Invincible? The IRS extends special treatment to no one. Famous movie star Wesley Snipes was charged with Failure to File Tax Returns from 1999 through 2004. Did he get away with it? No! Even with his fancy expensive lawyers, Wesley Snipes received the maximum penalty for not filing his tax returns - 3 years.
The Low Down: Helio Castroneves failed to report income from 1999 to 2004. The amount was $5.5 Million. If found guilty, he may be facing jail time of 3 years or more. And on top of that punishment, he'll be expected to pay all the taxes on the money plus interest and penalties and associated court fees. So what exactly did he do wrong to risk this kind of punishment from the IRS?
The Crime: Not reporting your income is a crime. There are a lot of freelance workers that think they can hide their money in offshore accounts like Helio Castroneves did. You can move your income to any bank you want. But you better report that money to the IRS if you want to stay out of jail and avoid extravagant fines.
Avoid the Scams: Wesley Snipe's defense is that he was the victim of crooked advisers. He was given bad advice and acted on it. Many others have been made victims of so-called tax "professionals" that were really scammers in disguise. Make sure to do your research and hire only legitimate tax professionals. Be very careful of what advice you follow and only hire professionals that you can trust.
The Scam Check-list: If the tax professional you are working with is guilty of any of the offenses listed below, watch out! They are only out to scam you! -They ask for your credit card number over the phone -They tell you that they're 100% positive your debt can be settled for Pennies on the Dollar -They are evasive about questions you ask them.
Bottom Line: The IRS doesn't care about your social status. The IRS only cares about one thing- getting their money. You may have dodged the IRS for now, but just like they caught up to Wesley Snipes- they WILL catch up to you. Don't hesitate in settling your Tax Debts!
The Low Down: Helio Castroneves failed to report income from 1999 to 2004. The amount was $5.5 Million. If found guilty, he may be facing jail time of 3 years or more. And on top of that punishment, he'll be expected to pay all the taxes on the money plus interest and penalties and associated court fees. So what exactly did he do wrong to risk this kind of punishment from the IRS?
The Crime: Not reporting your income is a crime. There are a lot of freelance workers that think they can hide their money in offshore accounts like Helio Castroneves did. You can move your income to any bank you want. But you better report that money to the IRS if you want to stay out of jail and avoid extravagant fines.
Avoid the Scams: Wesley Snipe's defense is that he was the victim of crooked advisers. He was given bad advice and acted on it. Many others have been made victims of so-called tax "professionals" that were really scammers in disguise. Make sure to do your research and hire only legitimate tax professionals. Be very careful of what advice you follow and only hire professionals that you can trust.
The Scam Check-list: If the tax professional you are working with is guilty of any of the offenses listed below, watch out! They are only out to scam you! -They ask for your credit card number over the phone -They tell you that they're 100% positive your debt can be settled for Pennies on the Dollar -They are evasive about questions you ask them.
Bottom Line: The IRS doesn't care about your social status. The IRS only cares about one thing- getting their money. You may have dodged the IRS for now, but just like they caught up to Wesley Snipes- they WILL catch up to you. Don't hesitate in settling your Tax Debts!
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Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: How One Can Get Home Loans In No Time You have full permission to reprint this article provided this box is kept unchanged.
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