money: Private Equity CEO to Pay more than $139 million in tax and penalties - 01/05/21 07:46 AM
Robert F. Smith, the Chairman and Chief Executive Officer of a San Francisco based private equity company, admitted that he knowingly and intentionally used his trust in Belize, Excelsior Trust and Flash Holdings (a shell company) and their associated foreign bank accounts in the British Virgin Islands and Switzerland to conceal from the IRS, and the U.S. Treasury Department, income earned and distributed to Flash Holdings from private equity funds.
As a result of the overall scheme, Smith willfully did not report to the IRS over $200 million of partnership income. Smith also failed to report his ownership of his foreign bank … (1 comments)

money: MAYOR OF TEXAS TOWN OWES $1.1 MILLION IN UNPAID TAXES TO IRS - 12/22/20 03:51 PM
David Turner said the seven-figure tax debt is due to a “mix-up” but wouldn’t elaborate.
 The mayor of Odessa, Texas, owes the IRS $1.1 million in unpaid payroll taxes, according to records obtained by the Odessa American newspaper.
 Mayor David Turner said the $1.1 million debt was due to a paperwork error that “has been taken care of.”
 “There was a mix-up, but we got it resolved,” Turner told the told the Odessa American. “My attorney is waiting for a receipt from the IRS. Due to COVID everything has been slowed down.”
 Turner declined to explain what type of “mix-up” caused the tax issue, … (1 comments)

money: CHICAGO LAWYER GETS 18 MONTHS IN TAX CASE - 12/22/20 03:11 PM
He admitted to helping another lawyer evade taxes on income from a tobacco company settlement.
 A former attorney in Illinois was sentenced to 18 months in federal prison for assisting another lawyer in evading taxes on income received from a multibillion-dollar legal settlement with tobacco companies.
Edward R. Vrdolyak, 82, of Chicago, pleaded guilty to one count of tax evasion. Vrdolyak admitted in a plea agreement that he assisted another lawyer, Daniel P. Soso, in evading federal income taxes on income from a $9.2 billion settlement between the State of Illinois and a number of tobacco companies in the 1990s. At the time … (1 comments)

money: A New York City restaurateur sentenced to prison for tax evasion - 12/13/20 06:35 PM
Adel Kellel, 63, of New Hyde Park, New York, the owner of Raffles Bistro, formerly a restaurant located in New York City, was sentenced to 24 months in prison for tax evasion.
According to the allegations contained in the information to which Kellel pled guilty, documents filed in court, and statements made in court:
From 2011 to 2015, Kellel filed false personal returns and corporate returns for K&H, and evaded his taxes by diverting and failing to report substantial gross receipts to the IRS.
For example, as part of his tax evasion scheme, Kellel diverted over 150 hotel checks, totaling over $2.1 million or … (2 comments)

money: How to settle tax debt? - 12/13/20 06:26 PM
If someone is struggling financially and paying the IRS would cause them significant hardship, they may be able to temporarily delay the collection process by applying for currently not collectible status. When the IRS accepts their request, it will stop all collection activity until the taxpayer’s situation improves. However, this does not stop the clock on penalties and interest and they will continue to accrue until the debt is paid off.
The second option is offer in comprise. Under this program the taxpayer can negotiate the entire debt including penalties and interest with the IRS. A taxpayer may qualify if only is … (0 comments)

money: Interview on Networking Arizona Radio show, KFNX 1100AM - 12/10/20 01:24 PM
I was interviewed on December 8, 2020 by Networking Arizona  Radio Show host Carol Blonder on KFNX 1100AM. I had a great time sharing my insights on how we, at Tax Relief Central, can help taxpayers reduce their  IRS debt  and help protect Taxpayer rights!
Have a listen to this!
https://spaces.hightail.com/receive/SbcXEWUZph
 
 
 
 
(0 comments)

money: Beware of unscrupulous tax preparers! - 11/23/20 12:19 PM
The Justice Department announced today that a federal court in Arizona permanently prohibited a Tucson area tax return preparer from preparing federal income tax returns for others.
The civil complaint filed in the case alleged that Joseph Michael Vosberg included false business losses and charitable deductions on some of his clients’ returns. According to the complaint, Vosberg also allegedly instructed his clients to keep receipts from their day-to-day activities to document their false business expenses and charitable donations in the event of an IRS audit and not to cooperate with the IRS during civil audits. The complaint alleges that Vosberg’s fraudulent tax … (0 comments)

money: Report those cash transactions! - 11/23/20 11:57 AM
Don't make the mistake like this couple made. Report those cash transactions! A Montana chiropractor and his wife pleaded guilty today to tax evasion.
According to court documents and statements made in court, Jonathan Wilhelm, owned and operated Pro Chiropractic PC (Pro Chiro) and Big Sky Spinal Care Center Inc. (Big Sky). From 2013 through 2018, the Wilhelms directed payments to cash and then did not report the cash transactions on Pro Chiro’s and Big Sky’s books and records, which they provided to a return preparer to prepare the businesses’ tax returns. The Wilhelms knew that omitting the cashed checks and cash … (0 comments)

money: California Vet Guilty of Tax Evasion - 11/13/20 09:41 AM
A California veterinarian pleaded guilty to one count of tax evasion. According to court records, Jack Ray Snyder, 63, of Truckee, California, failed to report significant income for tax years 2011 through 2014. Each year, Snyder underreported his income to his tax preparer and took deductions for expenses that were not deductible business expenses. For the 2011 tax year, Snyder earned outside income as an equine veterinarian in addition to his salary as a professor at the University of California, Davis. He endorsed outside client payment checks to directly pay credit card bills. He failed to report $212,953 in income for … (0 comments)

money: Don't lose your 2016 tax refund!! - 06/09/20 11:20 AM
I see this often - taxpayer's dont file their tax return because their income was below the filing requirement. What they dont realize is that, if there were taxes paid such as withholdings, they are eligible for a refund of those taxes. In addition they maybe eligible for other tax benefits such as Earned Income Credit.
In order to get the money however, taxpayers are required to file a tax return. If they dont file, they lose out on the refund. In general, a refund claim can be filed within 3 years of  tax return due date or 2 years from the … (0 comments)

money: Releasing a Levy, Wage Garnishment and Lien during the Pandemic - 06/02/20 06:01 PM
Levies are not being automatically released by the IRS. Taxpayer needs to request levy release due to economic hardship caused by the pandemic.The IRS may ask for additional financial information to determine if a levy is causing an economic hardship. Due to  current limited staffing, IRS has provided fax number to which emergency levy release request can be sent to.
 
With regard to the lien release, IRS is processing all electronically submitted lien certificates applications normally and assigning them within 10 days. To protect the health and safety of IRS employees and taxpayers, the IRS is not currently processing lien certificate applications … (1 comments)

money: How does the IRS Tax Lien Affect You? - 05/31/20 01:15 PM
A Federal Tax Lien is the governments legal claim against your property when you have neglected or failed to pay your taxes. It is also called the "Silent Lien" because it arises automatically after the IRS has assessed the tax, sent  a notice asking the taxpayer to pay and the taxpayer has neglected or refused to may a timely payment.
Here is how a Federal Tax Lien affects you:
A Federal Tax Lien attaches to all the assets owned by the taxpayer including future assets. IRS Lien shows up on your credit report, ruins your credit and often prevents you from getting … (0 comments)

 
Vani Murthy, CPA, IRS Problem Resolution (Tax Relief Central)

Vani Murthy, CPA

IRS Problem Resolution

Mesa, AZ

More about me…

Tax Relief Central

Address: 3707 E SOUTHERN AVE, MESA, AZ, 85206

Office: (602) 904-6535

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