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Internal Revenue Service IRS TAX has set a deadline for reporting offshore bank accounts and other offshore income activities through its voluntary disclosure program. Voluntary disclosure may eliminate risk of IRS criminal prosecution and reduce or eliminate assessment of tax penalties.
Even taxpayers who do not have offshore activities but have unreported income, fraud, unpaid taxes or unfiled tax returns will benefit from the IRS Voluntary Disclosure program.
Internal Revenue Service IRS criminal tax evasion charges against Helio Castroneves came to a conclusion today. Federal Jury acquitted former Los Angeles Dancing with the Stars and Indy Race Car Driver on six counts of IRS Tax Evasion. Criminal tax evasion cases are processed throug the Federal District and not through the US TAX COURT system.
IRS criminal tax evasion charges against Helio Castronoves which alleged that IRS tax evasion mechanism involving Panamanian bearer share corporation called Seven Promotions to avoid and evade IRS taxes. Asset protection attorneys view these corporations as a planning device to evade taxes and protect certain class of assets from creditors.
Los Angeles based mall owner files for Chapter 11 business bankruptcy. According to Los Angeles Times article, one of the largest mall owners in Southern California with locations in Burbank, Northridge, Torrance and Carson has filed bankruptcy to reorganize its debt structure.
Chapter 11 Bankruptcy filings and other consumer and business bankruptcy filings by businesses located in Manhattan Beach Torrance Hermos Beach Redondo Beach Carson Gardena Lomita Lawndale Palos Verdes have seen a dramatic increase over the last 12 months period as our local economy goes through the current recessionary cycle. Chapter 11 Bankruptcy filing by General Growth Properties could have a ripple effect to other local businesses which rely on these malls for their own survival.
Chapter 11 bankruptcy attorneys provide business protection through the bankruptcy courts which typically allows a bankrupt company to hold off creditors and operate as normal while it develops a financial reorganization plan. Most Chapter 11 bankruptcy plans and Chapter 7 liquidation bankruptcies provide pay out of few cents on the dollar to its general unsecured creditors. Chapter 11 bankruptcy is available to both individuals and businesses of all size.
SUBCONTRACTOR SALES TAX
A California subcontractor who has furnished and installed materials or fixtures for a general or prime contractor must pay California sales tax on the materials cost or in the case of non U.S. contractors the retail selling price of the fixtures installed. California BOE Sales Tax rules require a subcontractor who has furnished and installed materials or fixtures for a prime contractor must pay tax on the cost of the materials or in the case of non U.S. contractors the retail selling price of the fixtures installed.
Today is tax day – the 15th of April. If you need any last minute information you can find a lot of information here at Internal Revenue Service’s website IRS TAX. Hope everyone got their IRS 1040 and California 540 tax returns filed on time. Our current income tax system has been in effect since the United States Congress (website) ratified the 16th Amendment in 1913. The following single sentence in our constitution is the genesis of the most dreaded day for most Americans:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
California Sales Tax Problem BOE Sales Tax audit levels have been increasing in recent years as California budget problems creates additional need for enforcement and collection of existing sales taxes.
One the most common targets for California Sales Tax Audits in recent years has been owners of gas and service stations. Under the Sales and Use Tax Law, the sale or use of merchandise, including fuel, is taxable. For an auto repair business or service station, tax generally applies to sales or use of all of the following:
United States Tax Court US TAX COURT intervention to expedite release of federal tax lien may not be required due to a new guideline issued by the IRS.
Internal Revenue Service IRS TAX today announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.