For high-income taxpayers who are facing collection by the Internal Revenue Service (IRS), failing to take decisive action can have significant financial consequences. Reversing and recovering from IRS collection actions can be far more difficult (and costly) than preventing them in the first place, and facing IRS collection presents additional […]
Category: Blog
If you are facing substantial tax debt in 2025, you will want to take a proactive approach to dealing with the Internal Revenue Service (IRS). The IRS has various options for enforcing taxpayers’ financial obligations, and tax liens, levies, and other collection mechanisms can present significant challenges and hardships. In […]
Internal Revenue Service (IRS) audits can present substantial risks, especially for high-income and high-net-worth taxpayers. Not only can revenue agents impose liability for back taxes, interest, and penalties, but if they uncover apparent evidence of an intentional unlawful tax avoidance scheme, they can engage Special Agents from IRS Criminal Investigation […]
Under federal law, U.S. taxpayers who hold qualifying offshore accounts (and certain other foreign financial assets) must report these assets to the U.S. Treasury on an annual basis. In many cases, taxpayers must file two separate forms—with two separate federal entities—to meet their reporting obligations. One of these forms, the […]
Understanding FinCEN’s Beneficial Ownership Reporting Requirements (and the Risks of Non-Compliance)
In the summer of 2024, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) launched a communications campaign “to educate the small business community about new beneficial ownership reporting requirements.” For existing companies, the obligation to file beneficial ownership reports with FinCEN took effect on January 1, 2024. For companies […]
The Texas Comptroller’s Criminal Investigation Division (CID) recently arrested a Texas man in Florida. The man faced accusations of motor fuel tax fraud, tampering with physical evidence and credit card abuse. The accused was convicted for these crimes and faces a sentence of 10 years of prison time for tax […]
It might come as a surprise, but the Texas Comptroller maintains audit offices in several other states. Remote locations are in Los Angeles, New York City and Tulsa. Why are the auditors on the move? This is all part of an effort to collect unreported sales and use tax revenue […]
Let’s face it: When the mail at your Dallas County home includes a letter from the IRS, it usually means you’re under investigation. There is no need to panic, however. The federal tax collector acknowledges that you have rights as a U.S. taxpayer. Perhaps chief among those rights: you have the […]
Here at Brown, PC, we advise wealthy taxpayers and their fiduciaries, including business owners, heirs and beneficiaries, farmers and ranchers, and professionals in the Dallas-Fort Worth area, across Texas and nationally about estate tax matters, which are usually highly complex and sometimes controversial. We represent taxpayers against the IRS in estate […]
The soaring price of bitcoin has crossed the $10,000 mark. Fail to claim gains on a tax return and it could prove costly as the IRS continues an investigation into virtual currency reporting. For about a year, the IRS has been seeking user information from Coinbase, one of the largest […]