When seeking to close the tax gap through enforcement, the Internal Revenue Service (IRS) doesn’t solely target taxpayers who have underreported and underpaid their federal tax liability. It also targets those who facilitate tax evasion and tax fraud. Accountants, advisors and promoters can all face heavy-handed enforcement; and, when targeted […]
Category: Tax Evasion
The Internal Revenue Service (IRS) is continuing to prioritize cryptocurrency-related compliance in 2024. As we previously discussed, the IRS identified digital asset compliance as one of its three “priority areas” for enforcement in 2024, and it recently issued a News Release reminding U.S. taxpayers of the obligation to report cryptocurrency […]
Charitable donations offer the opportunity to achieve significant tax savings while helping to support valuable causes throughout the United States and around the world. Charitable giving is a key component of most high-income and high-net-worth tax planning strategies, and the Internal Revenue Code expressly allows taxpayers to deduct a percentage […]
Tax evasion and tax fraud are serious federal crimes. Companies convicted of these crimes can face substantial fines, while individuals convicted of tax evasion and tax fraud can face both fines and prison time. When facing scrutiny from IRS Criminal Investigation (IRS CI), the Federal Bureau of Investigation (FBI) or […]
Combating tax evasion among high-net-worth and high-income taxpayers is among the Internal Revenue Service’s (IRS) top law enforcement priorities. The IRS uses a variety of investigative tools and methods to uncover tax evasion, and, in doing so, it often focuses on a number of specific “red flags.” But, while these […]
If you have been contacted by Special Agents from the Internal Revenue Service’s Criminal Investigation division (IRS CI), one of the first questions you need to answer is, “Why?” IRS CI investigates a broad range of both tax-related and non-tax-related offenses, and determining the specific accusations underlying an IRS CI […]
While IRS Criminal Investigation (IRS CI) targets taxpayers for a broad range of federal offenses, many of its investigations are centered on allegations of tax evasion. These allegations can stem from IRS audits, whistleblower complaints, referrals from other federal agencies, and a variety of other sources, and, regardless of their […]
Tax planning is crucial for high-income individuals. While the Internal Revenue Code imposes substantial tax liability for those who are in the one percent, it also provides opportunities for high-income taxpayers to lawfully reduce the amount they owe. The Internal Revenue Service (IRS) refers to this as “tax avoidance,” and […]
Facing scrutiny from IRS Criminal Investigation (IRS CI) is a serious matter. As its name suggests, IRS CI is tasked with uncovering—and assisting in the prosecution of—criminal violations of the Internal Revenue Code (IRC). But, IRS CI’s investigative authority also extends far beyond the IRC, and it routinely announces investigations […]
The U.S. tax code is among this country’s most complicated and dense bodies of law. And every year, individuals must file their tax returns in compliance with these laws. Unsurprisingly, people make mistakes, miscalculations, and missteps that result in inaccurate returns and payments. Even when these issues seem small, they […]