What should you do if you discover that you made mistakes on last year’s federal returns when doing your taxes in 2025? Or, what if you already knew that you made mistakes, and you want to address them so that you are not at risk in the event of an […]
Category: IRS
With Tax Day just around the corner, now is a time of year when many people, particularly high-income and high-net-worth taxpayers, begin to have concerns about the possibility of facing an IRS audit. Even if you do your best to meet your federal tax obligations—and even if you rely on […]
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 […]
Each year, we publish dozens of articles with insights for high-income and high-wealth U.S. taxpayers on our blog. This past year was no exception. Here is a look back at some of the key compliance insights Texas IRS dispute lawyer Lawrence Brown shared in 2024: Resolving Offshore Account Disclosure Violations […]
For businesses that claimed the Employee Retention Credit (ERC) or received a Paycheck Protection Program (PPP) loan or Economic Injury Disaster Loan (EIDL), facing scrutiny from the Internal Revenue Service (IRS) remains a very real concern. The IRS is continuing to aggressively target pandemic-era fraud heading into 2025—pursuing audits and […]
The Internal Revenue Service (IRS) recently released two end-of-year reports highlighting its enforcement efforts during the 2024 fiscal year. In the IRS’s own words, these reports reflect the agency’s “global reach” and “billion-dollar impact” and “outlin[e] key milestones in criminal investigations . . . and advancements in digital modernization that […]
U.S. taxpayers who own offshore accounts have annual filing obligations that do not apply to other taxpayers. As failing to meet these filing obligations can potentially trigger civil or criminal penalties, it is imperative that offshore account holders prioritize compliance. With the end of 2024 fast approaching, what do offshore […]
The Internal Revenue Service (IRS) recently released its 2024 Financial Report. While the report “highlights the programs, accomplishments, challenges and management’s accountability for the resources entrusted to the IRS,” it also provides insight into the IRS’ enforcement priorities heading into 2025. Learn more from Texas IRS lawyer Lawrence Brown: Enforcement […]
The Internal Revenue Service (IRS) confirmed this month that it will be classifying syndicated conservation easements as abusive tax transactions going forward. While syndicated conservation easements have long been a red flag for the IRS, this new development increases the risks for taxpayers who rely on syndicated conservation easements to […]
Even with 2025 fast approaching, Employee Retention Credit (ERC) fraud enforcement remains a top priority for the Internal Revenue Service (IRS). As we have discussed previously, the IRS has identified billions—and potentially trillions—of dollars in taxpayer losses resulting from ERC fraud, and it is now working to claw back as […]