November 2020 Tax Problem Solutions Newsletter

Inside this edition of the November SFS Tax Problem Solutions Newsletter, Son of Former Mob Boss Doesn’t Toe the Line, He Helped Millions Fight Off Viruses, Then Hid His Millions from the IRS, Dippin Into The Donut Box, Finance Director Steals Over 1.5 Million from School Board and Goes to Prison to Learn a Lesson, O is for Offer in Compromise, More Interesting Reading… Question and Answer, Kind Words From a Satisfied Client, For the foodies, and A Bit of Tax Humor.

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November 13, 2020

Jeffrey Schneider, EA -Jeff Headshot
IRS Problem Solver
Tax Controversy Specialist, Lecturer and
Author of the Now What Help! series

Inside this edition:
In the News…

  • Son of Former Mob Boss Doesn’t Toe the Line
  • He Helped Millions Fight Off Viruses, Then Hid His Millions from the IRS
  • Dippin Into The Donut Box
  • Finance Director Steals Over 1.5 Million from School Board and Goes to Prison to Learn a Lesson
  • O is for Offer in Compromise

Interesting Reading…

  • Question and Answer
  • A Five Star Review
  • For the foodies – Cranberry-Cherry Compote
  • A Bit of Tax Humor

Call 877-355-8010 for more information about our services

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A Five Star Review 

A Recent Settlement

When asked about the biggest benefits he received from working with us,
Don S. from Jupiter, Fl.
stated “peace.”

In the News!

Son of Former Mob Boss Doesn’t Toe the Line

Gennaro Angiulo, the owner of GJ Towing in Boston, was charged with a payroll fraud scheme that defrauded the US government by more than 3.3 million dollars. Angiulo is the son of Gennaro ‘Jerry’ Angiulo, a former mob boss who ran the Mafia in Boston with his brothers from the 1960s to the 1980s.

From 2014 through 2017, the younger Angiulo paid a portion of wages to his employees in cash and failed to collect, account for, or pay over to the IRS the required withholding and FICA taxes.

To fund payroll, Angiulo cashed checks made out to the towing company and failed to record those checks as income, furthering his legal troubles.

Angiulo faces up to 15 years in prison, restitution, and fines up to $750,000.

He Helped Millions Fight Off Viruses, Then Hid His Millions from the IRS

 

John McAfee, the creator of McAfee VirusScan software, was arrested in Spain and is awaiting extradition to the US on charges of tax evasion. He is accused of failing to file tax returns from 2014 to 2018 despite earning more than 23 million dollars during that time.

McAfee resigned from the company that bears his name in 1994, and during the last few years derived a lucrative income from speaking engagements, consulting work, crypto-currencies and selling the rights to his life story.

To evade paying taxes McAfee had his payments deposited into bank accounts and cryptocurrency exchange accounts in the names of nominees, and concealed assets, including a yacht and real estate, by putting them in the names of others.

Last year McAfee tweeted that he hadn’t filed tax returns for eight years because, “Taxation is illegal.” He faces up to 30 years in prison.

Dippin Into The Donut Box

John and Helen Zourdos, and their son Dimitrios, owners of three Dippin Donuts in New York, were charged with conspiracy to defraud the IRS, tax evasion, and aiding and assisting in the filing of false tax returns.

The family members are accused of concealing more than one million dollars in cash sales from the IRS from 2013 to 2017. Their scheme included depositing cash directly into their personal bank accounts, providing false information to their accountant and causing said accountant to file false individual and corporate tax returns.

The trio is also accused of committing employment tax fraud by paying employees a portion of their wages in cash.

They face a maximum penalty of 20 years in prison as well as restitution and supervised release.

Finance Director Steals Over 1.5 Million from School Board and Goes to Prison to Learn a Lesson

Laurie Wade, the financial director for the Franklin County Board of Education in Kentucky, was sentenced to 10 years in prison for money laundering and filing false tax returns.

Beginning in 2011 and continuing through 2019, Wade wrote numerous unauthorized checks from the school board account to herself and made false entries into the company’s accounting program to cover her tracks.

Simultaneously, Wade served as the treasurer of the Leestown Gospel Church and controlled its finances with little oversight. Over a period of several years she used the Church to launder money she had stolen from the school board. She made repeated deposits into the church bank account and then wrote checks to herself, attempting to legitimize the stolen funds. It was a check from the school board for $89,100, deposited into the church account, that first alerted the FBI to Wade’s criminal activity.

O is for Offer in Compromise

You have probably seen TV commercials saying “Settle Your Back Taxes for a Fraction of What You Owe” or “Settle Your Tax Bill for Pennies on the Dollar” it sounds appealing but in reality, it’s not so easy to get the IRS to settle a tax debt for pennies on the dollar. It’s also illegal to say that! It does happen, but only in cases where a taxpayer clearly does not have the assets and/or income to pay off the tax debt in a reasonable time. If you have the money to pay the IRS–or will likely have it in the future–no amount of negotiating will convince the IRS to settle for less than you owe.
Continue reading here…
Q&A- hand with marker

Question:
I’ve finally decided to seek help from a Tax Professional who specializes in Tax Problem Resolution. I want to start getting my paperwork together for the appointment; what will I need to bring with me?

Answer:

It’s very important to have certain documentation with you for the initial interview. Your tax resolution specialist will need this information to determine the best way to move forward to resolve your tax issues. Basically, the items to bring include:

  • The most recent IRS/State tax notices and collection letters;
  • Copies of your last two years of filed income (1040) tax returns;
  • A monthly household cash flow budget by expense category (list all outflows of money)
  • Your most recent paystubs with YTD info verifying income from all sources and all withholdings and payroll deductions;
  • If you are self-employed, an independent contractor, or small business owner, prepare a “rough draft” current profit and loss statement. If this is not possible, just bring your Schedule C from your most recently filed 1040;
  • A list of any quarterly estimated tax payments made, if any, for the current year
  • A method of payment

Check with your professional to see if any other information is needed.

We at SFS Tax Problem Solutions are experts at navigating the IRS maze and will customize a resolution plan to fit your individual needs to help you permanently solve your IRS Problems. Call us today at 877-355-8010 for a free confidential consultation.

The Now What Help! Series

Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.
The books are available in paperback and ebook on
Now What? I Want to Prepare My Tax Return. Help! book cover- jeffrey schneider EA
book 2- now what help

How can I help you?

If you have a state or federal tax problem or just want to refer a friend, relative or client, I’d love to hear from you. I provide a no-obligation, confidential consultation to help you solve your IRS problems.

Call us today and let’s get to work solving your tax problem 877.355.8010 or book your appointment online, https://meetme.so/SFSTax

877.355.8010
Jeffrey Schneider,
EA, CTRS, ACT-E NTPI Fellow
Email: jeff@sfstaxacct.com
738A Colorado Ave
Stuart, FL 34994
www.sfstaxproblemsolutions.com

Cranberry-Cherry Compote

As you probably know, I do not eat meat but love to cook Thanksgiving dinner. My favorite side dish is the Cranberry-Cherry Compote. I always make enough to freeze and have for the next few months (maybe!). I generally follow the recipe, but boost the bourbon with a few extra splashes.

Have a very Happy Thanksgiving.

Enjoy.

Find the recipe on the SFS Tax Problem Solution Pinterest page along with other pins and videos.

A Bit of Tax Humor…

“One difference between death and taxes is that death doesn’t get worse every time Congress meets.”
–Anonymous

SFS Tax Problem Solutions
info@sfstaxacct.com | 877.355.8010 | sfstaxproblemsolutions.com

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