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September 25, 2014 by James Grennen Leave a Comment

ZZZ-redirect-Investment Fraud Recovery for Victims – All Isn’t Lost!

Putting your money in sound investments is a financially savvy thing to do. It offers the opportunity for growth and protection and allows your money to work for you. While there are lots of honest investment opportunities out there, thousands of fraudulent investments are pushed by unscrupulous brokers and malicious perpetrators.

Investment fraud

Common Types of Investment Fraud

Investment fraud comes in a number of forms and guises. Some of the most common include:

  • Ponzi schemes: The prototypical investment fraud is the Ponzi scheme. Named after Charles Ponzi, who duped thousands of people into investing in a postage stamp scheme in the 1920s, this type of fraud pays investors with funds collected from newer investors. The organizers recruit investors by claiming they will invest money into high return accounts, but instead keep the money for themselves and use the funds of new recruits to pay existing investors. Ponzi schemes are characterized by high return-no risk investments that produce strangely consistent returns from unregistered investments. They usually collapse when new investors cannot be attracted.
  • Pyramid schemes: Much like Ponzi schemes, pyramid schemes make money by continually recruiting new participants. While the organization may attempt to disguise itself as a multi-level marketing program, fraudsters use new money to pay off existing investors. Pyramid schemes differ from Ponzi schemes in that they boast an actual product or service and may charge recurring member fees or payments.
  • Pump and Dump schemes: Pump and dump schemes are becoming increasingly popular and refer to situations wherein promoters attempt to boost the price of a stock with false information and misleading statements. Once the price is successfully increased to the desired level, the fraudsters sell their holdings and earn a tidy profit. By dumping their shares, the stock price then drops and causes victims to lose the value of their investments.
  • Advance fee fraud: Some fraudulent investments will ask investors for an upfront fee, payment, or commission for the right to invest funds at a later date. Typically, these schemes target investors with underperforming assets and offer to let them “off the hook” if they pay an advance fee.
  • Microcap fraud: When dealing with microcap stocks or penny stocks, it’s important to find accurate information. Many of these companies, however, don’t file reports with the SEC. This allows fraudsters to produce false and misleading information. They usually disseminate information through email spam, paid promoters, and internet message boards.
  • And more. While these are some of the most common forms, there are dozens of other scams, including affinity fraud, high yield investment programs, pre-IPO scams, promissory note scams, and “prime bank” investments.

What to do if You’ve Been Defrauded

While prevention is the best defense mechanism against investment fraud, it’s far too easy to fall into a hidden trap. When it’s too late to avoid a fraudulent investment – but you’re aware that it’s illegitimate – you can still take action. Some of the steps you’ll need to pursue include:

  • Put it in writing: The first step is to put your complaint in writing with the broker, firm, or organization you believe has defrauded you. This serves two purposes: (1) your accusation will demand a response; and (2) your complaint will start a paper trail for future reference.
  • Contact appropriate resources: Next, you’ll want to find the appropriate regulatory body and contact them directly. This may be the Securities and Exchange Commission, State Securities Regulator, National Association of Securities Dealers, Federal Bureau of Investigation, Better Business Bureau, local district attorney, or local Postal Inspector’s Office. These resources have the authority to conduct in-depth reviews and will accelerate the process. For best results, provide them with concrete and factual evidence of the fraudulent activity you believe has occurred.
  • Find representation: At some point in the process, it will help to find some representation. Victims of investment fraud may be eligible to recover a portion of their losses through tax deductions. This could affect how you proceed. According to Section 165 of the Federal Tax Code, taxpayers are eligible for reimbursement for losses incurred in the same tax year. To investigate this possibility, you will need the services of a tax resolution specialist.

Investment fraud can be gut-wrenching and painful for victims, but the good news is that there is hope and all is not lost. Instead of lashing out and taking drastic measures, you can better address the issues by taking a calculated approach. You may even find that you’re able to recover some of your losses and regain financial peace of mind.

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September 4, 2014 by James Grennen 2 Comments

How to File a Freedom of Information (FOIA) Request in New York!

This country was built on the principles of life, liberty, and the pursuit of happiness. With liberty squeezed between the other two building blocks, it can feel like it’s a forgotten thing sometimes. However, when it comes to access to your personal information, the government has gotten this one right. Through the FOIA, or Freedom of Information Act, you have the ability to access your IRS records at your request. But how exactly does it work, and what’s the value in doing so? Let’s take a look.

FOIA Request

Who Can File a FOIA Request?

The beauty of the FOIA Act is that any taxpayer can fill out a freedom of information request form and obtain their personal IRS files. According to FOIA.gov, “The general rule is that any person – citizen or not – can make a FOIA request.” There are no specific forms or requirements, other than the request must be in writing and clearly explain the information sought. In writing means by mail, email, or fax. The IRS will require proof of identification to proceed.

What is an FOIA Request?

In general terms, an FOIA request can be made for a variety of different information held by the government. This includes criminal records, status complaints filed with the DHS Office, Alien Files, and tax returns. FIOA requests only apply to federal agencies and do not allow access to records held by state and local governments.

When Can You File an FOIA Request?

You can request IRS information under the FOIA at any time. While it may take some time to hear back or gain access to your records, nothing prohibits you from requesting information. As soon as you feel like there may be an issue with your taxes, it’s a good idea to fill out a freedom of information request form.

Where Can You File an FOIA Request?

Thanks to the 1996 amendment to the FOIA, it’s easier than ever to file a FOIA request form and access IRS tax information. This amendment requires federal agencies to make records available online and expedites the process of obtaining information. Your freedom of information request form must be written, which includes email, fax, and standard mail. When filing, you will want to identify the IRS office that will have the records you are looking for and direct your request there.

Why File a FOIA Request?

FOIA requests are filed for a number of different reasons. Taxpayers usually look for tax return information or examination files. This allows you to examine your files without signaling to the IRS that you are looking into anything.

FAQs Regarding IRS Freedom of Information Requests

Here are answers to popular questions regarding the FOIA:

  • Who oversees the FOIA and who handles requests?

    The executive branch of government is responsible for the administration of the FOIA. The DOJ of Information Policy oversees compliance. No single office handles FOIA requests; rather, each federal agency processes its own records.

  • How are FOIA requests actually processed?

    Because there is no central office for FOIA requests, the process can vary. Once an agency receives your request, they should send you a letter acknowledging receipt. They will also include a tracking number and request official identification documents.

  • How long does the process take?

    The FOIA establishes the standard time limit at approximately one month. However, this response time will vary depending on the complexities and requirements of the request.

  • How much do FOIA requests cost?

    There are typically no fees for FOIA requests, but some instances do call for small payments. The first two hours of a search – or first 100 pages of duplication – are free of charge. However, if the processing is estimated to exceed $25, fees may be required.

Sample FOIA Request Letters

The National Freedom of Information Coalition has done a fantastic job of providing sample FOIA request letters for the general public to view. These letters are organized by type and state.

The Value in IRS FOIA Request Letters

While many individuals never have the need to file a FOIA request letter, it’s an extremely valuable tool for those that do. It enables you to find the information you are looking for without raising red flags of suspicion. To make the most out of your request letter, be sure to follow the rules and guidelines laid out by all involved parties.

America was founded on freedom, so make sure you seize every opportunity afforded to you. Whether you believe you may be in trouble or are simply curious, the FOIA enables you to access your records and have peace of mind.

Filed Under: Other

August 29, 2014 by James Grennen Leave a Comment

The Most Common Sales Tax Problems & How to Avoid Them

The larger your business, the more revenue you probably earn. As your revenue increases, so do your tax responsibilities. While business owners have much on their plates, it’s important to remember state sales tax. Adherence to the rules and requirements means everything runs smoothly, but slip up and you may find yourself in trouble if you fail to learn how to solve sales tax problems. Here are 8 common sales tax problems you should avoid at all costs:

sales tax Problems

8 Common Sales Tax Problems:

  • Failing to Collect Sales Tax.

    For some odd reason, businesses sometimes overlook the need to collect sales tax. There’s really no excuse for this. If you sell a tangible product, you need to collect sales tax. A failure to do so means you lose money on your end, granted you are still paying sales tax to your state’s tax authority.

  • Inadvertent Misuse of Sales Tax Money.

    There is absolutely no excuse for misusing sales tax money, yet it still happens on a regular basis. Because small businesses don’t always manage bank accounts accurately and well, funds often become co-mingled. That means business revenue, personal money, and taxes are all sloshing around in one big bucket. When this is the case, it’s very likely tax money will be spent to pay for bills – personal or business in nature. Your state’s authority does not look fondly on this and will enact harsh penalties. To avoid this situation from the start, it’s best to keep separate accounts for all funds.

  • Intentional Misuse of Sales Tax Money.

    The only thing worse than misusing sales tax money is intentionally misusing sales tax money This happens when a business owner finds himself in trouble and “borrows” sales tax money to pay off some other expense. In most cases, the owner never recovers the money and cash flow problems only become worse. No excuse will appease your state’s tax authority in this situation.

  • Doing Nothing.

    While your state’s does not appreciate inadvertent misuse of sales tax money, they are not the cold-hearted individuals people often make them out to be. It’s always best to pay part of what is owed, rather than avoiding the sum altogether. Many times, business owners think they should avoid the situation if they don’t have enough to cover what they owe. Instead, they should pay what they have and make a case for the remaining balance. Often, your state’s tax authority will develop a repayment plan.

  • Miscalculations.

    While all business owners should have a basic understanding of finance and accounting, it isn’t always the owner’s expertise. This means errors are easy to come by when dealing with sales tax. One solution is to run numbers twice through two different tools.

  • Failing to File on Time.

    Something as straightforward as filing tax forms on time may seem easy, but to a business owner with numerous things to do, it’s easy to forget. Late tax forms can be costly, so business owners should keep a calendar to remind them of all deadlines.

  • Nonprofit Exemptions.

    One common misconception is that all nonprofits are exempt from paying sales tax. While this may be true, it is not necessarily a given. Nonprofit status does exempt federal income taxes, but some states still require sales tax. Business owners should check state laws and regulations to ensure they are following the rules.

  • Online Businesses.

    Online businesses are often subjected to different rules and regulations, which can leave owners confused and misguided. One common mistake is believing sales tax is not required for an online business. In the state where the business has a physical presence, it is required that the business charges sales tax. It’s best to check specific rules and regulations regarding this law, as they do change from time to time.

Sales Tax Word Problems

It turns out elementary school word problems are actually useful in real life. If you are looking for answers on how to solve sales tax problems, it may be best to simply practice. Here are some sales tax word problems to get your mind going:

Your local dealership is selling a pickup truck for $18,995. The sales tax is 7{bf3da7fb6a4d0e0e3790d09a79b980fc065e33e2f3a2d49280f7e95b82f4982b}. What is the total price and what portion of that is sales tax?
The total price is $20,324.65. The sales tax is $1,329.65.

John purchased two pairs of blue jeans for $29 dollars each and one shirt for $12. The sales tax is 6.5{bf3da7fb6a4d0e0e3790d09a79b980fc065e33e2f3a2d49280f7e95b82f4982b}. How much did John owe and what portion is the business required to set aside for sales tax?
The total price paid was $74.55. The business must set aside $4.55 in sales tax.

Maintain the integrity and reputation of your business with your state’s tax authority by using these 8 tips on how to solve sales tax problems.

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April 29, 2014 by James Grennen Leave a Comment

Long Island Tax Attorney Services for IRS Problems

When tax trouble strikes and you find yourself in trouble with the IRS, your first thought is probably to hire a tax attorney. While this is a wise move, there is a better option: an IRS tax attorney, in fact, is the best suited professional capable of solving legal tax problems.

Tax Attorney Services

The following three types of people are qualified to represent you before the IRS:

  • U.S Department of the Treasury Certified Enrolled Agents
  • Certified Public Accountants
  • Tax Attorneys

Before you hire a tax attorney, determine if your problem has any legal underpinnings. If you’re not sure, consult a tax expert who can advise you. Many taxpayers’ first thought is to hire an attorney. Our special Attorney PLUS Program improves upon this approach. In this program, you will receive crucial assistance from tax experts, along with qualified advice from a tax attorney when needed.

Our team is composed of U.S Department of the Treasury Certified Enrolled Agents, whose primary area of expertise is tax resolution. Enrolled Agents are licensed experts of U.S. tax code. Furthermore, they must maintain this license by obtaining 90 credits every 3 years in continuing education courses.

Representing yourself before the IRS is an unnecessary risk. Tax code is complex and best left to the professionals with years of experience. At Long Island Tax Resolution Services, licensed Enrolled Agents oversee a team of Certified Tax Resolution Specialists, Tax & Bankruptcy Attorneys, and Asset Protection Specialists, all of whom are experts in resolving IRS and state tax issues.

We work tirelessly to reduce the stress that tax debt problems can cause, all while focusing on the specifics that make your case unique. Contact us today!

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April 29, 2014 by James Grennen Leave a Comment

New York State Sales Tax Problems – Tax Resolution Services

The levying and collection of sales tax is one of the most effective ways to fund the national debt, and it also contributes directly to the country’s growth and progress. If you’re running a business that sells products or services, you may be required by federal law to collect sales taxes on what you sell.

Tax Resolution Services

Failure to collect, document, and file sales taxes is viewed by New York State as a serious offense. This can result in high penalties, interest, and, in extreme cases, a company’s closure. Sales taxes vary from state to state and are based on gross receipts rather than net income. In this way, sales tax is quite different from the usual types of taxes.

Larger businesses and organizations have to file sales tax returns more frequently than usual, which could be either annually, quarterly, or monthly. In today’s digital age, managing a large establishment while keeping track of sales taxes can become quite difficult.

Because sales tax is a rather complicated beast, there are many different problems that can arise from it, some of which include:

  • Calculation errors
  • Location/jurisdiction errors
  • Back sales taxes
  • Delinquent sales taxes
  • Incorrect sales tax forms
  • Improper sales tax collections
  • Incomplete sales tax forms
  • Sales tax forms with wrong information

Owing sales tax debts to the government is much worse than owing income taxes as an individual because not only is the amount usually much higher, but it also affects an organization. Apart from high penalties and fees, the IRS does not shy away from strict collection practices, including tax liens, tax levies, and asset seizure. The worst part is that applying for tax relief schemes in such a situation is much more difficult than as an individual because the IRS usually values the company higher than the tax liability.

Organizations collapse every day due to unpaid taxes and errors in the sales tax form. These problems often arise when owners are not aware of how sales tax works. Each state has its own rules and regulations, so if you’re facing sales tax problems, consider hiring a certified tax professional with years of experience in the field. Tax code is extremely vast and difficult to understand – it would be folly trying to solve your problems yourself.

Long Island Tax Resolution Services’ highly qualified team of tax experts will help you understand and comply with sales tax laws with which you currently may have problems. We can help resolve your current issues so that your company can move forward.

Filed Under: Other

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NYS Tax Warrants: What Every Taxpayer Needs to Know

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Long Island Tax Resolution Services specializes in providing affordable solutions to both individuals and small businesses experiencing back tax problems. These are either IRS tax problems or State tax problems.

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