Backdating al capone
Ungar of the IRS said corporations and top executives will be the primary targets because "it does seem there was abuse and mischief in those areas." Practical reasons also make corporations the obvious first target, experts say.For starters, the corporate tax deductions could be worth tens of millions of dollars.If it turns out incentive stock options were tainted, then corporations were responsible for withholding the proper amount of taxes when employees cashed in options.It's more efficient to go after the company than the hundreds of employees.You may be able to negotiate a payment plan as well.This will allow you to spread the payments over an agreed period, however you will need to prove why the payments should be spread and have evidence to back it up.Best to be up front, apologetic and incredibly nice. Yes However you may be able to suspend the penalty you owe.Alternatively employ someone who really knows what they are doing and knows how far they can push things. To suspend a payment is a bit like a suspended sentence.
HMRC or your accountant will be able to advise you on your suspended payments and whether it is possible or not.Below is a simple example of a 40% tax payer using an AFR of 17pence per mile: The quick calculation above is the same basic calculation an HMRC inspector will make to quickly understand the size of the prize/problem This calculation is only representative of one driver… Suddenly you are in a position where you could owe backdated tax equating to around £200,000 The next step for HMRC is to work out how much you owe them.This will be based on the tax owed, the penalty that that is applied, the interest for the period and quite simply how nice you are.It lacks the drama of the government "Untouchables" angling to toss gangster Al Capone into the clink on tax charges, but Internal Revenue Service auditors have teamed with the Securities and Exchange Commission to determine whether companies and their highest-ranking executives dodged billions of dollars in taxes because of misdated options.Tax headaches could even await some lower-ranking employees and executives running Silicon Valley start-ups that are still private. companies entangled in federal or internal investigations -- and more disclosing problems every week -- it's easy for auditors to identify potential targets.