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January 2017 Archives

3 FAQs about the Abusive Return Preparer initiative

The Internal Revenue Service (IRS) is cracking down on fraudulent tax preparer services. The federal agency initiated 252 investigations in 2016 alone, searching out any individual or business that it believes was conducting fraudulent practices while preparing taxes. 72.8 percent of these investigations resulted in incarceration.

The earned income tax credit (EITC): refund delays and audit risks

The earned income tax credit (EITC) is supposed to help people with low income, especially those with children, by providing a refundable tax credit.In recent years, however, the IRS has stepped up audits of returns that claim the EITC, after critics contended that the credit was awarded too freely.In this post, we will use a Q & A format to update you on how a new law will delay refunds on returns that claim the EITC.

Taxes for military personnel: a Q & A

When active duty and reserve personnel are added together, Texas has more than 173,000 military personnel. This is the second most of any state, behind only California.There are of course also many veterans in Texas.If you are a service member or former service member, or are from a military family, there are some specific rules and benefits that apply to your taxes. Here is a Q & A on some useful things to know.

2017 brings new filing deadline for offshore-account holders

A New Year's resolution can be a way to finally focus on and tackle a problem that has been nagging at you. If you are a U.S. citizen or resident with financial interests in offshore bank accounts or other overseas assets, make 2017 the year you talk to an attorney to get a handle on your U.S. government reporting obligations related to those assets.

Failure to file: What if it is 'willful'?

The monetary penalty for failure to file an income tax return is a maximum of 25 percent of the unpaid taxes.Criminal prosecution is also possible, however, if tax authorities believe the failure to file was a willful attempt to evade taxes or commit tax fraud.In this post, we will take note of a recent case in which a partner at an accounting firm was arrested on tax fraud charges after allegedly failing to file for three consecutive years.

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