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...
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Court puts limits on prosecutorial discretion for criminal tax charges
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...
NY man sentenced to 18 months imprisonment for tax evasion
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...
Court rules on cryptocurrency, and it’s not good for taxpayers
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...
What happens when a tax return preparer is accused of tax evasion?
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....
IRS announces two actions to target high-income taxpayers
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...
IRS announces resumption of enforcement efforts
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...
IRS targets tax return preparers in 2020
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...
Outline of a tax evasion case: Construction VP provides an example
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...
IRS takes another step to address taxpayers with offshore accounts
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...