Tax return preparers may enter the profession for many reasons. Some enjoy the math and the puzzle that can come with filling out tax forms, others enjoy working with people to help them get the most of their tax returns. Although there are many legal ways to reduce one’s tax […]
Category: Tax Crimes
A tax haven is essentially an offshore financial institution with low or no taxes known for confidentiality. Individuals can use these financial institutions to set up businesses. Examples of areas that can meet this definition include the state of Delaware, the Cayman Islands, Dubai and the Netherlands. How do taxpayers […]
Tax crimes may seem like a game of numbers. It may seem the Internal Revenue Service (IRS) will build their case based on whether or not the accused filed their tax returns, whether or not the listed income or deductions were in line with the reality of the accused’s financial […]
The Internal Revenue Service (IRS) recently announced the arrest of a man charged with multiple counts of criminal tax fraud. The man was a tax return professional who allegedly committed these crimes during the course of his business. The agency claims the man had a reputation for getting clients high […]
The United States Department of Justice’s (DOJ) Tax Division recently announced the sentencing of a Waco, Texas tax return professional to 27 months imprisonment for tax crimes. The government claims the accused inflated client’s deductions and claimed fraudulent education credits. Overall, the government says that over a span of two […]
Cryptocurrency, also known as digital currency, is booming. This relatively new form of currency provides a unique issue for the Internal Revenue Service (IRS). But the IRS is learning. It is figuring out the best way to track down these accounts and hold taxpayers who may attempt to thwart their […]
The Tax Division of the Department of Justice (DOJ) is attempting to increase its efficiency. One way it may attempt to reach this goal: increasing requests for a crime-fraud exception. What is a crime-fraud exception? Individuals or entities that establish an attorney-client privilege with legal counsel have the right to […]
Tax crimes can come with serious consequences. A recent case provides an example. The case involves government allegations an attorney committed tax evasion. After facing the allegations and reviewing the case, the attorney chose to agree to a plea deal. What were the accusations? The prosecution accused the attorney of failing to […]
Cybercrime is problem tax professionals must face on a daily basis. Tens of thousands of taxpayers are at risk of identity theft due to information stolen by cybercriminals from tax professionals. In an effort to reduce this risk, the Internal Revenue Service (IRS) recently reminded tax professionals to promptly report […]
The sunset of the Offshore Voluntary Disclosure Program (OVDP) in September of 2018 left many taxpayers wondering how the Internal Revenue Service (IRS) would handle future disclosures. Would the IRS choose to renew the program? Would another take its place? The agency recently provided some guidance. Can taxpayers voluntarily come into […]