Attorney General Letitia James (AG) recently accused famous New York camera shop, B&H, of failing to pay its fair share in taxes. The local camera specialty shop is fighting back, stating the AG is unfairly targeting their store. What was the basis for the tax...
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Criminal Tax Issues
How far back can the IRS go when they conduct an audit?
A federal tax audit can involve a thorough review of one’s tax filings. The exact period of time the Internal Revenue Service (IRS) can “look back” through tax records is generally three years. But, like everything with taxes, the answer is not always as clear as we...
DOJ accuses reality T.V. stars of tax fraud
The Department of Justice (DOJ) has continued its crackdown on tax crimes. The agency will review allegations of wrongdoing wherever they may lead—even to Hollywood. In the most recent example, the DOJ recently charged Todd and Julie Chrisley with tax-related...
President Trump takes on IRS in a win for small business
President Donald Trump recently signed into law the Taxpayer First Act. This law results in “an overhaul” of the Internal Revenue Service (IRS). One change that will affect small business owners: the RESPECT Act. What is the RESPECT Act? This portion of the Taxpayer...
Win or settle your lawsuit? Get a cut ready for the IRS.
The Internal Revenue Service (IRS) is notorious for showing up whenever money changes hands — selling your business? Do not forget to pay a portion to Uncle Sam. Are you getting divorced? If you do not follow the rules, the IRS could take a cut of your assets. Are you...
To report or not to report: Why is virtual currency so difficult?
Governments are struggling with how to manage virtual currency. The Internal Revenue Service (IRS) and Department of Treasury continue to struggle to find the right way to handle this asset and have taken different stances. Digital currency has similarities to other...
Charged with a tax crime in New York? Intent matters.
New York officials recently released information on the arrest of eight individuals charged with tax crimes. The charges include filing fraudulent tax returns and failing to pay personal income taxes. The accused face financial penalties as well as potential prison...
Tax fraud and timelines: How far back will the IRS look?
Worried about accusations of tax fraud from the Internal Revenue Service (IRS)? The term “statute of limitations” may come to mind. Does the IRS have to play by the same rules as other government agencies? Is there a time limit when it comes to looking back at tax...
Former MTV star “The Situation” headed to jail for tax crime
Even fame will not protect individuals when the government moves forward with prosecution for tax crimes. The Internal Revenue Service (IRS) recently accused Michael “The Situation” Sorrentino of tax evasion. Ultimately, the former reality star, of “Jersey Shore”...
States pass new online sales tax laws, will they survive?
Taxation of online transactions is notoriously difficult. What does it take for a state to claim enough interaction to require a tax obligation? This question has led to many legal battles, the most recent of which made it to the highest court in the country. The...