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...
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Feds send tax professionals to prison for EIDL program fraud
The federal government has come down hard on tax preparation professionals who allegedly misused the Economic Injury Disaster Loan (EIDL) program. In its most recent example, the government was able to build a strong case against four professionals — resulting in an...
IRS continues crackdown on tax preparer fraud, uses NY business as an example
The Internal Revenue Service (IRS) is continuing its crackdown on tax return preparer fraud. The IRS has had this crime on their list of the dirty dozen for years, representing it as one of the worst tax crimes in our country. Their efforts have proven successful. In...
What happens when the IRS accuses a business owner of tax fraud?
The Internal Revenue Service (IRS) has a reputation for aggressive pursuit of those it believes commit tax fraud — but what does this mean? In a recent example, the feds came after a New York family who owned a coffee and donut business. They claim the family worked...
IRS goes after small business for payroll taxes: 3 lessons
The Department of Justice (DOJ) recently announced the acceptance of a plea deal with a small business owner from New York. The DOJ states the entrepreneur, who owned and served as the Chief Executive Officer (CEO) of two spas and related businesses failed to properly...
Feds continue aggressive prosecution for COVID related fraud
The federal government has taken an aggressive approach against those it believes abuse pandemic related relief programs. To extend the federal government’s reach when it comes to enforcing these measures, President Joseph Biden recently agreed to two recent changes....
Will the IRS get billions to increase enforcement efforts? 3 things to know.
One of the goals of the Inflation Reduction Act is to set aside $79.6 billion for the Internal Revenue Service (IRS) to use over the next decade. The proposal sets aside the majority of these funds for enforcement efforts. But what should taxpayers know about this...
FinCEN cracks down on LLC ownership to find tax fraud
The federal government recently announced an attempt to crack down on the use of legal entities like limited liability companies (LLCs) and partnerships to engage in illegal activities like money laundering and tax fraud. The government aims to achieve this goal by...
Tax crimes & prison time: Case an example of potential penalties
Tax crimes may seem relatively minor in the grand scheme of things. After all, those who fail to pay their tax bill do not actually hurt anyone. It may seem reasonable to expect that a bill to cover missed payments should suffice. However, as a recent case where the...
Business owner faces prison for false statements on PPP loan application
The Paycheck Protection Program (PPP) is a federal program that offers small businesses loans to help them survive due to government forced shutdowns or reduced operations as a result of attempts to reduce the spread of the coronavirus. It is touted by financial...