IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters

Written by Richard A. Chapo

The IRS announced today that it has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many ofrepparttar injunctions, obtained in cooperation withrepparttar 148228 Department of Justice, also orderrepparttar 148229 promoters to turn over client lists and to cease preparing federal income tax returns for others.

Signaling a renewed fight against tax fraud,repparttar 148230 federal government stepped uprepparttar 148231 use of civil power four years ago. Civil injunctions have subsequently been used to stop:

1. Abusive trusts that shift assets out of a taxpayer’s name but retain that taxpayer’s control overrepparttar 148232 assets. 2. The misuse of “Corporation sole” laws to establish phony religious organizations. 3. Frivolous “Section 861” arguments used to evade employment taxes. 4. Claims of personal housing and living expenses as business deductions. 5. "Zero income” tax returns. 6. Abuse ofrepparttar 148233 Disabled Access Credit. 7. The claim that only foreign-source income is taxable.

The IRS identifies abusive tax promoters through a variety of means, including ongoing examinations, Internet and media research or referrals from external sources such as tax professionals. Ifrepparttar 148234 findings of an investigation support a civil injunction,repparttar 148235 IRS refersrepparttar 148236 case torepparttar 148237 Department of Justice.

Reverse Mortgage Providing Peace of Mind Without Sacrificing Safety or Security

Written by Barry Scoles

For many seniors one of their greatest sources of security is their home. It not only provides a comfortable and familiar environment, but it provides a sense of independence and a source of many fond memories. The equity in that home represents a financial nest egg and a legacy for them to pass on to their family. Withrepparttar ever-increasing cost of maintaining a home, along withrepparttar 148192 overall rise inrepparttar 148193 cost of healthcare, findingrepparttar 148194 resources to live out ones life at home is becoming a growing challenge.

What is a Reverse Mortgage? A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a government insured loan program that allows senior homeowners, age 62 and older, to convertrepparttar 148195 equity in their home into usable cash. Unlike a conventional mortgage however, qualification is not based on credit, employment, income, or assets, and there are no monthly payments. The homeowner never forfeits title, and as long as they payrepparttar 148196 property taxes and homeowners insurance, no repayment is required untilrepparttar 148197 senior no longer occupiesrepparttar 148198 home due to their sale ofrepparttar 148199 property or their passing.

Are Reverse Mortgages Safe? Absolutely! Reverse Mortgages are FHA insured or backed by Fannie Mae. And as long as you continue to live inrepparttar 148200 house as your primary residence, keeprepparttar 148201 real-estate taxes and insurance(s) current, and comply withrepparttar 148202 terms ofrepparttar 148203 loan, you do not have to repayrepparttar 148204 loan.

For an increasing number of seniors, age 62 or older, a reverse mortgage has provided great peace of mind. They are providedrepparttar 148205 tax-free cash to meet these financial demands without giving up title to their home. They have no monthly payment or deadline as to when they must move or pay offrepparttar 148206 loan. Althoughrepparttar 148207 program is viewed by seniors as a possible solution to there financial needs, they are concerned about putting themselves, their home or their family at risk. Following are a few ofrepparttar 148208 safeguards that HUD and Fannie Mae have provided:

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