March 2020 Tax Problem Solutions Newsletter

Inside this edition of the March SFS Tax Problem Solutions Newsletter you can read about: Golf Pro Swings and Misses, Jail Time for a Brady, Knock Knock, The IRS is Here?, The ABCs of Tax Resolution Explained – I is for Innocent/Injured Relief and What To Do When You Receive the Dreaded Letter from the IRS.
More Interesting Reading… Question and Answer, Kind Words From a Satisfied Client, For the foodies and A Bit of Tax Humor.

March 13, 2020

Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF

IRS Problem Solver

Tax Controversy Specialist, Lecturer and

Author of the Now What Help! series

About my designations

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

In the News!

Golf Pro Swings and Misses

gavel-scales of justice - law book - SFS logo

Kevin Kennedy, a former golf pro and owner of Kennedy Golf Management, has been indicted on embezzlement and tax fraud charges. Kennedy managed the two public golf courses in Springfield, Massachusetts, and collected cart rental and greens fees on behalf of the city. From 2010 to 2016, Kennedy stole fees paid in cash directly from the golf courses’ cash registers and diverted other payments to his company’s account. To cover his tracks, he provided the city with false records that underreported the golf courses’ revenue. Kennedy used the funds for personal expenditures, and to build homes, and did not report the income on his 2010 through 2014 tax returns.

The indictment also charges that from 2009 to 2016, Kennedy conspired with Kent Pecoy and his son Jason, owners of a construction company, to obstruct and impede the IRS and the collection of taxes by concealing Kennedy’s cash payments for the construction of his homes. Kennedy paid the Pecoys in cash, and they, in turn, paid many of their vendors and subcontractors in cash, failing to report the majority of the income on their tax returns. The indictment alleges that the Pecoys maintained false contracts and created false entries to conceal the cash payments.

If convicted, Kennedy faces up to 20 years in prison for each count of wire fraud and money laundering, ten years in prison for theft concerning a program receiving federal funds, five years for conspiracy, and three years for each count of filing a false tax return. He also faces restitution and monetary penalties. The Pecoys each face five years in prison for conspiracy, as well as restitution, and monetary penalties.r that, he was flown to New York for the beginning of the Nike extortion trial.

Questions? Contact me: Jeffrey Schneider, EA, CTRS ACT-E, NTPIF at 855-355-8010 or info@sfstaxacct.com.

Knock Knock, The IRS is Here

The IRS is making house calls. In an effort to reach high-income individuals who have not filed one or more tax returns in recent years, the IRS is sending several dozen agents to make at least 800 face to face visits before April 15.

A last-ditch attempt to encourage compliance; this is the final step before the agency pursues more drastic measures, which include civil or criminal action. The IRS plans on identifying other non-compliant individuals throughout the year and adding cases as they find them.

She Got Caught Trying to Rip Off the System

Monique Brady owned a property rehabilitation business that turned out to be a 10.3 million dollar Ponzi scheme. From 2014 through the summer of 2018 she claimed to be overseeing major renovations on foreclosed properties under contract with lenders such as Freddie Mac. She promised investors half the profits from the sale of the properties, but instead used the funds raised for plastic surgery, to pay her mortgage, to gamble and to take extravagant vacations.

When Brady found out she was the subject of an IRS investigation, she asked her investors, many who were close friends, to delete all emails, texts and documents relating to their investments in her business.

Brady was sentenced to eight years in prison and three years of supervised release for obstructing an IRS investigation, wire fraud and identity theft. She was ordered to pay 4.78 million dollars in restitution.

The ABCs of Tax Resolution Explained

One of the most common questions I hear is, “I owe the IRS years of back taxes, what are my options?” The good news is the IRS has many other options available to alleviate an individual’s back taxes.

When you have a tax problem, your best bet is to work with a Certified Tax Resolution Specialist (CTRS),and Enrolled Agent (EA). During the process, there are many terms that you are likely to hear that are unfamiliar to you and notices that you will probably receive from the IRS or state.

We have begun a series of blogs, “The ABCs of Tax Resolution” that will provide you with a brief overview of many of these terms and concepts.

Learn about, I is for Innocent/Injured Spouse in our latest blog.

Read A-F here The Tax Resolution ABCs

(For a complete explanation about notices read my book, Now What I Got a Notice from the IRS.)

Get a FREE copy here, https://www.nowwhathelp.com/

Question:

I own a small business, and to keep the doors open, I did not pay the IRS for my employee’s withholding taxes for a few years. How much trouble will I be in?

Answer:

Yes. A Notice of Federal Tax Lien (NFTL) is a public record and is generally filed with the County Recorder where you reside. A federal tax lien will also negatively impact your credit report scores. It will notify your creditors that the IRS has a secured interest in your real and personal property. This secured interest goes for the property that you have now and acquire in the future.

A federal tax lien will make it very difficult, if not impossible, for you to purchase a home, vehicle and other property on credit. It may also prevent you from accessing the equity in the real property you may have built up over the years. However, the IRS has several different solutions that can resolve your NFTL if you qualify. You can resolve a federal tax lien by paying it in full, or if that is not an option, you can find out if you are eligible for a “Release of Lien,” a “Lien Subordination,” a Lien Discharge” or “Lien Withdrawal.”

It is essential to keep in mind that IRS problems didn’t just happen overnight and will take some time to resolve. The good news is that generally, you won’t have to meet or even speak with the IRS while we are on retainer. It’s important to consult with a tax resolution professional to see which lien relief solutions you may be eligible for before the IRS starts enforcing aggressive collection action against you.

We can help protect what you have and preserve your rights!!

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

https://amzn.to/2LR55YR

Thank you for your kind words

“Jeff and Ali, they like family now. If I knew someone who was having tax issues, would explain to them that the confidence you get from Jeff and Ali both handling your tax affairs is far worth it.”
~Helen Kruger

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

Instapot Corned Beef and Cabbage

Jeff is back on the keto diet and is doing really well.

I am trying to keep a supply of meats and cheeses in the fridge. As St. Patty’s Day is almost here, I decided to stock up on corned beef, and the meat price was an unbelievable, $1.99 a pound.

So, I opened my trusty InstaPot and found this recipe for cooking the corned beef in beer instead of just water. Jeff said it was terrific. I did not add the vegetables or potatoes as he is not a fan of “boiled/steamed” cabbage and carrots and taters are not carb friendly.

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

” I’m not going to pay taxes. When they say I’m going to prison, I’ll say ‘No, prisons cost taxpayers a lot of money. You keep what it would have cost to incarcerate me, and we’ll call it even’.”

~Jimmy Kimmel

SFS Tax Problem Solutions

info@sfstaxacct.com | 877.355.8010 | sfstaxproblemsolutions.com

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