How TurboTax.com Can Save You From Tax Troubles And Prevent A Bill Romanowski Like Situation
NFL star Bill Romanowski has landed himself in fresh controversy after the Internal Revenue Services recently revealed that the ex-football sensation owes more than $5 million in back taxes. Romanowski was caught up in a horse breeding scam, which can now spell difficult times for him.
Bill Romanowski and his wife Julie earlier filed a lawsuit disputing a bill for $5 million in taxes and $1 million in penalties. According to the complaint Bill Romanowski stated that between 1998 and 2004, his total taxable income was a negative $11 million. The IRS on its part refuted the claim and said that it was actually $14 million.
The US Tax Court found that the Romanowskis took improper deductions for a business they set up in 1998. The deductions were found to be in the tune of $13 million which the couple took to invest in ClassicStar. The company later went bankrupt and its executives were charged with federal tax fraud.
Need to Get the Documentation Work Done Correctly
This controversy again highlights how malpractices and negligence can cause trouble for taxpayers. In the last couple of years, the government has cracked down on many wealthy Americans who employ different tricks to evade tax. To avoid humiliation and a probable jail term, tax payers need to be sure they maintain proper documentation and follow the law.
A reliable partner like TurboTax.com can prevent several problems and provide necessary help to complete tax related work on time. TurboTax.com has a team of experts who can answer all your queries before you file your taxes. With a client base of more than 200 million tax payers, TurboTax.com has the expertise and experience to help you.
Opt for a professional company like TurboTax.com to solve your tax problems and avoid hassle later.