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Fort Worth Tax Law Blog

Tax preparation professional faces off with the IRS, and wins.

The Department of Justice recently charged a tax preparer of 30 counts of tax fraud. Of these allegations, 21 survived the initial stages of the process and made it to court.

What were the allegations against the tax preparer? A press release from The United States Attorney’s Office explains that the man was accused of obtaining individual tax identification numbers for undocumented immigrants so he could file tax returns on their behalf.

Tax preparer faces 3 years prison time for fraudulent tax claims

The Internal Revenue Service (IRS) accused an owner and operator of a tax return preparation business of filing fraudulent tax returns.

What are the charges against the tax preparation business owner? The agency alleged the business owner increased unreimbursed job expenses, medical expenses, dental expenses and even created “wholly fictitious” side businesses to increase her clients’ overall refund.

Big changes coming for U.S. taxpayers with foreign assets

The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) will come to an end in September of 2018. The OVDP was essentially a set of rules that outlined how United States taxpayers could voluntarily come into compliance with tax obligations for foreign assets. In exchange for voluntarily bringing these obligations into compliance, the taxpayer would face minimal penalties. This often-included freedom from criminal persecution.

What happens if you miss the tax deadline?

What happens if a taxpayer missed the tax filing deadline for 2017? First, it is important to note that the deadline changed this year. The Internal Revenue Service (IRS) experienced a glitch on its website on Tax Day. As a result, the agency moved deadline for 2017 filings from April 17 to April 18, 2018.

The IRS generally does not penalize those who expect a refund.

SCOTUS to provide guidance on online sales tax issue

The Supreme Court of the United States (SCOTUS) has agreed to take on the issue of sales tax for online transactions. SCOTUS will decide whether or not a business is required to collect a state’s sales tax when the business has no physical connection to the state.

When does a sales tax normally apply? Generally, the law requires a sales tax apply in the state the business has a physical presence. Under current law, if a business has a headquarters or brick and mortar store in a state, the state sales tax generally applies.

The business interest expense deduction and the new tax law

The new tax law has left taxpayers with many questions. One issue: how will the new tax law impact the business interest expense deduction?

The Treasury Department and the Internal Revenue Service (IRS) recently provided some guidance.

Tax preparer faces 3 years in prison for allegations of tax fraud

It is the busy season for those who offer tax preparation services. Tax season is starting to finish up and clients are often pushing for the biggest return possible. Providing the service your clients want while meeting the demands and regulations expected by the Internal Revenue Service (IRS) can be difficult. A failure to satisfy the client can mean lost business while a failure to satisfy the IRS can mean jail time if the accused does not have a strong defense to the allegations.

A tax preparation provider out of Hawaii provides a recent example. The tax professional recently pleaded guilty to allegations of tax fraud.

SCOTUS narrows government's ability to pursue tax evasion charges

Entrepreneurs know that paperwork can become unmanageable while running a business. Business owners are constantly making decisions on which material to keep and which to shred. But what if you inadvertently shred important tax documents or fail to file taxes at all? The Supreme Court of the United States (SCOTUS) recently addressed this question.

The case, Marinello v. United States, involves a business owner that failed to maintain business records and did not file business or personal taxes. The Internal Revenue Service (IRS) investigated Marinello in 2004. The investigation was unable to determine if Marinello’s income was significant enough to warrant the need for tax filings. Eventually, the IRS conducted a second investigation and questioned Marinello about his failure to file or pay taxes. The IRS charged Marinello with eight tax code misdemeanors and one felony count of tax evasion.

Will Congress pass a law addressing online transactions?

Lawmakers within Congress are poised to pass a tax law that could change the way we tax online sales.

What is the new tax law? The proposal, Remote Transactions Parity Act, would provide states with the right to enforce local sales and use tax laws on remote transactions. This means that if passed, the law would allow states to tax a business for online purchases. The term “remote sale” is defined as any sale that originates in one state but sent to another where the seller would not be required to pay the local taxes.

IRS encourages tax preparation professionals to monitor EFINs

A group composed of the Internal Revenue Service (IRS), state tax agencies and businesses within the tax industry is working to address tax fraud. Thus far, the group’s efforts have proven successful. The efforts of the group translated to a 40 percent decrease in reported instances of identity theft in 2017 compared to reports from 2016.

This year, the group is pushing to increase awareness of flaws that could lead to future identity theft issues. One particular area of focus involves tax preparation professionals and EFINs.

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