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The Internal Revenue Service (IRS) has a time limit on when they can collect taxes. This time limit, referred to in the legal world as a statute of limitations, is generally set at ten years from the date the federal government assess the taxpayer’s tax bill. It is...
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...
COVID-19 continues to make life difficult for taxpayers throughout the country. In response, the Internal Revenue Service (IRS) recently published a notice outlining new relief options for taxpayers who are struggling due to COVID-19. The agency is also encouraging...
A tax-exempt organization is one that does not have tax obligations. The government provides this incentive to encourage businesses to help better their communities. As a result, organizations that provide a valuable service to the community may qualify for tax...
Tax audits are investigations that check to see if you paid your taxes. These investigations will dig into what income and assets you reported, deductions taken and whether or not you were honest with the government. If the investigation results in evidence of a...
The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently reported an extension to the Report of Foreign Bank and Financial Accounts (FBAR) deadline. The agency, which oversees this form, notes the extension is the result of...
In 2018 the Supreme Court of the United States (SCOTUS) has essentially narrowed the ability of prosecutors to pursue criminal tax charges. The change was part of a recent holding, Marinello v. United States, where SCOTUS stated that obstruction charges for these...
A local court recently sentenced a businessman with a thriving law practice in New York to over one-year imprisonment for tax evasion. The government accused the businessman, who specialized in bankruptcy and criminal defense matters, of tax evasion in both his...
Cryptocurrency is a relatively new form of currency that allows for online exchange. Unlike other forms of currency, cryptocurrency only exists online. Because it removes financial and banking institutions, some may believe that cryptocurrency is private. Although...
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....