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Top Five Tax Evasion Cases Against Public Figures

Posted by Burt Lanlin on Jul 30, 2014

Failure to pay taxes is a serious offense. It is a crime that has plagued many people throughout our time. Below is a list of public figures that had been convicted of tax evasion. Nicholas Cage Nicholas Cage is known for his leading roles in many Hollywood movies. However, in 2009, he was best known for owning over $14 million in back taxes. Cage’s business manager, Samuel J Levin, blamed his frivolous spending. Cage claimed that Levin was to blame. The end result was the same; Cage’s multimillion dollar home was forced into foreclosure. After two years of the blame game and two dismissed lawsuits, Cage finally made a $6 million payment in 2012. Lauryn Hill In 2010, Lauryn Hill was convicted of tax evasion after she refused to pay over $2 million in back taxes. Hill claimed that it was against her religious beliefs to pay. The judge, however, did not agree and sentenced Hill to three months in prison. Hill was released in October of 2013 and was required to spend three months under house arrest during her year of probation. Willie Nelson Willie Nelson owed over $16.7 million in back taxes before he was finally convicted in 1990. Though he tried to explain that his accountant was at fault for not paying them for so long, Nelson was forced to auction off all of his belongings. It didn’t take much for him to get his belongings back. Many friends and fans bid on his assets and returned...

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Why Work With A CPA Instead Of An Ordinary Accountant?

Posted by Burt Lanlin on Jul 29, 2014

There are a lot of accountants in the world, but not all of them have the same knowledge, skills or expertise. Many of the accountants that work in the private sector are not certified public accountants. Working with CPAs such as those at Donnelly & Co LLP comes with specific benefits, making it advantageous to utilize them instead of ordinary accountants. Better Academic Credentials CPAs have to meet educational requirements in order to even sit for the CPA exam. Many CPA candidates complete graduate level accounting courses, before they try sitting for the exam because of its difficulty. The educational requirements include passing a certain number of business and accounting courses. Financial accounting, auditing, tax and other related subjects are among the courses that need to be completed. Whether its accounting for construction contracts, fixed assets or accounts receivable, CPA candidates have to have passed rigorous accounting coursework before testing. This means that when businesses hire a CPA, they know they’re working with an individual that has the proper education to get the job done.  General Accounting Experience In most jurisdictions, accountants have to meet experience requirements to become licensed CPAs. General accounting experience, which differs from audit experience, can include general ledger experience of all kinds. Whether it’s accounting for fixed assets, depreciation or accounts payable, CPAs are required to have some expertise in accounting to protect the public interest. Ordinary accountants may not have anywhere near the general ledger experience CPA’s have, because its not a requisite for their job or...

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How to Use Bankruptcy to Delay the Foreclosure of Your Home

Posted by Burt Lanlin on Jul 29, 2014

Is your property about to be foreclosed? While it is something that should only be done if absolutely necessary, it’s possible to use bankruptcy to delay the foreclosure of your home. This can give you enough time to arrange for different living arrangements and to ensure that your entire financial situation is ironed out before you move forward. It may even afford you with the opportunity to keep your home. Why Does A Bankruptcy Delay Foreclosure? When bankruptcy is filed in Canada, something called a “stay of proceedings” is executed. This means that your creditors, including your mortgage lender, cannot continue attempting to collect from you for the duration of your bankruptcy proceedings. Since the bankruptcy itself is intended to resolve issues with your creditors as best as it can, there is no need for your creditors to continue trying to collect from you. The side effect to this is that your mortgage lender cannot proceed with a foreclosure because this would be an attempt to resolve your debt.  Will You Lose Your House If You Declare Bankruptcy? Not necessarily. If you don’t have a lot of equity within your home and you declare bankruptcy, you may be able to modify your loan rather than having to sell your home. This is because there’s no advantage to selling your home; if you have no equity in your home at all, you will not gain any money to pay off creditors. Thus, you could use a bankruptcy to halt a...

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My Insurance Will Cover WHAT? 5 Things You Never Knew Homeowner’s Insurance Would Cover.

Posted by Burt Lanlin on Jul 25, 2014

If you’re a homeowner, you likely know about the importance of having homeowner’s insurance. But let’s be honest – when you signed up for that policy, you likely had to deal with piles and piles of paperwork with a lot of small print. Did you really take the time to read over everything? If not, you may have missed something important! Here’s a look at some little known things your homeowner’s insurance could cover. Some of these coverages will require a little extra premium, but some are covered under most insurance policies. If you’re curious about a specific one, it’s best to check with your provider in advance. A missing match If you have a pair or set of something (e.g. earrings, antique fixtures, or a set of vases), and a part of that set is stolen, your insurance may cover replacing the entire set. This only applies if losing one item compromises the value of the lot as a whole. Tomorrow night’s dinner Your homeowner’s insurance will usually cover replacement costs of household appliances, but did you know that coverage could extend to what’s in those appliances? If you have an extended power loss, you’ll probably have some food in the freezer or refrigerator go bad. Many times, you may be covered for that food – up to as much as $500! A designer’s eye Homeowner’s insurance doesn’t just cover your home itself, but the items inside. If you are the victim of a fire or other disaster,...

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Three Points To Never Tell Leasing Companies

Posted by Burt Lanlin on Jul 24, 2014

So, you are looking for your new apartment or house. Though searching for a place to live can be work, it is also exciting to look for a new pad. The one nerve wracking thing about searching for apartments is the application process. Impressing the leasing company is your top priority when scoring a place to live. Your background, credit rating, and income will all be taken into account when applying for a new apartment or house. However, your ability to wow the leasing company can also score you brownie points towards getting the place you desire. Here is a list of three things to never tell leasing companies. Ever. You can’t wait to have friends over to your new place If you are getting your first solo apartment, you may be a little bit more giddy than other apartment searchers. As a newbie you may also be interested in grand standing for your crew just a little more than everyone else. However, this is something that you may want to keep under wraps. Hearing “I can’t wait to have friends over!” may sound like a beautiful dinner party to you, but the leasing company may hear “I love throwing loud ragers!”. You don’t want to be out of the fight before you get started, so keep your giddy exclamations to a minimum on your personal habits. Your job is insecure/ You might be going out of business Making small talk with leasing companies can help you both relax...

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What Factors Reduce The Price Of Your Car Insurance?

Posted by Burt Lanlin on Jul 24, 2014

In this article, you can learn some handy tips on managing your car insurance bill. A number of factors impact how much you pay for car insurance. These include demographics, the type of vehicle, what type of coverage is being provided, and how much coverage is required. Who you are Insurance is mostly applied statistics and probability. While you can’t change these factors, you should know that your age, gender, location, and status affects your premium. For instance, statistically males have more risk than females and younger adults have more risk than older adults, so a 25-year-old male will pay a higher rate than a 65-year-old female. Married men pay less than single men. Larger cities make premiums go higher in comparison to smaller towns. What you drive As a general rule, the more expensive the car, the higher the cost to insure it. After all, insurance has to cover replacing or repairing a vehicle in the event of an accident, so a high-grade sports-car will cost more to insure than a modest compact family sedan. Large vehicles such as vans, SUVs, and campers report a lower injury rate in accidents than small cars. Another factor to consider is when a car model is one that is frequently stolen. You can take these facts into account when purchasing a car. What you need Coverage types come in the following varieties:  Bodily injury – These are claims against you.  Medical payments – Injuries to yourself.  Uninsured motorist protection – Claims...

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