Baker Law Firm, P.C.
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August 2015 Archives

Helping taxpayers avoid IRS fines and penalties

Among many in the business and political spheres, the U.S. tax code is regarded as somewhat of a cruel joke. This past April, the Washington Examiner reported that the U.S. tax code currently includes a mind-boggling 74,608 pages, a length that is nearly three times the length the tax code was just 20 years ago.

When it comes to gambling wins, the IRS always comes out on top

Annually, millions of Americans purchase lottery tickets, bet on the race track or try their hand at the black jack table or slots at a casino. For those who are lucky enough to come out ahead, Uncle Sam demands a cut. Yes, gambling wins are taxable and the IRS expects that those who play and win, will pay.

What is the tax penalty for filing a federal return late?

Many different problems can arise for a person when they are accused by the Internal Revenue Service of having filed a federal tax return in which they owe taxes after the applicable deadline without having been granted an extension. One is that they can face a hefty failure-to-file penalty.

When it comes to audits, just how far is the IRS' reach?

When it comes to taxes and the Internal Revenue Service, timing is everything. Every U.S. taxpayer is well aware of the dreaded April 15 tax deadline and, if missed, the October 15 tax extension deadline. In cases where a taxpayer fails to file or pay his or her taxes, again timing is crucial as hefty fines and interest on unpaid tax amounts accrue on a daily basis. The clock is also ticking in cases where an individual is audited as the IRS must abide by timeframes dictated by the statute of limitations.

When it comes to criminal tax matters, the IRS does not back down

They say there are two certainties in life; death and taxes. Regarding the latter, the Internal Revenue Service is one of the most loathed and feared of all U.S. government agencies. This is due in part to the fact that the U.S. tax code is notoriously complex and the related IRS policies, punitive and stringent. In cases where an individual fails to abide by IRS rules and policies, he or she may face harsh penalties including fines, tax liens, wage garnishment and even criminal charges.

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