Actor Stephen Baldwin was recently arrested for tax evasion in his home state of New York. He is charged with not filing his state taxes for the past three years, resulting in owed back taxes of $350,000, which does not include any applicable penalties. Baldwin resides in Rockland County in the state of New York. According to the district attorney's office, the state and county are facing severe financial setbacks, and this situation is influencing the state to take action against individuals who owe taxes. Stephen Baldwin has been under investigation this past year by the Rockland County Special Investigation Unit and New York State Department of Taxation and Finance office. The actor's representative, however, stated that he was not trying to deceive anyone
It's hard to overstate the importance of filing a timely and accurate tax return with the IRS, but many low-income individuals and families are often hard-pressed to afford good tax advice. Yet according to the community organization Chelsea Neighborhood Developers (CND), on average, IRS tax refunds represent 9 percent of low-income households' total income for the year.
The Internal Revenue Service do not take infractions of their rules lightly. Even unintentional or minor violations are punishable with heavy fines and a potential jail sentence. Under IRC Section 6050I, any person or business that receives $10,000 or more in a single transaction is required to file Form 8300 within 15 days of receiving the funds. All bank deposits made in the US are monitored, and banks are required to report cash deposits in excess of $10,000 to the IRS. The owner of a recycling business in Somerville has been charged by a federal grand jury in Massachusetts with structuring payments in order to avoid detection by regulators.
The Internal Revenue Service has been working hard to collect the taxes that are owed to it. It takes tax evasion extremely seriously, and even seemingly minor violations can result in substantial fines and jail time. For anyone with foreign banking and financial accounts, it is important to report them on your tax return. Failure to do so can lead to accusations of tax evasion, as a Massachusetts bank director found out recently.
Police have charged a businessman from Dartmouth for income tax evasion. Investigation has revealed that he may be associated with money laundering and drug trafficking activities. On April 20, he pleaded not guilty to four counts related to tax evasion in a U.S. District Court in Boston.
The standard tax season has ended for Boston tax payers, but FBAR season has just begun. FBAR stands for Foreign Bank Account Report, and filings are required to be completed by June 30, 2011. FBAR requirements are critical for taxpayers in the U.S. who hold one or more foreign financial account.
The Internal Revenue Service has agreed to an offer presented by ThermoEnergy Corporation of Massachusetts to settle tax requirements on its payroll that led to a $2.3 million gain. The multimillion-dollar gain was recorded during the fourth quarter of 2010.