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Tax Times Newsletter - February 2006

- Jay Schlichting

SUCCESS STORIES
We help real people with real tax issues - successfully.

• Can you love a tax return? - Give yourself a Valentine, with the Schlichting Group
       OK, maybe it's not possible to love a tax return. But there's certainly room to like it a little bit more. Especially if you can get the same high quality as an expensive return prepared by an accounting firm - but for a whole lot less.  Let the Schlichting Group prepare your 2005 corporate tax return
  We provide:
  • the same high quality as more expensive accounting firms
  • expertise in even the most confusing IRS regulations, which can be leveraged to create the most favorable tax return for your company
  • cost savings that will go straight to your bottom line

  Let our tax preparation pros work for you. We'll help you dislike tax season just a little bit less. Contact the Schlichting Group today to get rolling on your tax return.

TOP NEWS

• City Officials Arrested on Tax Evasion Charges
       In Springfield, Mass., a former mayoral chief of staff, a former Springfield police officer and a bar owner were arrested on federal tax.
       Anthony Ardolino, Chester Ardolino and Matthew Campagnari were all charged with conspiracy to defraud the United States and four counts each of filing false income tax returns.
       Anthony Ardolino, 35, formerly worked as the chief of staff for former Mayor Michael Albano. Ardolino's brother, Chester, 38, was a police officer for the Springfield Police. And Campagnari, 39, is a private real estate developer and bar owner.
       The indictment alleges that three men attempted to conceal income and expenses of the bars they owned as well as their personal incomes. In all, the three men allegedly failed to pay approximately $300,000 in federal taxes. If convicted, the defendants each face up to five years in prison and a fine of $250,000 for each charge.
• Importer Convicted on Tax Charges
       A Parks, Ariz., man was sentenced to one year of probation after pleading guilty to tax violations and paying the IRS $180,000 in tax, interest and penalties.
       Lawrence L. Speer admitted to assisting in the preparation of income tax returns for his business, Repair-It Industries, Inc., which underreported gross income for 1997 and 1998.
       Speer also admitted that he filed false 1040 personal tax returns for 1997 and 1998. What's more, Speer admitted that his company illegally imported human growth hormone (hGH) into the United States from Mexico and China. He repackaged and relabeled the imported drugs, selling them to customers throughout the United States.
       The investigation in this case was conducted by special agents of the Criminal Investigation Division of the Internal Revenue Service, the Food and Drug Administration and Immigration and Customs Enforcement.
• Son of Mobster Jailed on Tax Charge
       The son of the alleged former acting boss of the Gambino crime family was sentenced to 27 months in prison for running an illegal gambling business and tax evasion.
       In addition to the prison sentence, Judge Dennis M. Cavanaugh fined Arnold L. "Bo" Squitieri $8,000. Squitieri, 34, of Norwood, New Jersey, must also pay significant penalties and interest to the IRS on $145,000 in unreported income for tax years 2001 to 2003, which resulted in a tax loss of approximately $55,795.
       Squitieri, the son of reputed former acting crime boss Arnold Squitieri, pleaded guilty to conducting an illegal gambling operation and attempting to evade taxes.

THE ANSWER SPOT

• I haven't filed tax returns for five years, and I have lost all my records. Can you help me?
  Yes.  We can get IRS information on your earnings and then estimate your expenses through your oral testimony and other methods.  Contact us immediately.  Don't delay any longer.
   

ASK THE EXPERTS

• A colleague told me about this Offer in Compromise program. He says you can reduce your tax debt by an enormous amount. He said he'd heard "pennies on the dollar." But I don't know - I'm skeptical, for sure. What is this Offer in Compromise program?
       What your colleague told you is right. You can reduce your tax debt by pennies on the dollar through the IRS's Offer in Compromise program.
       Here's the deal: The IRS has learned over long years of tracking down deadbeat taxpayers that the door-beating approach doesn't work. Being more negotiable has actually allowed the IRS to bring more taxpayers into compliance.
       For this reason, the government has the Offer in Compromise program for taxpayers who have amassed substantial tax debt but are financially unable to pay the debt. If you apply, you could indeed reduce your tax debt by pennies on the dollar!
       You should first consult a qualified tax professional. He or she will analyze your previous returns, ensuring that they are completely accurate. After all, what if you actually owe less to the IRS than you previously thought?
       Once you know the exact figure of what you owe, you and your qualified tax professional will meet with the IRS. At this time, your tax professional will negotiate a settlement amount that will allow you to rid yourself of looming tax debt once and for all.
       It's really that simple. If you apply for the program, getting rid of tax debt can be easy. What's more, even if you don't apply for this particular program, you have other options, including what's known as an Installment Agreement, which allows you to pay down your tax debt over time.
       Call me today. I know how to handle IRS troubles. I'm an IRS Problem Solver. For a free, no-risk consultation, call my office at 1-877-590-2500.

Tax Times Newsletter is an online Publication by
The Schlichting Group
Specialists in IRS Representation and Tax Preparation