The federal government has continued its crackdown on tax preparation professionals. A recent case provides an example. Details of the charges The Department of Justice (DOJ) recently charged a tax preparation professional out of Georgia with fraud and false statements in a federal indictment. The charges are the result of […]
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 Internal Revenue Service (IRS) recently released final and proposed regulations dealing with the global intangible low-taxed income (GILTI) provision. This provision was part of the Tax Cuts and Jobs Act (TCJA). The new regulations include a high-tax exception (HTE) to the GILTI. One potential benefit: taxpayers may be able […]
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 […]
Tax debt can quickly become unmanageable. What may start out as a few thousand dollars owed on back taxes can quickly escalate with penalties and interest. Taxpayers who find themselves facing this growing debt may question whether they will ever be able to settle their bills. In some cases, taxpayers […]
Retirement may mean the end of work … but it does not mean the end of dealing with the Internal Revenue Service (IRS). Depending on your retirement planning strategy, some of your income may remain taxable in retirement. Tip #1: Avoid stacked taxes Distributions from a 401(k) or IRA are […]
The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing […]
The Internal Revenue Service (IRS) recently published a news release warning taxpayers of a new impersonation scam. According to the agency, the scam involves unsolicited emails sent to taxpayers asking for tax payments. Details of the scam: Bad link leads to malicious file The IRS encourages taxpayers to be on […]
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 […]