Invincible? Alphonse Gabriel Capone, notoriously known as “Scarface,” ruled the streets of Chicago for over a decade (1919 – 1930) During these years, Capone rose to power through any means necessary, which included but was not limited to: bootlegging, gambling, prostitution, assault, theft, arson, and murder. When Elliot Ness brought down Capone in 1930, the authorities did not have enough evidence to charge him with any of the above incidents. However, it is no surprise that the most famous Gagster in American History was arrested and jailed solely for income tax evasion.
Keep Your Nose Clean: It’s obvious that even some of the world’s most feared people are still brought down by the IRS. This historical tidbit is proof that the IRS will stop at nothing to get their money back. The first tip is going to be whether or not you file. If you don’t file, you’re giving the IRS reason to treat you like Capone. The laws are far too rigorous to think that you can get away with it. But what if you’ve already missed some years of filing?
Backpedaling: It’s never too late to file. While the best way to avoid debt is to file on time each year, sometimes things can happen that keep us from doing so. The important thing is that you communicate with the IRS. Each day your taxes go unfiled, the higher you rise up on their “hit list.” And take it from a former Hitman, if you haven’t already heard from the IRS, you will. So do everything you can to get those taxes filed.
Ways to Attack: If you continue to go unfiled with the IRS, you will give them more than enough jurisdiction to pull out the big guns. They can put a lien on your credit, which will practically ruin it forever. A levy can be applied on your bank account; that means you are frozen out of your own assets. And last but not least, the IRS has the right to garnish up to 80% of your paycheck. Believe me; I’ve used these tactics on enough people to tell you that you don’t want to deal with any of them.
Cry for Help: The biggest reason Capone went down is because his accountant had no idea what he was doing. While Al was running the businesses, he had hired someone to keep a record book for all financial transactions. However, the accountant never filed for the legitimate businesses, and the IRS was able to use the record book and the accountant’s testimony in the trial that would send the world’s most infamous Gang boss to Federal Prison. Make sure that when you get help with your issue, you get someone who really knows their stuff.
Bottom Line: You don’t want to end up like Al. Stay up to date with your filings, and if you’re already having trouble, get some help from an experienced professional as soon as possible. Remember, it’s vital that whoever you choose to work for you is knowledgeable and reliable. And if you’re ever in doubt about how aggressive the IRS is; remember who brought down Capone.
Now you have the Smoking Gun…Use It!