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When companies collect payroll taxes from their employees, they hold their employees’ funds “in trust” pending remittance to the IRS. When companies fail to timely remit their employees’ funds held in trust, they can face substantial liability—including liability for the IRS’ trust fund recovery penalty (TFRP). While the IRS often […]
Category: Tax Fraud
In 2022, IRS Criminal Investigation (IRS CI) identified $5.7 billion in tax fraud and $26.9 billion in other financial crimes. It executed 1,210 warrants and referred 1,837 cases to the U.S. Department of Justice (DOJ) for prosecution. These referrals resulted in a conviction rate of 90.6 percent. These statistics are […]
According to data cited in a recent NPR article, as much as $64 billion of the $800 billion in forgivable loans issued under the Paycheck Protection Program (PPP) may have gone to applicants that didn’t deserve it. As the article also notes, the federal government has up to 10 years […]
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 […]
As Ben Franklin put it, “nothing is certain but death and taxes.” Whether you prepare your own tax filings or go to a professional to do it, most of us are generally honest with the Internal Revenue Service when it comes to paying taxes. However, mistakes can be made – […]
Tax preparers know that the EITC stands for Earned Income Tax Credit, which for 2021 can range from $1,502 to $6,728. Tax prepares also know that the less you earn and the more children you have, typically, the greater credit you qualify for. Additionally, most tax preparers are well aware […]
Anyone with significant financial holdings knows that they are not illegal. So, why the bad rap? It is because these very legal, above-board accounts have been misused or used to hide money. Offshore banks have been connected to money laundering, tax evasion, and straw men and shell companies. Famous and […]
Though tax season only officially lasts for a few months out of the year for Texas taxpayers and those across the country, tax obligations are in effect all year long. Additionally, the Internal Revenue Service is continually on the lookout for instances of potential tax fraud. As a result, even after tax […]
Holding a job in a position of power can often mean that a person comes under greater scrutiny than others. When a person holds a job that involves handling financial aspects of a business, city, or other entity, that individual could be the first to come under suspicion when financial issues come […]