Texas Gold may be found in taxes. At least, that’s what the IRS could claim. A Texas Billionaire and his business partner are now arguing the case that the IRS has set against them; allegedly they used a tax shelter to shield them from unpaid taxes. Billy Joe Combs and Gary Woods started their partnership fourteen years ago. They opened their tax shelter referred to as COBRA, or “Current Options Bring Reward Alternatives.” Allegedly they generated losses in order to counteract a financial windfall that McCombs was expecting. Audits were performed, and the business partners were taken to district court to argue their sham. They may have been exposed, but the court still ruled against the IRS trying to claim a 40% penalty. The Supreme Court is now in the hot-seat; as they listen to oral arguments over whether COBRA was in fact a shield for Woods to avoid tax evasion. The truth of the tax shelters was already exposed as a sham by lower courts; however it was a partnership involved which means Billy Combs and Gary Woods would not be individually held accountable as a tax penalty can only apply to the partnership involved, and not to individual partners. IRS Lawyers argue that if the tax returns on the partnership were consistent with individual tax returns, the state tax penalty should be able to be applied; and this could affect hundreds of millions for penalties against other tax shelters as well. The Justices of Texas hardly see tax fraud accusations, unlike Southern California and seasoned Lawyers of Vincent W Davis & Associates. Do you have unfiled tax returns? Are you a taxpayer who owes back taxes? Are you a business owner who missed depositing employer payroll taxes? The Tax Attorneys at Vincent W. Davis & Associates, assist clients throughout Southern California with back taxes, unfiled tax returns, IRS tax audits, audit representation, tax debt forgiveness, offers in compromise, IRS installment agreements, releasing tax liens, stopping bank levies, terminating wage garnishments, assisting innocent spouses, helping injured spouses, filing chapter 7, bankruptcy to assure a fresh start, file chapter 13 to assist you to get re-established, and advocating for our clients in all tax matters with the IRS and state tax authorities. Additionally, we can assist tax payers remain in compliance by preparing tax returns and keeping track of future filing dates. Vincent W Davis & Associates offer many supportive services to any tax crisis you may encounter. Vincent W. Davis even works with private investigator to offer even more tax services, John A. Demarr P.I.. He can retrieve tax filings, handle your own investigation, and much more. Call (877) 433-6277 or visit their website, www.demarr.com. If you have any questions or would like to schedule a free consultation, please feel free to call us at (888) 506-6810 or visit us at www.taxresolutionlawyers.com, where you will also find additional information, testimonials, and success stories.
