Divorce is a complex process of dividing assets. Whether you reside in Connecticut or elsewhere, the problem with dividing certain assets is the income tax issues that are likely to follow if they are not divided the right way. A tax attorney may be able to assist you in decreasing your tax burden by helping you properly structure your divorce settlement.
Among the many government agencies, the IRS may be the one people vilify most. After all, when a large percentage of your paycheck disappears before you even earn it, it's difficult not to have hard feelings about it. While you know the good things that are accomplished with your tax money, you also know there are many good things you can do with that money on your own.
Connecticut residents who receive income throughout the year, regardless of its source, have to pay taxes on that income. In some instances, taxes are withheld before money is deposited into one's bank account, but there are individuals who do not have taxes withheld. These individuals may have to pay an estimated income tax at various times throughout the year or possibly face penalties.
A man in Connecticut was recently sentenced for embezzling money from his business and failing to pay taxes. As a result of his actions, he will be spending some time behind bars. Tax crimes are not treated lightly, as is evidenced in this case.
When it comes to collecting taxes, the Internal Revenue Services just wants to get paid. This department is somewhat understanding that people may struggle to pay their taxes, but they will not let people get by without paying them forever. Connecticut residents who owe back taxes can help themselves and their situations by trying to work out a deal with the IRS.
Connecticut residents who pay attention to the news have probably read an awful lot about Paul Manafort. He was the campaign chairman for President Donald Trump who is accused of bank fraud and tax evasion. Both are serious crimes with significant consequences if prosecuting attorneys achieve a conviction.
The two things that just about everyone in the United States fears are death and taxes, and many people spend years attempting to avoid them, bargain with them and make deals for a little bit more time. When it comes to owing federal taxes, most people end up making deals for more time to pay.