Newsletter September 27, 2018

Inside this edition: Creator of “Fitwall” Can’t Use His Product to Scale Prison Fence, Couple Finds the Purrrfect Tax Deduction, The IRS Will End Offshore Voluntary Disclosure Program This Month-Miss Out and You Could Face Jail!, Bit of Humor, Q & A, For the Foodies … Ranch Cauliflower Bites

 

October 27th, 2018

Tax Controversy Specialist, Lecturer
Author of Now What? I Got a Tax Notice
from the IRS. Help!

Inside this edition:

  • Creator of “Fitwall” Can’t Use His Product to Scale the Fence in Prison
  • Couple Finds the Purrrfect Tax Deduction
  • The IRS Will End Offshore Voluntary Disclosure Program This Month-Miss Out and You Could Face Jail Time!
  • A Bit of Humor
  • Question & Answer
  • For the Foodies … Ranch Cauliflower Bites

$$$ WIN A 25.00 GIFT CARD $$$

Our new Tax Problem Solutions Mascot was delivered, and we want YOU to help us pick the name!

  • Submit your entry in the comments
  • Have your friends and family COMMENT “vote” under your comment
  • Most votes on a name at the end of the two weeks becomes a finalist.
  • Best of the names will be posted on 10/8 and the winner will be drawn on 10/12.
(Must be a Facebook page fan to win.)
“Most taxpayers do not realize that they have the right to be represented when it comes to dealing with the IRS.
Do not deal with the IRS alone.
You do not have to go it alone and you do not need a lawyer.
This is a major misconception from many that find themselves in deep waters with the IRS.” Quote from Chapter 3
Request your free copy of Now What? I Got a Tax Notice from the IRS. Help! by email info@sfstaxacct.com or call 772-337-1040.

 

In Now What? I Got A Tax Notice From The IRS. Help!, 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.

Creator of “Fitwall” Can’t Use His Product to Scale the Fence in Prison

Douglas Brendle, of Cheyenne, WY, pled guilty
in federal court on two counts of willfully failing to file his income tax returns and one count of making a fraudulent application for health care benefits.

 

Brendle was the owner and operator of Brendle Climbing Systems, LLC which sold the “Fitwall” exercise equipment he created. In January, 2013, Brendle sold the rights to Fitwall to investors and received $1.5 million in payments during 2013-2014. During that time, Brendle failed to file individual income tax returns or pay income tax, for a loss to the IRS of $404,501.
Additionally, in December 2013, Brendle filed a false application for Wyoming Medicaid claiming he made no income. Claims filed with the Medicaid office during 2013-2014 totaled over $20,000.
Sentencing will be on September 24, 2018 where he faces a statutory maximum sentence of three years in prison, restitution, monetary penalties and a period of supervised release.

Couple Finds the Purrrfect Tax Deduction

A couple operating a family business known as Columbia North East Used Parts, a junkyard, deducted the cost of cat food for a bunch of stray cats as an ordinary and necessary business expense. The junkyard would feed the cats to control the rats and snakes and other rodent issues.

The IRS disallowed the deduction but it was taken to tax court and the court agreed with the taxpayers, stating that it a necessary expense, defined as appropriate and helpful and allowed the cost to be deductible.

A Bit of Humor…

“What is the difference between the IRS and the Mafia? The Mafia is organized.” – Kurt Leetzow

The IRS Will End Offshore Voluntary Disclosure Program This Month

Miss Out and You Could Face Jail Time!

The Offshore Voluntary Disclosure Program, which has been in effect since March, 2009, will close September 28th. For those taxpayers who have unreported offshore accounts and assets, the programs offers a chance to pay substantially less in back taxes, interest and penalties and more importantly, to avoid criminal prosecution.
The benefit of the program allows taxpayers who failed to file a Report of Foreign Bank and Financial Accounts, or FBAR, to amend their tax returns only going back 8 years and pay the tax, interest and reduced penalties ranging from 20%-27.5%, as opposed to 50% and going back 15 years if the taxpayer does not go through the program and is caught failing to file an FBAR. The biggest benefit is that they will also not face jail time, which could be up to 5 years imprisonment per violation and a felony conviction on their record.
In the last 9 years, more than 56,000 taxpayers have entered the program and paid a total of $11.1 billion in back taxes.

I’d like to hear from you…

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

Jeffrey Schneider, EA, CTRS, NTPI Fellow
Phone: 772.337.1040
738 Colorado Ave
Stuart, FL 34994

Thank you for your kind words

Jeff and his staff have helped our family through our tax troubles in the past. And I know he’ll continue in the future.

– Don Musante

Q & A

Question: How much are penalties and interest on unpaid taxes?

Answer: The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there’s also a minimum penalty for late filing; it’s the lesser of $210 or 100 percent of the tax owed.

For the foodies…
Ranch Cauliflower Bites

Last Sunday I spent the day trying new recipes, both low carb and vegetarian.
This low carb recipe that I am sharing tastes an awful lot like tater tots.
I made them in the mini size muffin tins and was light on the bacon and heavy on the cheese.
Next time I make them I will try the soy bacon and 2% cheddar cheese so I can partake in them.
This recipe would make a great appetizer as well as a very tasty side with wings.

I hope you enjoy this recipe.

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

SFS Tax Problem Solutions | info@sfstaxacct.com | 772.337.1040 | sfstaxproblemsolutions.com

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