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...
Criminal Tax Issues
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...
IRS to collaborate with state authorities to address tax evasion
The Internal Revenue Service (IRS) continues its efforts to crackdown on tax evasion. The latest focus involves increased communication with state agencies. Is this new? No. The IRS already collaborates with state and local agencies to help better ensure taxpayers are...
Celebrities can be charged with tax crimes too
There have been many stories recently about how the Internal Revenue Service is losing resources to conduct audits and prosecute tax crimes. While it is true that the IRS may be running lean today, they still have the ability to enforce tax laws. With their resources...
Beware: IRS a fierce adversary for those who fail to file taxes
A failure to file tax returns with the Internal Revenue Service (IRS) does not always lead to criminal charges, but when it does the IRS is a fierce adversary. The agency can interrupt or even shut down a business to conduct an investigation. The IRS can take...
Don’t lie on your tax returns
According to the Statistic Brain Research Institute, 1.6 million people cheat on their tax returns every year, resulting in $270 billion in lost revenue to the Internal Revenue Service (IRS). While taxpayers are allowed to use lawful tax planning strategies to reduce...