New York officials recently released information on the arrest of eight individuals charged with tax crimes. The charges include filing fraudulent tax returns and failing to pay personal income taxes. The accused face financial penalties as well as potential prison time ranging from a sentence of one to 15 years.
Worried about accusations of tax fraud from the Internal Revenue Service (IRS)? The term “statute of limitations” may come to mind. Does the IRS have to play by the same rules as other government agencies? Is there a time limit when it comes to looking back at tax obligations?
Even fame will not protect individuals when the government moves forward with prosecution for tax crimes. The Internal Revenue Service (IRS) recently accused Michael “The Situation” Sorrentino of tax evasion.
Taxation of online transactions is notoriously difficult. What does it take for a state to claim enough interaction to require a tax obligation? This question has led to many legal battles, the most recent of which made it to the highest court in the country.
The Internal Revenue Service (IRS) continues its efforts to crackdown on tax evasion. The latest focus involves increased communication with state agencies.
A failure to file tax returns with the Internal Revenue Service (IRS) does not always lead to criminal charges, but when it does the IRS is a fierce adversary. The agency can interrupt or even shut down a business to conduct an investigation. The IRS can take possession of the subject of the investigation's assets through a process known as civil forfeiture.
According to the Statistic Brain Research Institute, 1.6 million people cheat on their tax returns every year, resulting in $270 billion in lost revenue to the IRS. While you are allowed to use tax planning strategies to reduce your tax burden, outright dishonesty like misrepresenting your income can result in criminal charges. Because the IRS loses billions in false tax returns, they have a lucrative incentive to pursue the people who submit them. What can you do to ensure that you are doing the right thing on your tax return?
Significant social conversation centers on the notion that business owners are obligated to pay their fair share in taxes. As a business owner, you do your diligence in complying by hiring tax professionals who have more specialized knowledge of the state and federal codes.
IRS Criminal Investigation (IRS-CI) recently released its annual report. This report contains substantial information regarding the types of cases it investigates and the number of cases it recommends for prosecution.