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 […]
Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those […]
Use of foreign banks to hide assets is a well-known tactic for avoiding tax obligations. We know that individuals who attempt to avoid their taxes can face criminal charges that lead to high financial penalties and potential imprisonment, but what happens to a bank if it is complicit in the […]