Higher Taxes Ahead for Business Owners

I made an appearance on Fox Business News a few days ago, to discuss higher taxes ahead for American business owners. If you missed my segment, you can check it out below or at FoxBusiness.com

People Buying Gold Coins to Avoid Taxes

I was on FOX Business news today discussing how and why taxpayers are using gold coins as a way to avoid taxes. For those of you who might have missed the segment, I have included the embedded video below.

My Appearance on FOX Business Yesterday

As those of you who follow me on Twitter already know, I have been on an extensive media tour with appearances on the Today Show, CNN, FOX, etc. Yesterday I stopped by FOX Business Network to discuss the implications of value-added and flat taxes. For those of you who might have missed my segment I have included an embedded video of it below, courtesy of FOX Business.com.

IRS Health Care Oversight

I made an appearance on Fox Business news this morning to discuss the IRS’ new health care related responsibilities including individual mandates and enforcing penalties for businesses that do not provide coverage. Checkout the embedded video below, and be sure to tune into The Today Show next Friday when I will be making an appearance in the 10 AM EST hour.

IRS Alerts Public to New Identity Theft Scams

The IRS has recently become aware that a handful of new tax scams have popped up using their official logo, name, and even website URL to trick taxpayers into believing they are dealing with a federal agency. Unfortunately, after being fooled these taxpayers will have their identities stolen, which can quickly turn into an expensive mistake. To help American taxpayers the IRS has put out this new press release with details on these new scams, and advice on how to avoid them. Since their article is so in-depth and informative, I wanted to make sure all of my readers had a chance to learn from it. Check out details of the various scams the IRS is warning about below.

Making Work Pay Refund

This phishing e-mail, which claims to come from the IRS, references the president and the Making Work Pay provision of the 2009 economic recovery law. It says that there is a refundable credit available to workers, consumers and retirees that can be paid into the recipient’s bank account if the recipient registers their account information with the IRS. The e-mail contains links to register the account and to claim the tax refund.

In reality, most taxpayers receive their Making Work Pay tax credit, which was designed for wage earners, in their paychecks as a result of decreased tax withholding, not as a lump sum distribution from a federal fund. Additionally, consumers and retirees who are not wage earners are not eligible for this tax credit.

Inherited Funds / Lottery Winnings / Cash Consignment

In this phishing scheme, recipients receive an e-mail claiming to come from the U.S. Department of the Treasury notifying them that they will receive millions of dollars in recovered funds or lottery winnings or cash consignment if they provide certain personal information, including phone numbers, via return e-mail. The e-mail may be just the first step in a multi-step scheme, in which the victim is later contacted by telephone or further e-mail and instructed to deposit taxes on the funds or winnings before they can receive any of it. Alternatively, they may be sent a phony check of the funds or winnings and told to deposit it but pay 10 percent in taxes or fees. Thinking that the check must have cleared the bank and is genuine, some people comply. However, the scammers, not the Treasury Department, will get the taxes or fees.

Form W-8BEN

In this scam, fraudsters modify a genuine IRS form, the W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to request detailed personal and financial information. This could include nationality, passport number, bank account and PIN numbers, spouse’s name and mother’s maiden name, or other personal or financial information or security measures for financial accounts. The scammers may use the genuine form number and name or may make up a new form number, such as W-4100B2.

They either e-mail or fax the form or letter. If only a letter, the letter itself contains the request for the personal and financial information. The letter, which claims to come from the IRS, states that the recipient will face additional taxes unless he or she quickly faxes the required information to the number provided by the scammer.

In reality, taxpayers file the genuine Form W-8BEN with their financial institutions, not with the IRS. Additionally, the genuine W-8BEN does not request the taxpayer’s passport number, bank account number, security or similar information.

Federal Tax Revenue Drops

As I mentioned yesterday, I made a guest appearance on FOX Business Network’s Money for Breakfast to discuss the biggest tax revenue drop in 30 years. Check out the embedded video of my interview below.

Television Appearance Tomorrow Morning!

I'm going to be a guest on FOX Business News tomorrow morning at 4:30 AM PST. The topic is going to be declining federal tax revenues, so be sure to tune in!

End of the Year Tax Tips on Money for Breakfast

I was once again a featured guest on FOX Business News’ Money for Breakfast, the day after Christmas last week. Embedded below is a video of my segment, enjoy!

Talking About Obama on FOX Business News

Last night I was able to participate in FOX Business News’ coverage of the presidential election. Throughout the night I answered questions about the tax policies of the presidential candidates, then I was again featured on the channel’s Money for Breakfast program this morning. In the segment this morning I spoke with hostess Alexis Glick on Obama’s tax plan and the future of this country. Embedded below are two videos from my appearance this morning, enjoy!

Election Night on FOX Business News

I am excited to announce that I will once again be a guest on FOX Business News tonight night for a live segment during their election coverage, which will air from 9:00 PM – 12:00 AM EST live. Throughout the segment, I will be interviewed on the next President’s tax proposals and their implications on individual taxpayers, small business owners, and corporations. I am looking forward to this great opportunity, and cannot wait to answer questions from both Alexis Glick and viewers of the program. Be sure to tune in on tonight to watch the coverage!

Money for Breakfast

I was yet again invited to be a special guest on FOX Business Channel’s Money for Breakfast. In the first video, which aired yesterday, I discussed the Vice Presidential candidate’s finances and how their own finances have impacted their views on the economy with host Alexis Glick.

In the second video, which aired earlier today, I again spoke with Alexis Click. This time we discussed the tax-impact of the Government’s bailout of Freddie Mac and Fannie May.