In recent years, the IRS has devoted vast resources to compel taxpayers to report and pay taxes on offshore assets. As a result of these efforts, the IRS has recovered billions in unpaid taxes. Perhaps the most widely-known tool the IRS uses is the Offshore Voluntary...
Tax Audits
The IRS Wants to Take a Bite Out of Bitcoin
Increasing numbers of businesses and individuals across the world are using Bitcoin, a form of digital currency. Coindesk, a company that analyzes digital and virtual currency, states that on average, there are more than 200,000 Bitcoin transactions each day in 2016....
IRS Priorities for Nonprofit Audits in Fiscal Year 2017
Every tax-exempt and nonprofit organization must place a high priority on complying with applicable federal and state tax laws. The IRS devotes substantial resources examining nonprofits to ensure tax compliance. The IRS recently released its Tax Exempt and Government...
If the Wealth Squad has its sights on you, watch out
In recent years, the IRS has devoted increasing resources to scrutinizing the tax returns of the very rich. In fact, in a given year, the IRS audits roughly one in four taxpayers with earnings or assets in excess of $10 million. The IRS has its own team of specialists...
Facebook potentially facing billions in tax liabilities
Facebook's current market value is estimated at $350 billion. Given its sustained success, Facebook may be in a better position than most companies to deal with the rigors of an audit. With this said, it could be facing a tax debt of many billions of dollars. In a...
The IRS Is Changing Its Approach to Business Audits
The IRS has devoted fewer resources to auditing business taxpayers in recent years. While this fact is cold comfort to any company that has endured or is enduring IRS scrutiny, the fact remains that the IRS has not devoted the time or personnel to business audits that...
LIAR LIAR TAXPAYER’S PANTS (OR SKIRT) ON FIRE
I did not want to write a blog for Tax Season. I really didn't. The internet is awash with advice and gizmos and multi-disciplinary insights. My pertinent opinions would be at best duplicated somewhere else. I was inspired however by a conversation I had at dinner...
TOP 12 “DIRTY” WAYS TO GET A DATE WITH THE IRS
Wow that headline sounds wrong! However it IS accurate. Many taxpayers have been clamoring to hear about the IRS' "Dirty Dozen" Tax scams for 2015. So here is a rundown for all those wishing and hoping for a little one on one time with the Internal Revenue Service....
DID YOU HEAR THE NEWS??? THE IRS IS AFTER YOUR MONEY!!!
Last week the IRS apologized for swooping in and seizing numerous bank accounts of small businesses. Incredibly utilizing a widely unknown law (except to those the law aims to ensnare) which states that financial companies must report cash deposits more than $10,000....
One… Million… Audits? YIPPIE!!!!!!! Or is it…
Tax Audits: Incredibly scary to a taxpayer, the bread and butter of tax lawyers. I am not ashamed to say it, audits are good for business, my business. However the recently announced estimate by IRS Commissioner John Koskinen of 1 Million audits for this year, is not...