Unreported Income - IRS Criminal & Civil Tax Issues

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1. IRC § 7201: Acts to Evade or Defeat Collection of Tax
“It is a crime to evade or defeat any tax” (it is a felony to willfully attempt in any manner to evade or defeat the collection of a federal tax).
2. IRC § 7206: False Statements/Aid or Assist
“It is a crime to make false statements [...]

November 4th, 2007 | Posted in Taxes | No Comments

Which is the better option – Cash-out Refinance or Second Mortgage?

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Scenario: I am looking to do some repair work on my home as well as pay off 2 credit cards. I have an existing mortgage on the property, the balance on which is $30,000. I am thinking whether to refinance the mortgage or take out a fixed rate second mortgage loan. My home value is [...]

October 18th, 2007 | Posted in Mortgages | 3 Comments