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...
How bad are the penalties if the feds accuse me of a tax crime?
It is tempting to think that a mistake on one’s tax returns can lead to no more than a slap on the wrist and maybe a fine. In some cases, this is true. In others, the feds could push hard to pursue criminal charges and the accused can face imprisonment and millions of...
What happens if the feds accuse me of tax fraud?
The Internal Revenue Service (IRS) defines tax fraud as an intentional wrongdoing to evade a tax bill. In order to build a case against a taxpayer, the government must generally establish both that there was a tax due and that the taxpayer had the intention of...
Is that really the IRS trying to contact me? Or is it a scam?
The Internal Revenue Service (IRS) recently published a news release encouraging taxpayers to proceed with caution when they get a contact claiming to be from the feds. The agency states that it is continuing to deal with scammers and that these scammers are becoming...
Feds target cryptocurrency to look for tax evasion
Uncle Sam wants a piece of your cryptocurrency, and he is not afraid to put some effort into getting his share. At least that was the message of a recent report released by the United States Treasury Department. According to the release, the feds are investing in...
Feds set sites on taxpayers who earn more than $100,000
The Internal Revenue Service (IRS) recently announced that, as of 2020, it would prioritize high-income non-filers for additional review. The agency appears to be putting its money where its mouth is, shifting funds to resources that focus on aggressively pursuing...
Two important lessons from the “biggest ever” tax evasion case
Federal prosecutors recently charged Texas billionaire Robert Brockman with multiple tax crimes. Officials state this is, to date, the largest tax evasion crime the country has seen. Mr. Brockman, arguably one of the nation’s most prominent philanthropists, now faces...
What happens when a tax return preparer is accused of tax evasion?
Tax return professionals are subject to penalties if they do not follow tax laws. The Internal Revenue Service (IRS) and state tax agencies may pursue criminal charges against a tax return preparer if they believe the professional has failed to do their job properly....
Outline of a tax evasion case: Construction VP provides an example
There are many situations that can result in allegations of tax evasion. In a recent example, the government accused a vice president of a construction company of evading tax obligations on funds received at work. The case began when the New York State Police and...