Now may be a good time to buy a lottery ticket. The most recent report shows the Mega Millions lottery is at $340 million. If no one wins at the drawing is coming Friday, the winnings will grow even more. Although the lottery is currently set at a very large number, it is important […]
The Department of Justice (DOJ) recently announced a physician accepted a plea deal after facing accusations of tax evasion. The government stated the physician failed to report on his tax returns for 20 years. Was it an accident? In most cases, a prison sentence tied to a tax crime involves […]
The Tax Cuts and Jobs Act (TCJA) is in full effect during this tax season. Although we may have learned a lot after going through last year’s tax filings, many tax preparation professionals are still struggling to correctly apply the nuances of this complicated piece of tax reform. Part of […]
As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the […]
A failure to file tax returns can come with serious penalties for any taxpayer. However, those who specialize in filing tax returns as a profession can face even harsher penalties. These can include: Imprisonment. If the Internal Revenue Service (IRS) determines the failure to file was a flagrant violation of […]
Certain retirement savings plans allow for a tax deferment. The Internal Revenue Service (IRS) will eventually expect taxpayers to pay taxes on those savings. In most cases, the agency requires the taxpayer to start taking required minimum distributions (RMDs) and making payments when they reach the age of 70 and […]
The United States tax system is complicated. To make matters even more difficult to navigate, the government recently changed the tax code with the Tax Cuts and Jobs Act (TCJA). A failure to follow the rules can result in serious fines and, depending on the mistake, potential imprisonment. The following […]
The Department of Justice (DOJ) continues to crackdown on allegations of tax crime. In fact, the agency is so serious about tax crime that it has a Tax Division composed of over 350 attorneys focused solely on criminal and civil tax crime litigation. These individuals investigate and prosecute those who the agency […]
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 […]