Cincinnati Tax Resolution - March 2020

Cincinnati Tax Resolution Powered by Toph Sheldon 9200 Montgomery Rd., Ste. 7B Cincinnati, OH 45242

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513-342-4000 513TAX.COM

INSIDE 1

Are You Focusing on the Problem or the Solution?

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Avoiding Copyright Infringement for Your Business

The IRS Plays Hardball — and Loses!

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A New Kind of March Madness

Easy Irish Soda Bread

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A Baldwin Brother Becomes a

} Usual Suspect

Toph’s Tax Nightmares

Stephen Baldwin Listens to Bad Advice

Stephen Baldwin’s film and television career goes back to the late 1980s. While he never found the same level of success as his brother, Alec Baldwin, he’s had a steady career in Hollywood. But despite his success, he still found himself in serious tax trouble. In 2013, Baldwin pleaded guilty to not paying New York income taxes over from 2008–2010. He owed $400,000, which included interest and various penalties. The court told him to get his act together or he would face jail time. He was ordered to pay his back taxes in full within one year. Baldwin went on record to say it was a mistake. His owed taxes were the result of bad information from accountants and attorneys he had previously hired to handle that part of his life. However, the court had given him time to get his taxes in order, and he used the time productively. Over the course of the year, he did pay what he owed: $300,000. The court decided to waive $50,000 in interest and penalties and a further $50,000 as part of Baldwin’s repayment agreement. The court also agreed to take the charge off of his record if the back taxes were paid within the year. He was successful.

But in 2015, he was back in tax trouble again, this time with the IRS and the state of New York. He was hit with a tax lien of $90,000. He owed New York $30,000 and the federal government $60,000, so he was back to square one. However, he once again paid what he owned and moved on. It once again goes to show if you listen to poor tax advice, you’ll get poor tax results.

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WHEN THE IRS COMES KNOCKIN’ ... LET US ANSWER THE DOOR!

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