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The Internal Revenue Service (IRS) made some changes to reflect the impact of the current coronavirus pandemic. One example is the extended tax deadline. Instead of expecting taxpayers to file their taxes in April, the agency pushed the deadline back. At the time of...
The Department of Justice (DOJ) recently accused a Texas family of running an elaborate and illegal gambling business. They claim the family would funnel the money used for to run the gambling business through two legitimate businesses: the family car dealership and a...
The Internal Revenue Service (IRS) may have a new focus during its next set of audits: the wealthy. The agency recently announced an initiative that focuses on taxpayers with high wealth.Who will the IRS focus on during these audits?It appears the agency will focus on...
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report that led to some negative publicity for the Internal Revenue Service (IRS). The report shows the IRS failed to hold over 30,000 tax return professionals accountable for their own...
Israeli model and television personality Bar Refaeli recently agreed to sign a plea bargain agreement to settle a long-standing tax dispute against the top model and her family. The terms of the agreement include 16 months imprisonment for the celebrity’s mother and...
Federal prosecutors recently announced criminal charges against a tax preparation professional from San Antonio, Texas. The prosecutors have charged the man with two counts of assisting in the preparation of false tax returns and one count of filing false or...
July 15, the upcoming tax filing deadline, is fast approaching. Those who own cryptocurrency through Coinbase, Bitcoin or another platform may have questions about reporting requirements. Two tips that will help to reduce the risk of issues with the Internal Revenue...
Tax return professionals, like many throughout the country, have been forced to adapt their practices to navigate the current coronavirus pandemic. Three examples that are specific to this practice include a changed workplace, amplified focus and the need for...
The Internal Revenue Service (IRS) recently issued some tips for estates and trusts that claim tax deductions. The proposed regulations focus on how estates and trusts determine adjusted gross income.Why is this important?The Tax Cuts and Jobs Act resulted in the...
The Eighth Circuit Court of Appeals recently hit Wells Fargo with penalties for negligence related to tax matters. In the case, the government claims the bank wrongly claimed foreign tax credits. As a result, the court fined the bank a negligence penalty for claiming...
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