It is not uncommon for the allure of aggressive tax strategies to lead well-intentioned taxpayers astray. For high net-worth individuals and small business owners, the line between legitimate tax savings and illicit tax evasion can sometimes seem blurred. Here are...
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Criminal Tax Issues
Steering clear of tax trouble: Lessons from New York tax law crackdowns
New York officials continue to crackdown on allegations of tax fraud. In one recent example, New York authorities sentenced a local restaurateur to two years imprisonment for tax evasion. The authorities claim that the businessman diverted profits for personal use and...
Lottery winning and tax fraud: Can I go to prison if I don’t report?
It is easy to see winning the lottery or leaving a weekend in Vegas with a bit of extra change in your pocket as extra cash. We may dream of using the money to splurge, to buy something we wouldn’t normally consider purchasing, but it is wise to take a moment to think...
Tax evasion: not just for the Regular Joe. Four examples of celebrities convicted of tax evasion
The Internal Revenue Service (IRS) and local state taxing authorities can claim many high-profile cases. These federal and state agencies will go after taxpayers who have not met their obligations, ranging from the regular guy next door to mega-stars. Tax crime...
Tax return professionals and errors: Can I go to prison?
The federal government expects those who hold themselves out as professionals to act as such. When it comes to tax return professionals, this can mean that the feds will aggressively pursue allegations of poor filing practices. This can quickly escalate into...
Tax return professionals: What are the penalties for tax fraud?
The Internal Revenue Service (IRS) expects those who take on tax professions to know and abide by the Tax Code. A failure to do so can result in various allegations of civil and criminal wrongdoing, including fraud. Does the government really go after tax return...
What happens when authorities accuse a tax prep professional of fraud?
Those who prepare tax returns on the behalf of others need to know a lot about the law. They need to stay current on changes at the federal, state, and local levels and make sure the filings are in line with the government’s expectations. A failure to do so can result...
Business owner gets year in prison for failure to withhold payroll taxes
Small business owners need to come up with a business plan, stay up to date on the workings of competitors, make sure their employees meet expectations, and make sure the business turns a profit. As if this was not enough, they also need to navigate various state and...
IRS and New York officials work together to ramp up crypto tax collection efforts
The Internal Revenue Service (IRS) recently announced that it received court approval to gather US taxpayer records from M.Y. Safra Bank. M.Y. Safra is headquartered in New York and focuses on provision of private banking services. The court order focuses on gathering...
New York authorities shut down tax return business
The Internal Revenue Service (IRS) continues to crack down on return preparer fraud. It has listed this tax crime as one of its Dirty Dozen tax schemes — meaning it will focus resources towards investigating allegations of this crime. What is tax return preparer...