Those who think they may be targets should consult a tax attorney now, before hearing from the IRS. During this economically and personally difficult year of 2020, the IRS surprisingly extended its iconic annual tax filing (and paying) deadline of April 15 until July 15. But in an apparent push […]
Category: Important Trends at IRS
On behalf of Lawrence Brown If it sounds too good to be true, it might not be. Federal law allows taxpayers to take tax deductions for charitable donations of real estate easement rights to nonprofit entities that must then conserve the properties for the future. Congress recognizes these transactions as […]
The 10th Circuit in an important opinion has affirmed that microcaptive insurance schemes can be abusive when their purpose is to avoid taxation. In part 1 of this article, we explained microcaptive insurance arrangements and introduced Reserve Mechanical Corp. v. Commissioner of Internal Revenue (CIR), a May 2022 decision from […]
The couple were restauranteurs who allegedly underreported their business income. A federal jury recently convicted a husband and wife of tax crimes related to the reporting of income from their restaurants. The government accused the taxpayers of skimming cash off their business receipts and underreporting their remaining income. The allegations […]
The agency will focus on tax issues that taxpayers are more likely to misunderstand, not know about, improperly handle on returns or ignore. In July 2019, the IRS Large Business and International division, referred to as LB&I, announced six new tax law compliance campaigns designed not only to uncover returns […]
The federal government and its agencies still have corporations and their executives, especially Chief Financial Officers (CFOs), in their sights. In particular, the IRS continues to develop rules that they hope will lead to better corporate compliance with tax laws or to uncovering aggressive tax schemes that corporations use to […]
Since December 2008, when investment broker Bernard (Bernie) Madoff revealed his ponzi scheme to the FBI, investors and a court-appointed trustee have been trying to recover lost money through various legal proceedings. In the latest legal action in the Madoff saga, the trustee sued two of Madoff’s former accountants to […]
Federal tax agents working for the Internal Revenue Service (IRS) know how to reach people and how to catch them off-guard. They are also trained in asking leading questions about tax-related activities that, if answered flippantly, could lead to incriminating evidence. IRS agents are prepared to perform their job duties […]
In and of itself being audited is a trying process. Dealing with Internal Revenue Service (IRS) agents can be difficult, and looking for receipts and other records dating back three years only adds to the pressure of an audit. Now the IRS is looking for ways to broaden the definition […]
As the end of the year approaches, it is time to start thinking about preparing your 2012 income tax return. But what if you are one of the thousands of people who have failed to file one or more previous years’ returns? Will filing a tax return this year simply […]