Tax Evasion

Alec Baldwin Accused Of Avoiding New York Sales Tax On Painting Purchase

Donald Trump certainly has a few tax issues looming over him as he takes over the Oval Office. Alec Baldwin, known for his impersonation of Trump during the months leading up to the election, coincidentally also has an issue regarding the payment of taxes, specifically tax evasion.

In 2010, Baldwin purchased the Bleckner painting “Sea and Mirror” for $190,000. In September of 2016, Baldwin sued New York City art dealer Mary Boone alleging that Boone delivered a similar Bleckner work, but not “Sea and Mirror.” Baldwin alleges in his complaint that Boone promised to obtain the painting from an unnamed collector, but instead delivered a different piece of artwork, also painted by Bleckner. Baldwin is seeking damages measured by the difference between the purchase price of the painting Boone sold him and the current value of the original “Sea and Mirror.”

Seven Deadly Tax Sins

7 Deadly Tax Sins

When it comes to the IRS, some bad acts are worse than others.  We have compiled below the top ones to avoid at all costs.  However, if you should find yourself in the middle of one, you should certainly call tax attorneys to get you out of the bad situation (yes, it is a bad situation).

I’m Retired And I Have Tax Debt, What Now? Part 1: Retirement Assets

Taxpayers that retire with unpaid tax debt seemingly face a grim retirement because of the thought that assets reserved and necessary for retirement will be taken by the IRS. Here is the first part of our blog on what retired taxpayers may expect in dealing with the IRS regarding certain assets such as retirement accounts.

The Mitigation Provisions Of I.R.C. §§1311-1314

While the IRS uses the mitigation provisions of I.R.C. §§ 1311-1314 to reopen a taxpayer’s closed tax year and assesses tax deficiencies, it hardly facilitates taxpayers in using these provisions in similar fashion when seeking a refund from a closed year. Nonetheless, Congress intended that the mitigation provisions ensure that if certain prerequisites are met, either the government or the taxpayer may secure appropriate relief.

The mitigation provisions of I.R.C. §§ 1311-1314 provide a form of statutory relief and apply in certain limited circumstances to claims that are otherwise barred by operation of law or any rule of law like the statute of limitations. The goal of the mitigation provisions is to place the parties in the position they would have been in if the tax item(s) had been properly treated.

Red Flags That Attract IRS Auditors

People typically think that the amount of their income is the biggest red flag that attracts an IRS auditor, and they would probably be right. But what are some of the other items on a tax return that may attract their attention? Some say that simple, plain returns are fairly safe and likely to avoid extended scrutiny by IRS auditors. According to the IRS, there are multiple ways a return may end up audited, here are some examples:

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