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SFS Tax Resolution Times
"Read About Taxpayers with IRS Problems & Find Out How to Solve Them"
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Tax Controversy Specialist
Presenter, Educator
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Inside this edition:
- Florida Man Finds a Window to Evade Paying Taxes
- Owner of Sneakerz Inc. Tries to be Sneaky with the IRS
- Even Stolen Funds Need to be Reported as Income
- If You’re Already in Prison…
- Why Not?
- Your IRS Questions Answered Here...
- For the Foodies -
- A bit of tax humor...
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Florida Man Finds a Window to Evade Paying Taxes
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Thomas Daly, of Fort Lauderdale, FL, pled guilty on June 1, 2017 to tax evasion. According to court records, Daly admitted that from 2002-2015 (with the exception of 2007), he avoided paying taxes on $1.5 million in income by not filing taxes. In 2009, the IRS sent Daly a notice of intent to levy his wages for failure to pay taxes. At that time, Daly worked for a company selling hurricane-resistant windows.
In an effort to impede the IRS’s levy, Daly established his own business, South Florida Home Marketing Inc. (SFHM), and opened a bank account in the name of the company. He then changed his employment status from employee to independent contractor, thereby allowing his employer to pay SFHM directly and attempts to levy his wages were prevented.
From August 2009 through April 2017, Daly used the funds from the account of SFHM to pay for personal expenses, including: rent, international travel, his girlfriend’s cosmetic surgery and a boat. He would classify these expenses as business expenses on the memo lines of the checks. Daly admitted that his actions caused the IRS a loss of more than $351,000.
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If You’re Already in Prison...Why Not?
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While serving time in a Tennessee penitentiary, inmate Larry Steven Covington, Jr. pled guilty to charges of conspiring to defraud the United States.
A second inmate, James Glenn Collins pleaded guilty to a similar scam in 2014, and it is said that he taught Covington how to work the scheme.
Records show that Collins obtained a roster of inmates that included personal identifying information and used it to file hundreds of tax returns claiming refunds. Most of these inmates had been unemployed for years and some had never worked a legal job in their adult life.
The two requested to have the refunds put on a debit-style card called Green Dot cards, which can be bought at retailers and are also used throughout the prison system to pay for contraband, transfer money or conduct transactions (mostly illegal) with people on the outside. All they need is a contraband cell phone to use the Green Dot card.
Although the IRS rejected over $1.8 million in claimed refunds, it paid out $163,778 to Covington and $150,465 to Collins. Both men had help from people outside the prison including Covington’s mother.
Collins was still in prison and given an additional 84 months to serve. Covington is on probation and scheduled to be sentenced in October.
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Thank You for the Kind Words...
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Owner of Sneakerz Inc. Tries to be Sneaky with the IRS
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James Coleman, owner of Sneakerz, Inc, who operated a sports bar in Albuquerque, NM was sentenced to 18 months in prison, three years of supervised release and ordered to pay $1,045,939 in restitution to the IRS. Coleman was charged in 2014 with a 4-count indictment for tax evasion and filing false tax returns.
For the tax years 2008-2009, Coleman under reported his income on his federal corporate returns, thereby evading $332,640 in taxes and did not file individual returns for those years claiming he received no business or dividend income.
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Your IRS Question Answered Here...
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Question:
I was self-employed and haven’t been able to pay my taxes for 3 years. Now I’m a W-2 employee but I’m getting letters from the IRS demanding payment and threatening to garnish my paycheck. What should I do?
Answer: The IRS doesn’t like being ignored and they want you to know they won’t go away. They have a lot of power over your life. They have 10 years to collect from the date you filed your return. Not only can they freeze your bank accounts and take the money, but they can garnish your wages and legally take as much as 75% of your net paycheck. The IRS can and will slap a lien on your house and other property as well. If you sell your house the IRS gets their money first before you do. Federal Tax Liens will damage your credit, making it harder to rent an apartment, get a car, obtain credit, and even get a job. The IRS can even show up at your door! Interest and penalties continue to accrue on a daily basis. You need professional expert help to deal with the IRS! You can’t do this on your own. We offer immediate relief by protecting you from the long arm of the IRS. This is what we do on a daily basis.
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Even Stolen Funds Need to be Reported as Income
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James Miller, of Manhattan Beach, CA, was convicted June 12th of wire fraud and filing false tax returns.
Miller was the president of an internet sales company, and from 2009 to 2012 embezzled more than $300,000 from the company to pay for personal expenses but did not report it on his personal tax returns, causing a loss to the IRS of approx. $58,000. He faces a sentence of 20 years for wire fraud and 3 years in prison for each count of filing a false tax return.
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I'd Like to Hear From You...
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If you have an IRS issue, or just want to refer a friend, relative or client, I'd love to hear from you. I can provide a no-obligation confidential consultation to help you solve your IRS problems.
772-337-1040
Jeffrey Schneider, EA, CTRS, NTPI Fellow
10570 S US Highway 1, Ste. 203
Port St Lucie, FL 34952
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This picture speaks for itself!
We all need an adult beverage from time to time... Yes, some of us more than others... but I'm just saying!!!
Ali is a big fan of Bloody Mary's and the shrimp just make it that much better. Her liquor of choice is tequila, not vodka in all her "Bloody Rita" recipes and the spicier the better.
I
just go with the flow and enjoy it either way... that is if Ali leaves any for me!
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SFS Tax Problem Solutions | [email protected] | 772.337.1040 sfstaxproblemsolutions.com
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