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As noted in our previous post, available here, the Internal Revenue Service (IRS) has announced that it will target high-income taxpayers in its future enforcement efforts. Within this focus, the agency has further clarified it will specifically target those who...
The Internal Revenue Service (IRS) recently announced it will resume enforcement efforts — but what does this mean? The tax agency, like many other businesses throughout the country, drastically cut back its efforts over the past few months as a result of the COVID-19...
Tax return preparers are now at an increased risk of getting a federal tax audit. The Internal Revenue Service (IRS) recently announced it will focus on this group of taxpayers during the current fiscal year. Why the focus on tax return preparers? The announcement...
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...
United States taxpayers are allowed to have accounts overseas. Offshore accounts are not illegal. What is illegal — failing to report these assets. The Internal Revenue Service (IRS) frowns upon attempts to keep these assets hidden. The failure to properly report...
According to recent data, the Internal Revenue Service (IRS) investigated 3,395 cases for tax crimes in 2016, 2,019 in 2017 and 2,886 in 2018. Based on these numbers, it may appear that the agency is moving away from criminal tax enforcement. To believe this is a new...
It all started with the Tax Cuts and Jobs Act (TCJA). This monumental piece of tax reform led to changes that impacted every taxpayer in the country in some way. One of the biggest hits for high tax states with the limitation on the State and Local Tax (SALT)...
The Internal Revenue Service (IRS) is attempting to increase efficiency. It is using various types of software to help determine which tax filings warrant additional scrutiny and to help let the agency know when to conduct audits. Although this may sound like a great...
The Internal Revenue Service (IRS), like many offices throughout the world, cut back on operations as a result of the current coronavirus pandemic. This reduction in in-house workforce had a direct impact on taxes. Some beneficial, like the extended July 15 tax...
Lawmakers recently passed tax laws to address the economic impact of the current coronavirus pandemic. Previous posts in this series discussed the impact of these laws on net operating losses (NOL), real estate qualified improvement property (QIP) and excess business...