Tax Resolution Times
April 2, 2021
The BEST bet to resolve your IRS debt!
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Ikea has been accused of failing to pay $500 million in taxes. But prosecutors are having a hard time putting their case together.
Did You Know?
In Texas, cowboy boots are exempt from
sales tax but hiking boots are not.
In Wisconsin, cloth diapers are not subject to sales tax, but disposable diapers are.
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When working through a tax resolution case, patience is one of the keys to success! Our latest success story involves a client from the East Coast. This client came to us in 2019 with a tax debt of over $90,000.00. Beginning with a thorough investigation where we determined the extent of his issues, our team got down to business, securing the personal and financial information necessary to propose an Offer In Compromise (OIC). While a long process and never a guarantee, our patience and persistence paid off. 19 months later, we secured an OIC acceptance of $4,705.72 to satisfy a debt of $93,369.05. A savings of $88,664.05 which is 94.9609% of what they owed! Needless to say, we have a very happy client!
Have an outstanding tax debt that keeps you up at night? Looking for someone to help you get rid of that debt? Call us today at 877 4 IRS LAW to schedule your complimentary consultation!
A couple in Pennsylvania was sentenced to prison after police discovered more than $800,000.00 in cash in their home. Matthew and Kim Forney’s troubles began when their daughter’s boyfriend shot them in a domestic dispute. After the police arrived at the scene they discovered bloody footprints leading to a pool house that contained a large trash bag filled with cash. Later they found a gun safe with more bundles of cash.
From 2014 to 2017, the Forney's pocketed the cash and only deposited checks from their business sales into their business bank accounts. They only reported check and credit card sales on their tax returns. They maintained meticulous records and the cash found in their home was attached to business receipts.
The Forney's unreported income totaled $817,713.00, which resulted in $292,066.00 in unpaid taxes. Matthew Forney was sentenced to 12 months and one day in prison and his wife Kim was sentenced to 12 months.
The charges against the daughter’s boyfriend were dropped after a judge ruled certain evidence inadmissible in court.
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Marien Torres-Acevedo was sentenced to 75 months in prison for her part in a scheme that included stealing identities and filing false tax returns with the stolen IDs.
From January 2015 to July 2016, Torres-Acevedo and two co-conspirators filed dozens of false tax returns that she admitted generated between $550,000.00 to $1.5 million in refunds.
Torres-Acevedo was also held accountable for fabricating social media communications that she claimed were threatening to her and her family, but were discovered to have been created by her as a ploy for sympathy.
In addition to the prison sentence, she has been ordered to pay $857,729.65 in restitution.
One co-conspirator was sentenced to 54 months in prison and the other was sentenced to three years probation and paid $2.1 million in restitution and fines.
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Timothy R. Rosenbeck is an Enrolled Agent here at IRS Trouble Solvers. He attended Florida State University and funded his undergraduate degree himself by working through various construction and remodeling projects. Tim then transitioned into working in accounting services taking on various public and non-profit accounting roles, eventually even becoming Senior Accountant where he was responsible for the preparation of tax returns and certain tax resolution matters. All these various experiences provided him the groundwork for his earning his Bachelor of Science in Accounting in 2013.
Finding his real passion lay in tax resolution, Tim went on to obtain his Enrolled Agent designation – the highest credential awarded by the IRS - in 2015. He joined IRS Trouble Solvers in 2018, where he has since helped clients from all walks of life resolve their IRS debt through his expertise in tax resolution. He lives in Panama City, Florida with his wife and three young kids.
An enrolled agent is a person with advanced training and knowledge of tax law who is federally empowered by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service. These individuals obtain this specialized designation by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. This select group of individuals can represent taxpayers at all stages of tax resolution. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.
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Spring is the perfect time to get back to healthy eating! This super simple recipe is one way to get the kids to eat their veggies!
Easy Zucchini Pizza Bites
2 small zucchini, cut into 1/4 slices
1 C spaghetti sauce
1 C shredded Mozzarella cheese
1/2 C mini Pepperoni
3 Tbsp. grated Parmesan cheese
Instructions
1) Preheat over to 375 degrees. Spray baking sheet with with cooking spray (or line with parchment paper).
2) Place Zucchini in a single layer on baking sheet. Top each round with spaghetti sauce, mozzarella cheese, pepperoni and Parmesan cheese.
3) Bake for 8-10 minutes or until cheese is melted and heated through.
A Pakistani man holds the world record for smashing the most watermelons with his head in 60 seconds. How many watermelons did he smash?
a) 27 watermelons
b) 51 watermelons
c) 43 watermelons d) 60 watermelons
snolemretaw 15 )b
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Question: I’ve been getting notices from the IRS saying I owe them for back taxes. This is stressing me out and starting to affect other areas of my life. What should I do?
Answer: Owing money to the IRS or State can be intimidating and throw your life out of whack but ignoring these notices will only make things worse. The IRS has several debt settlement options but it’s important to take action before they garnish your paycheck and/or levy your bank account. One of these options is an installment agreement payment plan.
The IRS has 10 years to collect on a tax liability from the date you filed your return and are relentless when they think you have their money. There are several types of installment agreements. One of them, is called a “partial pay” installment agreement where it’s possible to reduce the total outstanding balance due to the IRS based on how much time is left on the 10 years to collect. The IRS does not “advertise” this option for obvious reasons. We know how to obtain this solution but you must take the first step and call us to see if you qualify.
You need a professional expert to help you deal with the IRS. You can’t do this on your own, you’ll get crushed. As a matter of fact, going or talking to the IRS without representation could be the worst thing you can do. It’s like going to court without a lawyer. The IRS does not have your best interests at heart.
Indiana: Cake Treat
The Hoosier State has several oddball food taxes. For example, marshmallow creme is tax exempt, but marshmallows are not. Icing in tubes and containers of frosting are also exempt, but cake decorations are not
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The Department of Justice Tax Division charged Switzerland’s oldest bank, Rahn+Bodmer Co, with conspiring to help US account holders evade their US tax obligations, file false tax returns, and otherwise defraud the IRS.
The Swiss bank admitted in court that between 2004 and 2012 they held undeclared accounts on behalf of 340 US taxpayers, who collectively evaded approximately $16.4 million in US taxes. The assets held by the bank for undeclared US account holders went from $391 million in 2004 to $550 million in 2007, its peak year for undeclared assets.
The bank has agreed to pay $22 million in restitution, forfeiture and penalties and to fully cooperate with the IRS in order to bring the tax evaders to justice. If the bank abides by all the terms of the agreement, the government will seek to dismiss the charges after three years.
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We thank Attorney Tim Brown for his kind referrals. Attorney Brown, of the Law Offices of Timothy Brown, is a bankruptcy attorney who has helped hundreds of clients obtain the debt relief they need, for a reasonable price. They will do what ever they can, within the confines of the law, to obtain a favorable outcome. To find out if bankruptcy is right for you, call Tim Brown today at 224-238-7198.
The former President of Project Linus, a nonprofit that provides handmade blankets for children who are seriously ill, has been sentenced to prison for wire fraud, mail fraud, money laundering and tax evasion as a result of stealing more than $400,000.00 from the organization.
Carol Babbitt, the organization’s national president from 2000 to 2016, began using company credit cards in 2010 to pay for personal expenses including clothing, furniture, electronics, pet grooming, tickets for sporting events and personal travel. She covered her tracks by falsely classifying the expenditures in the organization’s books. In addition, she failed to report the stolen funds on her tax returns.
Babbitt was sentenced to 30 months in prison and ordered to pay Project Linus $410,210.00 in restitution and $7,586.00 to the Illinois Department of Revenue.
Got a tax problem and need some help? Call us today at 877 4 IRS LAW for your complimentary consultation with one of our tax professionals!
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All rights reserved.
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Our mailing address is:
108 W. Schick Rd. #370
Bloomingdale, IL 60108-0370
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