Recently, there have been many stories involving people being prosecuted – or assets being seized – due to withdrawals or deposits being conducted at the bank in amounts less than $10,000. Most noteworthy is the example of former House Speaker Dennis Hastert, who was recently indicted for it. These reports […]
Category: IRS
We will conclude our two-part post on non-prosecution agreements regarding offshore accounts in next week’s post. This week we will take note of the ongoing story of a serious data breach at the IRS. In early June, the Senate Finance Committee held a hearing on the breach, after hackers gained […]
The Treasury Department announced a Final Rule this week to avoid having to reveal to PTIN holders the names of agencies that have requested their files. The purpose of the rule is to prevent these individuals from finding out that they are under investigation and destroying evidence. This new rules […]
In 2009, in the midst of the Great Recession, the IRS launched an initiative intended to ease the burdens of financially strapped individuals and businesses burdened by back taxes. It was called “Fresh Start.” The program sought to help taxpayers find ways to avoid federal tax liens and resolve their […]
In an appearance before the House Committee on Ways and Means, IRS Commissioner John Koskinen announced changes in the way the IRS will investigate cases of suspected structuring, particularly as it relates to civil forfeiture. The Bank Secrecy Act of 1970 requires banks to file a Currency Transaction Report (CTR) […]
When a business owner is trying to keep their business financially strong and in a position to have a bright future, every little bit counts. Thus, it can be extremely frustrating for a business owner when it appears that the federal government is keeping more of the money that came […]
While it is not very common for parents or grandparents in the US to open bank accounts in the names of young children, it is a common practice in many other countries, where it can be done to avoid inheritance or other taxes. Many people are unaware that children have […]
In part one of this post, we outlined efforts by the IRS to crack down on paid tax preparers whom the agency considers incompetent or deceitful. The penalties that the IRS can seek against return preparers are both civil and criminal. But as we noted, the agency’s main enforcement program […]
In part one of this post, we noted that criticism of the IRS’s whistleblower program is heating up again. Not surprisingly, one of most vocal critics is long-time IRS gadfly Charles Grassley, a U.S. senator from Iowa. In this part of the post, let’s look in more detail at what […]
The IRS has a program to reward those who blow the whistle on unpaid taxes by others. It offers financial incentives to disclose tax evasion, especially within large organizations. For years, critics have contended that the program is not as effective as it should be. One such critic, Sen. Charles […]