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What is Tax Fraud and its consequences

Sunday, April 24th, 2011

In case you violate the tax law by misrepresenting your income or fudging numbers to avoid paying taxes you most likely be committed by tax fraud. Tax Fraud implies an individual paying less taxes or wrongfully soliciting for repayment of tax by acting in a unethical way. Tax Fraud is a planned action by a person and is not an act of negligence through the concerned person. Fraud of Tax is a criminal offense and as a result of it the government needs to endure great loss in revenue for the people submit less money as tax to the government. Those found to be cheating on their taxes would possibly be subject to fines, penalties or imprisonment. Tax evasion is a general term which refers to all those techniques and efforts that are implemented by numerous companies, individuals, and firms to avoid taxes through illegal means. Tax evasion usually involves false representation in the earnings of a firm or company to the tax authorities.

A person goes for Tax Fraud for he wants to pay less money to the government as tax and save more money for himself. A few of the ways a person be able to break the tax law and commit tax fraud comprise: Claiming false deductions, Concealing or transferring property or income, Intentionally varying the income, Over reporting the amount of deductions, Possessing two set of books, Recording personal bills as business expenses and Applying false amounts in books and records. Tax collection efficiency has two sides to it: Tax compliance/tax evasion on the part of the taxpayer, and honesty/corruption on the part of the tax collector. Tax evasion involves collusion between the taxpayer as well as the tax collector. Corrupt collectors also are considered one of the reasons for Tax fraud occurrence.

The IRS warns that tax scams, fraud and outright cheating could create tax season a lot less pleasant than it already is in case you get caught. Tax crimes comprise submitting a false tax return, tax evasion, submitting false documents, failure to collect employment taxes, failure to pay for taxes, and failing to file a tax return. The penalties for criminal tax fraud are harsh and serious. Sanctions are legal measures used to deter individuals from committing more benefit fraud. There are three possible sanctions: Prosecution, Administrative penalty (an extra amount of money that should be paid back along with your overpayment) and Formal caution. Prosecution is the most critical impact of a fraud investigation. The individual will be taken to court and prosecuted for the offence they’ve committed. A guilty verdict can result in a range of sentencing, from costs and a fine, through community service, to imprisonment. An Administrative Penalty is offered when the case is not so serious and is an extra amount of money to pay, which is calculated at 30% of the total overpayment. A Formal Caution can be given if the individual admits they are guilty of the offence. The caution will stay on Department for Work and Pensions (DWP) records for five years. If the person commits an additional benefit offence while they have got a caution on record, it is almost distinct that they will be prosecuted for the new offence. In lots of cases, IRS will prohibit you from the benefit of specific credits if you are guilty of fraudulently claiming the credit.

So while all of us hate paying taxes and want to pay as little as possible, don’t fall for any of these schemes. You’ll end up paying your taxes in the end. You can either pay them now and avoid jail, fines and the interest on your original tax bill or you can pay them later plus interest, fines and possibly enjoy a holiday at a federal resort. We also urge you to keep in mind the Golden Rule: If something seems too good to be true then it probably is.

 

Article Source: http://www.articlesbase.com/taxes-articles/what-is-tax-fraud-and-its-consequences-4654025.html

About the Author

KDK Accountancy Corporation with Katz, Daitzman & Kiesel CPAs, LLP (an Orlando CPA Firm) is an accounting firm offering comprehensive services to Central Florida businesses and individuals.Our wide range of services include accounting, bookkeeping, tax preperation, tax planning, IRS problem resolution, and all areas of financial and estate planning. KDK Accountancy Corporation is a certified Quickbooks Pro Advisor and can work with clients with all aspects of implemeting and perfecting accounting software performance in the business environment.

 

http://www.orlandocpa.net

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I Received Certified Letters From the IRS – Help!

Sunday, April 24th, 2011

No one likes getting a notice from the IRS, unless it is a sizeable tax refund check. The fear of an audit has become a bugaboo for American taxpayers. Why is this? One obvious explanation is that audits are rather rare. Only about 1.1 percent of all tax filers were audited by the Internal Revenue Service last year. That’s around 1.6 million people. And of those, almost a third of the audits were performed on Earned Income Tax Credit (EITC) claims, which come from low-income wage earners.

The IRS is also unpredictable. They have three different types of audits that are open to them. The most popular and inexpensive option is to simply send a letter. Also known as a correspondence audit, these missives tell the taxpayer that he needs to send in proof of a deduction or tax credit, or goes straight for the jugular and simply tells the taxpayer that the IRS changed his return and he now owes more money, due immediately. Most people who receive these types of notices don’t even realize they are being audited. It would be different if the taxpayer was told to contact a specific IRS agent, but these correspondence audits are all handled through snail mail.

More traditionally, the IRS may schedule a desk or office audit of a person or a business. In this instance, the taxpayer travels to his local IRS office and presents financial records. Walking into a desk or office audit unprepared and unaware of the limits of the audit can lead to the IRS agent gaining full access to the taxpayer’s finances. The problem is that IRS auditors are really good at finding what they are looking for.

The third and final type of IRS audit is arguably the scariest. A field audit gives an agent the option of simply showing up at your doorstep and asking to see your financial records. More often than not, they will actually make an appointment. But unannounced visits are not uncommon.

What is an audit?

As scary as they may be, an IRS audit is typically not a criminal accusation. These investigations are conducted because the IRS believes a taxpayer either made errors or intentionally cheated on his tax returns. In the end, they simply want to collect the money they think you owe them.

If a taxpayer ends up owing money at the end of an IRS audit, it becomes a tax debt. The IRS agent will always try to collect as much money as he possibly can. It is his job to exhort the taxpayer to pay what the IRS thinks he owes them.

Why you need tax settlement help

The IRS is not your friend! Even if a smiling agent comes to your home and compliments your décor, he is, in fact, still working with the best interests of the government at heart. An IRS agent knows that you don’t know the U.S. tax code nearly as well as he does, and he will use that fact to urge you to pay as much as you possibly can. Your best defense against this is to learn everything in the Internal Revenue Manual or to hire an experienced tax resolution services company.

You should never participate in an audit (even one that takes place using the mail system), no matter where it takes place, without proper tax representation. After examining your finances, tax situation, and IRS debt, a talented tax advisor will help you figure out how to pay. These arrangements often involve payment plans with manageable monthly installments. It is important to note, however, that if you miss even a single installment, the IRS may levy your bank account for the total amount due and begin the process toward aggressive collections actions.

 

 

Article Source: http://www.articlesbase.com/taxes-articles/i-received-certified-letters-from-the-irs-help-4651828.html

About the Author

For more information about what an IRS audit is or if you need tax settlement help you should check out http://www.txmstr.com.

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Unsecured Loans for People on Benefits: No Need of Collateral for Money

Sunday, April 24th, 2011

It is quite understood that the survival of those people who are living on the DSS benefits in this competitive world is very difficult because every so often unexpected fiscal crunches keep taking place without any prior notification. In such circumstances, these people have to face a number of problems. If you are also facing the same condition, get ready to fight out with all pecuniary troubles because now a fantastic loan option has been introduced in the loan market that unsecured loans for people on benefits for the welfare of people who are disabled due to physical or mental ailment. These loans can easily be acquired by those who are covered under any kind of beneficial scheme offered by the government. Mentioned loans are very handy and fast that allow disabled people to carry out their urgent needs without getting late anymore.

 

Unsecured loans for people on benefits are ideal for those who are unable to pledge any valuable article as collateral against the loan borrowed sum as well as for those who are living as tenant because these loans are free from the requirements of pledging collateral. It means anyone can make the most of this loan service with no trouble. There is no tedious or lengthy paper work with these loans. Hence, one can get the loan without facing any hassle.

 

Being a borrower it is important for you to know that the loan amount varies from person to person as per his needs and repayment potential. For procuring the loan, an applicant has to do is to search systematically for a money lender who offers the loan at reasonable rate of interest. There are various online lenders who cater to the needs of people who are living on the benefits provided by department of social security. You can choose any of them after making comparison among their quotes. Now it just needs to fill out a loan application. Once the loan is approved, your bank account will be blessed with your required loan sum. So, apply for unsecured loans for people on benefits and get cash instantly.

 

Article Source: http://www.articlesbase.com/personal-finance-articles/unsecured-loans-for-people-on-benefits-no-need-of-collateral-for-money-4658050.html

About the Author

Shane bon is highly sophisticated engineer as well as content writer who have earned his fame by writing his blog, press release and articles in the arena of loans for people on benefits. For getting more details about any info unsecured loans for people on benefits, same day unsecured loans, etc.

 

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Tips for Showing your Home

Sunday, April 24th, 2011

When on the market, your home should be available for showing at any time, even when it seems a bit inconvenient. The listing agent can place a locked box somewhere that will be convenient for other realtors to display your house to potential buyers. Otherwise, these agents will end up trying to schedule an appointment, which can be a hassle for everyone. Most likely, they would just pass over your home and proceed to one that is more readily available.

 

A typical agent will provide you with a few hours or so of notice prior to showing up at your property. If at that time, you decide to not let them present your home, they will surely go on to the next property and never attempt to show yours again. Even on the off chance they do return, it will be with other buyers, and that previous possible sale is out the window. Here are a few different tips for showing your home.

 

Don’t Be Home

A buyer often feels like an intruder if the owner is at home during a showing. They probably will not take as much time or look as closely as they would if you were not home. Take your kids to a park, or hit the local donut shop for awhile. If you must stay, just keep out of the way and remain in a single room. Don’t offer up any information, but feel free to answer whatever questions the agent may have.

 

Proper Lighting

If you have people coming to view your home, whether it is at night or during the day, turn on every light you have, both indoors and out. A lit home at night offers a “homey” look from the street. Having the lights on during the day prevents any sunlight shadows, and will brighten up a dim area you may have. A bright home is an attractive home.

 

Fragrances

Too many people inundate their home with fancy scented sprays when they are expecting company. That may be fine for family and friends, but potential home buyers may think you are just trying to cover up a natural odor that the house has. Furthermore, not everyone enjoys those strong smells, and some could be allergic. A natural freshener or pot of potpourri is a decent idea, or you could drop a little vanilla extract onto a warm kitchen burner, which would give off a smell as if you were just cooking.

 

 

Article Source: http://www.articlesbase.com/real-estate-articles/tips-for-showing-your-home-4661612.html

About the Author

Nick Muller | king-and-assoc.com

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Land For Sale In Tennessee-How To Resolve Heirship Title Issues

Sunday, April 24th, 2011

Why does so much hunting land for sale in Tennessee have heirship title problems? Well these problems did not just get started a couple years ago, in many cases the problems started just after the turn of the century. Let me explain briefly how heirship property gets started and why there is so much of it in Tennessee. No matter how you shake it down the fact that Tennessee is such a poor state has a large part to do with it, the education level of the state is another main contributor and that partly stems from being a rural and poor state. Much of the heirship land is owned by minorities and from the 1940’s to present many moved to Chicago in particular but out of state for better opportunities for their families. If the original owner of a piece of Tennessee hunting land moved out of state in 1950 and he was 50 years old at the time and had land in Tennessee when he left, you see where I am headed with this, it does not take long for a tract of land to get buried with heirs. If the original owner died in 1966 and had 8 children and his wife still living there is 9 heirs to the land and if one of the children dies and has children you could get potentially dozens of heirs to a 10 acres tract of land in a hurry.

To clear the heir problems and have good marketable deed to your hunting land for sale in Tennessee you need to know all the family members of the original owner, wife and all children. If any kids are deceased you need to know if they have any children and you also have to be careful because illegitimate children will also have claim to the land you want. You will need to know names, address, phone number, and social security number to each heir having claim to the deed. Once you have collected all this information you will need an attorney to prepare your deed but also an hership affidavit and you still may need to take it to court and have a judge sign off on it which also means you will need to publish in your largest news paper in the county the property is located in looking for any potential heirs, check behind your attorney I had one publish in the wrong county one time and I had to start the entire process over when the judge saw that. It can be a long process but when it comes to hunting land for sale in Tennessee you can get some good land and at a great price if you push it to a close.

If you are looking at hunting land for sale in Tennessee and have the patience to fallow this process you can get some good land and save yourself a ton of money while you do it.

Article Source: http://www.articlesbase.com/real-estate-articles/land-for-sale-in-tennessee-how-to-resolve-heirship-title-issues-4661066.html

About the Author

Chuck Magee has been in the real estate business for two decades and has launched land for sale websites like http://georgialandsource.com/, http://coloradolandsource.com/, and http://california-landsource.com/.

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