IRS Criminal Investigation (IRS CI) conducts inquiries targeting a wide range of both tax-related and non-tax-related offenses—and these inquiries can present substantial risks for high-asset and high-income taxpayers. This includes not only the risk of substantial liability for back taxes, interest and fines, but also the risk of federal incarceration. […]
Category: IRS
In a recent news release, the Internal Revenue Service (IRS) announced that it intends to shift its focus to targeting wealthy individuals and business partnerships beginning in fiscal year (FY) 2024. The news release also identifies three specific “priority areas” in which the IRS intends to focus its enforcement efforts […]
On September 8, 2023, the Internal Revenue Service (IRS) announced a “sweeping effort” to enhance its tax collection and enforcement efforts. Among other strategies, the announcement states that the IRS intends to “shift attention to wealthy from working-class taxpayers” while also placing greater emphasis on enforcing partnerships and partners’ tax […]
When targeting taxpayers for fraud and other crimes, the Internal Revenue Service (IRS) has various investigative tools at its disposal. One of these tools is the summons. The IRS routinely issues summonses in order to obtain information in furtherance of its enforcement efforts, and these summonses can present significant risks […]
In a recent update on the federal government’s ongoing efforts to prosecute Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) fraud, we noted that the U.S. Small Business Administration (SBA) has identified 11 “fraud indicators” based on its enforcement efforts to date. As we also noted in the […]
For U.S. taxpayers who are behind on their federal reporting and payment obligations, voluntary disclosure provides an opportunity to resolve their issues with the IRS. However, submitting a voluntary disclosure isn’t an option in all scenarios, and when it is an option, it is not without risks. As a result, […]
The Internal Revenue Service’s (IRS) streamlined filing compliance procedures provide a way for U.S. taxpayers to mitigate the consequences of failing to disclose their foreign financial assets. Taxpayers who qualify to submit a streamlined filing are not subject to failure-to-file, failure-to-pay or accuracy-related penalties and instead pay a five-percent “miscellaneous […]
While the Internal Revenue Service’s Criminal Investigation Division (IRS CI) is responsible for investigating federal tax crimes, it doesn’t focus solely on criminal violations of the Internal Revenue Code. IRS CI investigates other financial crimes as well, and it routinely works alongside the Federal Bureau of Investigation (FBI) and the […]
U.S. taxpayers that have failed to meet their filing and payment obligations have various options for resolving these “tax controversies” with the Internal Revenue Service (IRS). However, the specific options that are available in any particular case depend on the circumstances involved. For example, while IRS Criminal Investigation’s (IRS CI) […]
The Internal Revenue Service (IRS) has recently issued multiple notices and proposed regulations focused on combating tax preparer fraud and cracking down on abusive tax schemes facilitated by promoters. IRS Criminal Investigation (IRS CI) has recently issued multiple press releases highlighting its efforts to target tax preparers and promoters as […]