Like any large organization, federal government agencies often operate in silos. Communication between them is rarely seamless. New tax collections rules show a focus on inter-agency coordination. But how well will these rules really work? Back in an April post, we discussed a rule that would allow the Department of Justice […]
Category: IRS Tax Collection
A San Antonio physician and surgeon is facing 41 months in federal prison after conviction on a complicated scheme to defraud the Internal Revenue Service (IRS) of quarterly payroll tax payments. The financial maneuvers employed by Dr. Anthony Sertich spanned several years, and involved, among other things, numerous personal and […]
If you owe taxes to the IRS, you may want to hold off on planning your next international trip. A new law just took effect that will revoke passports for Americans who owe $50,000 or more to the IRS. The most vocal critics of the law are American expatriates living […]
Newly released statistics show that the IRS has been accepting Offers in Compromise at a higher rate than at any other time during the 21st century. During 2013 and 2014, the IRS accepted 40% or more of all submitted offers. An Offer in Compromise (OIC) is essentially an offer by a […]
The IRS filed a federal tax lien against Robert De Niro, stemming from $6.4 million in unpaid tax liabilities from the 2013 tax year. The lien was filed on February 3, 2015, and the actor paid the balance in full three weeks later. The 71 year old actor, best known […]
A former UBS client has been sentenced to four months of incarceration and two years of supervised released by a federal court in Georgia. The internet entrepreneur was convicted of FBAR violations, stemming from his undeclared offshore accounts in Switzerland and other countries. Gregg Kaminsky, the founder and CEO of […]
In her annual report to Congress, National Taxpayer Advocate Nina Olson sharply criticized the IRS for its unfair application of FBAR penalties, as well as its treatment of innocent taxpayers who were unaware of the FBAR filing requirements. The report also recommends that the threshold for filing an FBAR, which […]
A report released by the Treasury Inspector General for Tax Administration, a bureau charged with the oversight of the Internal Revenue Service, suggests the IRS needs to do more to collect delinquent taxes from international taxpayers. The TIGTA study focused on collections from individuals and small businesses based abroad. The […]
Most of Wall Street was excited to hear Kinder Morgan Inc.’s $44 billion plan to consolidate its pipeline companies, however, some investors in the company’s master limited partnership may be left with huge, unexpected tax bills. Houston-based Kinder Morgan announced Sunday it would acquire three affiliated companies. Two of the […]
Although Pfizer Inc. will be saving hundreds of millions of dollars in annual taxes by buying AstraZeneca, Pfizer’s stockholders could end up paying more tax. The trigger is unfamiliar U.S. tax regulations that are initiated in a purchase of an overseas entity and relocation of a U.S. business. According to […]