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The Internal Revenue Service (IRS) and local state taxing authorities can claim many high-profile cases. These federal and state agencies will go after taxpayers who have not met their obligations, ranging from the regular guy next door to mega-stars. These cases...
A failure to file tax returns is a serious issue. The Internal Revenue Service (IRS) takes the matter seriously and, depending on the situation, could move forward with allegations of criminal wrongdoing. Is it really a crime to fail to file taxes? If the IRS can...
Tax law is an area that is evolving. We saw changes a couple of years ago with the Tax Cuts and Jobs Act (TCJA) back in 2017. This law made changes that included adjustments to tax rates and the thresholds for income tax brackets. More recently, the Inflation...
Filing tax returns is never easy. Add in business ownership and the rules get even more complex. Throw in a pandemic that led to tax changes to help businesses running and businessowners were left with a mess of tax laws that even some tax filing professionals were...
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has increased enforcement efforts for the Report of Foreign Bank and Financial Account (FBAR). The penalties for a failure to file are harsh and the Supreme Court of the United States (SCOTUS)...
Dog owners can range from those who pamper their pets with groomers and speciality training to those who consider it a win to get their furry family member out for a walk. Wherever you fall on the spectrum of dog ownership one thing is true: you love your pet. If not,...
The idea of settling large tax debt for pennies on the dollar may seem too good to be true — but is it? The truth is, sometimes, this is a possibility. There are situations when the Internal Revenue Service (IRS) will accept a payment that is far less than what the...
The federal government expects those who hold themselves out as professionals to act as such. When it comes to tax return professionals, this can mean that the feds will aggressively pursue allegations of poor filing practices. This can quickly escalate into...
The Internal Revenue Service (IRS) expects those who take on tax professions to know and abide by the Tax Code. A failure to do so can result in various allegations of civil and criminal wrongdoing, including fraud. Does the government really go after tax return...
There was a time when it seemed those who wished to change their home state for tax purposes could simply spend six months or more in another state and call it good. Those days are long gone. High tax states like New Jersey and New York no longer allow those who leave...