Banks-24

A physician in Kentucky was arrested and charged last month with four counts of tax fraud pursuant to Internal Revenue Code Section 7201, and two counts of failure to file tax returns in violation of IRC section 7203. According to the indictment Dr. Werner Grentz had failed to file income tax returns since 1999. There is a common myth that it is better not to file a tax return at all than to file a false tax return. Like most myths there is some truth to this one. The willful failure to file a tax return is a misdemeanor punishable by “only” one year in jail, and a fine of not more than $100,000. IRC Section 7203. On the other hand tax evasion a/k/a/ tax fraud is a felony, and the resulting imprisonment can run up to 5 years, plus a fine of not more than $100,000. IRC Section 7201.

One advantage of a misdemeanor over a felony conviction is that it won’t result in possible deportation for green card holders.

Read more…

When Is a Power of Attorney Not Required?

Representing a taxpayer through a nonwritten consent.

Allowing the IRS to discuss return information with a third party designee.

Allowing a tax matters partner or person (TMP) to perform acts for the partnership.

Providing information to the IRS.

Allowing the IRS to discuss return information with a fiduciary.

Providing information to the IRS. If you are merely providing information to the IRS at the request of the IRS, a power of attorney is not required.

Disclosure of tax return information. You do not have to file a power of attorney to authorize the IRS to discuss and provide specific confidential tax return information to any organization you designate through the use of Form 8821, partnership, corporation, firm, trust, or individual.

Read more…

The Department of Economic Development has concluded its consultative review into the Manx Grand Prix Festival and will now consider how to act on the findings, working with a variety of the partner associations to develop the format and promotion of the Festival, based on the research.

The study, which commenced in January 2012, included a series of focus groups with representatives from the motorcycle industry, event organisers, the media, local businesses, the hospitality industry and other relevant partners associated with the existing event.

Read more…

IMPORTANT UPDATE: new lower interest rate

Now could be an excellent time to consider unlocking cash from your home.

 Thats because there has been a significant change in equity release interest rates.

As one of our clients you could access a reduced rate thats fixed for life, protecting you from any future rises. In fact, its one of the lowest weve seen for several years!

Whats more, you could also benefit from exclusive plan terms including a free property valuation for houses worth up to £1m and £1000 cash back on completion.

The overall cost for comparison is 6.3% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

You’ve made it through the front door, and you’re sitting across the table from an interview team. But you were also 10 minutes late, your palms seep sweat, you called the interviewer your ex-wife’s name, and you realize now that jeans weren’t an interview “do.”

What else could go wrong? Plenty.

Here are 10 job interview don’ts for you to consider before your next big face-to-face question-and-answer session.

The one determined to be the employer under a multi-factor common law test or under specific statutory provisions generally has the obligation for Federal employment taxes. For example, a third party that is not the common law employer can be a statutory employer if the third party has control over the payment of wages.

In addition, certain designated agents who prepare and file employment tax returns using their own name and employer identification number are jointly and severally liable with their principals for employment taxes with respect to wages paid to the principals’ employees.

In comparison, reporting agents who prepare and file employment tax returns for their clients using the client’s name and employer identification number payroll service providers acting are usually not liable for the employment taxes reported on their clients’ returns.

Reasons for Change

Is the employee leasing company or its client is liable for unpaid Federal employment taxes arising with respect to wages paid to the client’s workers? When an

Read more…

Cell phones can be very expensive these days.  I remember the day I got my first cell phone, it was one of those free flip phone deals with  no texting, or data plan.  Now a days its hard to find your basic phone for free, in fact when I recently switched just a few weeks ago I couldnt even find a basic free phone anymore simple because everything is merging towards the smart phones.   So in this article Im going show you 10 ways on how to save money on your cell phone bills.

Another thing Ive seen people do is get a family plan with others to help split the cost.  For example, a few close family members of mine got plan with their parents.  By doing this they were able to split the bill in half and the cost for them to have to basic cells was only $35 a month.

Recently, I was able to add my phone to the company plan at my place of work.  Now

Read more…