the situation.

The major issue with the IRS is once your personal details are flagged for their “recovery” process, it’s guaranteed you’re going to face a lot many problems before the flag actually gets “removed” from their recovery list. And as long as your name stays on that list, you’re assumed to be “guilty as charged”, even if you’ve paid your taxes and don’t have any IRS tax debt pending. The IRS personnel might have “forgotten” to “remove” your name from their list. There are no solutions to this particular problem, except for “reminding” them your taxes are paid and you’re in the “clear”. In the event you actually owe your tax dues, it’s needless to say how serious your problems are likely to be. In case you feel the IRS are going to be sympathetic or show “compassion” for you and your problems – forget it. It’s not going to happen. It may well appear too many debtors that the IRS is “heartless” and will definitely demand their “pound of flesh”. In fact, the IRS is just a professional government body doing its “job” of collecting tax dues from American citizens. And they have to be strict regarding their recovery, since the citizens are definitely not going to “pay” on their “own” unless “forced” to redeem.    

The obvious question you’re likely to ask is “Ok, I know about this, what I do next? How do I get out of this mess?” The answer actually depends upon you. Fortunately, as far as Americans are concerned, things can be easier as far as paying your IRS debt is concerned. There are two main questions you need to ask yourself – “Can I do this on my own?” and “Should I be taking some professional help to deal with the problem?” If you feel you’ve the expertise and the experience to find a way out for yourself, it would be the best choice. However, it’s important to know that IRS can be extremely ruthless and very difficult “customers” to negotiate with. On the other hand, availing professional IRS tax debt help can be very beneficial, since you not only find a way to pay your dues and become debt free, but you also save a lot of valuable time, which can be utilized for beneficial purposes and for “income” generation.  

There are many “online” tax relief and settlement agencies available. Ideally, these agencies or companies employ a team of experts or taxation professionals whose basic objective is to “help” debtors find a solution to redeem their IRS tax debts and dues. They are used to dealing with complex problems and finding a suitable way out for your issues. They also advise, and if you have specific questions, they’re likely to provide to-the-point answers, so you can understand the problem from a “technical” point of view. They can help to “point” you in the right direction as to what you ought to be doing next, and how you should be “thinking”. Online tax relief services can also assist you with various queries such as dependent filings, international adoption tax rebates and investment filings. In case of audit related issues, the tax experts can provide suggestions related to how much tax you’ll end up paying eventually to the IRS, and the manner of reducing your net payable dues. The basic objective of availing profession help is to cater to your inability to pay the taxes, and how to request an “extension” to “redeem”.

Getting some advice from a tax attorney is perhaps the best place to start. By consulting specialized taxation personnel, you can avail instant IRS tax relief and come up with reasonable as well as manageable solutions for the amount that you owe as your taxes. The people’s ignorance about the IRS working and their legal rights is the primary cause why tax attorneys should be “hired” out.

Expert tax relief attorney offers tax help to remove tax debt. Get American Tax Relief, tax debt and tax problem solution, Get Free consultation.

Article Source:http://www.articlesbase.com/taxes-articles/irs-tax-debt-and-benefiting-from-online-tax-attorney-services-916717.html

What is an IRS Assessment Letter?

Tuesday, May 19th, 2009

The automated collection process starts with receiving an IRS assessment letter. This happens when the IRS comes to the conclusion that you owe back taxes. Generally speaking, once the IRS realizes that you owe back taxes they will begin to send you IRS notification letters. This is meant to make you aware of the situation while also forcing your hand so that you pay the liability. The first letter is an initial assessment. You will then receive four more letters if you do not take action on solving the problem. After the fifth letter, the IRS will begin to take their own action to ensure that they receive payment.

The first letter will open your eyes to the situation at hand. It details the fact that you owe back taxes for a certain period of time. In addition to this, any penalties and interest will also be outlined. The longer you wait to pay your back taxes the more penalties and interest you will accrue. As each letter arrives you will realize that you owe more because of penalties and interest which are accrued daily.

CP Letters

Once you receive the first IRS assessment letter you should open your eyes to the seriousness of this situation. The next four letters that may arrive include:

1. CP-501. This is nothing more than a reminder letter that shows your balance, amount owed, penalties, and interest.

2. CP-502. This is the second letter. This letter is more “threatening” and will once again tell you how much you owe, etc.

3. CP-503. With this letter you will realize that the IRS is beginning to get annoyed. You will be told to pay your liability within the next 10 days. In this letter you will also realize that the IRS is threatening to take action if you do not comply.

4. CP-504. The final letter is also the most threatening. This letter tells you that the IRS plans on seizing your assets if you do not respond. This is your last chance to let the IRS know where you stand, and why you have not been in touch. After this, they will take action.

More information on IRS Letters. Visit the site for more information on letters or to request help with a tax problem.

Article Source:http://www.articlesbase.com/taxes-articles/what-is-an-irs-assessment-letter-917837.html

Top 5 Free Payroll Software

Tuesday, May 19th, 2009

Top 5 Free Payroll Software

Most business owners can keep track of their employee time and pay by using free payroll software. Cuting out additional expenses and providing customizable data fields, this excellent tool even offers support to troubleshoot product use. The Top 5 Free Payroll Softwares are listed below:

#1: NolaPro v4.0.

This free accounting and business management suite is web-based and provides a full service which includes inventory tracking and order entry. NolaPro also includes plugins for business-to-business web portals, point of sale and an ecommerce shopping cart. Menu displays, colors and icon sets are customizable, and the interface is flexible based upon your business needs. Different companies can have several sets of books and data is not restricted. Security is at a high level of safety in order to provide permissions to users who may access the software. There are no banner ads, no restrictions to the license and no advertisements, this software is fully functional for its free use.

#2: Journyx Timesheet.

By focusing on the decision-making process, Journyx offers an interface that allows individuals to enter expense and project time information from any location that accesses the Web. Information from Journyx transfers over to existing HR systems. Journyx tracks employee time for projects, rates and expenses and makes the process of collecting this information easy and seamless.

#3: TimeTrex.

This web-based time management suite provides attendance and time, invoicing, as well as accounts receivable and other important functions. Employees are able to track their time by cell phone as well as bar code reader from anywhere they may be. Calculating overtime as well as other business policies and costs allows an employer to identify the costs of labor by specific employee, department, quantities produced, branch, and task type. TimeTrex even calculates taxes to be withheld, prints paychecks, provides electronic paystubs and can direct deposit an employee’s pay.

#4: actiTIME Basic.

Management and billing have never been easier for mid-size as well as small businesses. actiTIME is a web based time tracker that helps to streamline meticulous daily time management tasks. This free program tracks projects based upon customer as well as employee, access can be granted to several employees with various levels of security, tracks overtime and both non-billable and billable tasks to transfer to QuickBooks. Support is available for this product for free.

#5: Asman Accounting.

This system for bookkeeping provides a double-entry general journal for all business tracking. Financial analysis for any business is important, and this program includes line graphs, bar charts, pie charts and 3D bar charts to help compare employee productivity and trends. Show trends in monthly, daily, bi-monthly, weekly, quarterly, yearly and half-year settings as well. This program is fully customizable and provides accounting options and more.

Uma Ilango is a programmer from profession. She writes regulary at Bigarticlepool.com. Thousands of new articles are added every month.

Article Source:http://www.articlesbase.com/taxes-articles/top-5-free-payroll-software-921460.html



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