As the Internal Revenue Service (IRS) continues to focus on uncovering Employee Retention Credit (ERC) fraud and recovering fraudulent credits and refunds from taxpayers, it is also devoting resources to targeting so-called “promoters.” While the IRS’ definition of “promoters” includes bad actors who operated ERC filing scams during and after […]
While facing a federal tax audit can be risky in any circumstance, it can be especially risky if you have concerns about tax code compliance. For high-income and high-net-worth taxpayers, non-compliance with the Internal Revenue Code can create substantial exposure—including exposure to liability for interest and penalties. With this in […]
If you are like most high-income and high-net-worth taxpayers, you rely on professionals to help make sure you pay what you owe (while also making sure you pay as little as possible). So, what happens if one of your tax professionals makes a mistake? Are you liable to the Internal […]
On August 15, 2024, the Internal Revenue Service (IRS) announced that it is reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program, effective immediately through November 22, 2024. As IRS Commissioner Danny Werfel explains in the IRS’ News Release, “[t]he limited reopening of the Voluntary Disclosure Program provides an opportunity for […]
The Internal Revenue Service (IRS) is continuing to prioritize Employee Retention Credit (ERC) compliance—both through enforcement and through initiatives offering claimants the opportunity to self-correct before their ERC filings trigger scrutiny. On August 15, 2024, the IRS announced that it is reopening its ERC Voluntary Disclosure Program (ERC VDP), and […]
In a recent News Release, the Internal Revenue Service (IRS) touts its efforts to collect past-due taxes from high-net-worth taxpayers. According to the News Release, which the IRS published on July 11, 2024, the IRS “has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes” since […]
If you are a high-income or high-net-worth taxpayer and you have concerns about the IRS collecting your tax debt, you should discuss your situation with an experienced Texas tax collection attorney as soon as possible. While you have options available, you will need to choose the best option for your […]
In a recent News Release, the Internal Revenue Service (IRS) announced that it plans to crack down on the abuse of partnership tax “loopholes” over the coming years. As the News Release states: “As part of ongoing efforts to focus more attention on high-income compliance issues, the Internal Revenue Service […]
The Internal Revenue Service (IRS) has announced a new enforcement initiative focused on high-income non-filers. According to a recent News Release, the IRS is specifically targeting high-income taxpayers who failed to file returns between 2017 and 2021. As the IRS calculates failure-to-file and failure-to-pay penalties based on the amount due, […]
A recent article on Forbes.com discusses a lawsuit filed against the Internal Revenue Service (IRS) that seeks to force the agency to lift its moratorium on new Employee Retention Credit (ERC) claims. The IRS imposed its moratorium last September amidst concerns of widespread fraud under the ERC program, and, according […]