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St. Louis Tax Law Blog

Responding to IRS tax audits in Missouri

At this time of year, many people in Missouri and across the country are thinking of their taxes. While many people have already filed, they may still be waiting to receive their return. Others may be anxious about the possibility of further questions from the IRS in the form of audits.

In reality, audits happen relatively rarely. Approximately 1 out of 184 filers were audited in 2017. Of these, the majority of the audits were completed by mail with less than 25 percent happening in person, either at the person's home or at a field office. Though the ones occurring by mail may be relatively simple, a taxpayer facing an in-person audit or one that results in a dispute over the determination of the IRS may choose to seek advice from an experienced attorney.

Business owner pleads guilty to tax evasion charges

Running a business is often complicated. For a small family run business in Missouri and other areas of the country, a great deal of the responsibility can fall on a single person. As such, it may be understandable that a person may think nothing of depositing a check, even if the payment has not been properly documented. Unfortunately, federal law enforcement officials may interpret such an act as deliberate tax evasion rather than a time-saving measure.

Unfortunately, a man in another state recently pleaded guilty to a charge of tax evasion. Federal officials say that the 58-year-old man runs a snowplowing and landscaping business. Authorities believe that from 2013 to 2016, the man cashed business-related checks that were made out to him instead of the business and did not report them to the IRS. They also claim that the man paid undocumented workers with cash and did not pay employment taxes for them.

What happens if I file my taxes late?

Despite the fact that temperatures are rising and Missouri is looking a little greener after the long winter, this is the time of year dreaded by many. If tax season catches you off guard every year, you still have time to carefully prepare your return and get it in on time. You may also be one of the many who expects to owe the IRS, and this may cause you to procrastinate in preparing your returns.

Whether you have filed for an extension on your tax returns or you are facing the regular deadline, keeping on schedule is important to avoiding financial consequences. As much as filing your taxes may make you anxious, missing the deadline can make matters even worse.

IRS contact with you happens according to certain rules

Owing money to the IRS is enough to make anyone nervous. The agency has a substantial amount of power to collect amounts owed.

With all of the horror stories out there regarding tax collections, you could inadvertently fall prey to an impersonator looking to steal your hard-earned money. The best way to avoid this is to arm yourself with the correct information regarding how the IRS contacts you when you owe money.

Pharmacist pleads guilty following tax evasion allegations

Many people are very good at the jobs they do. However, being good at their chosen occupation does not always equate to knowing a great deal about how to run a business. For example, some people in Missouri who own a business may not be fully aware of the ramifications of cashing a check without properly recording it as income, for example. In fact, a pharmacist in another state has recently pleaded guilty after he and his business partners were accused of tax evasion.

The case involves a business owned equally by three business partners. Federal law enforcement officials claim that the trio conspired to hide revenue from the Internal Revenue Service. The alleged crime reportedly occurred from Jan. 2009 to Nov. 2012; it is unclear what prompted officials to investigate the business.

Are you shocked by this year's tax bill?

If you are hesitating to file your taxes, you are not alone. Many in Missouri and across the country are feeling the sting of completing their tax returns only to discover they owe the IRS thousands of dollars more than in previous years. The recent tax changes may have affected the amount of taxes withheld from your paycheck. While you may have noticed a slight increase in your weekly check, the result is a larger tax bill, perhaps one you cannot afford.

Like many who suddenly find themselves facing a financial crisis, your shockingly high tax bill may cause you to want to hide under the blankets and hope it all goes away. However, this will only make matters worse. Instead, your first step may be to seek as much information as possible about your options.

Tax controversy: Man receives almost $1 million tax refund

At this time of year, many people in Missouri and across the United States are likely thinking about filing tax returns and whether they will receive a refund. For many, the process of preparing their taxes is a daunting one, and any mistakes could potentially have serious consequences if law enforcement officials believe they were deliberate. In fact, a man in another state is now embroiled in a tax controversy after reportedly receiving a tax refund of almost $1 million.

The man reportedly completed his own taxes for 2016 and filed them in Feb. 2017.  Reports indicate that he reported making just under $18,500 as a freelancer. He reportedly claimed that he withheld $1 million. As a result, he allegedly received a check from the IRS for $980,000.

Woman reportedly admits to tax evasion

Dealing with finances is a talent that many people in Missouri have. However, others may struggle, especially when they are placed in charge of someone else's money. In fact, a woman in another state who was named as someone's financial caretaker recently pleaded guilty to tax evasion.

In 2011, Adult Protective Services reportedly asked the 65-year-old woman to serve as the financial caretaker for a woman who was unable to care for herself. The woman reportedly agreed to do so without receiving any financial compensation for herself. As a result, APS named the woman as power of attorney.

Are you prepared to file your federal income tax return?

It's that time of year again. Missouri residents are beginning to file their federal income tax returns as they do every year, but this year isn't really routine. The new tax laws go into effect for the 2018 tax season, and you may be among those who could experience some confusion.

You probably know that the standard deduction has increased, and that may give you hope of a larger refund, but the changes to the tax code either reduced or eliminated other money saving deductions. You may need some help in order to make sure that you pay no more in taxes than absolutely necessary, which is everyone's goal at this time of year.

Former police chief pleads guilty to tax evasion

Many people in Missouri know a great deal about operating a business and ensuring its success. However, some may be aware of the tax implications of a successful business. Unfortunately, a former police chief in another state recently pleaded guilty to tax evasion.

Reports indicate that, in addition to serving as the police chief, the man also operated a construction company, earned money from rental properties and served as a salesman for title companies. While officials claim that he reported some of the income from the construction company, it is believed that he did not report all of it. Officials state that he attempted to hide the income by cashing checks at a check-cashing service and depositing checks into personal bank accounts.

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