The Department of Justice recently charged a tax preparer of 30 counts of tax fraud. Of these allegations, 21 survived the initial stages of the process and made it to court. What were the allegations against the tax preparer? A press release from The United States Attorney’s Office explains that the man was […]
The Internal Revenue Service (IRS) accused an owner and operator of a tax return preparation business of filing fraudulent tax returns. What are the charges against the tax preparation business owner? The agency alleged the business owner increased unreimbursed job expenses, medical expenses, dental expenses and even created “wholly fictitious” side […]
The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) will come to an end in September of 2018. The OVDP was essentially a set of rules that outlined how United States taxpayers could voluntarily come into compliance with tax obligations for foreign assets. In exchange for voluntarily […]
What happens if a taxpayer missed the tax filing deadline for 2017? First, it is important to note that the deadline changed this year. The Internal Revenue Service (IRS) experienced a glitch on its website on Tax Day. As a result, the agency moved deadline for 2017 filings from April […]
The Supreme Court of the United States (SCOTUS) has agreed to take on the issue of sales tax for online transactions. SCOTUS will decide whether or not a business is required to collect a state’s sales tax when the business has no physical connection to the state. When does a […]
The new tax law has left taxpayers with many questions. One issue: how will the new tax law impact the business interest expense deduction? The Treasury Department and the Internal Revenue Service (IRS) recently provided some guidance. What is the business interest expense deduction? The business interest expense deduction essentially allowed […]
It is the busy season for those who offer tax preparation services. Tax season is starting to finish up and clients are often pushing for the biggest return possible. Providing the service your clients want while meeting the demands and regulations expected by the Internal Revenue Service (IRS) can be […]
Entrepreneurs know that paperwork can become unmanageable while running a business. Business owners are constantly making decisions on which material to keep and which to shred. But what if you inadvertently shred important tax documents or fail to file taxes at all? The Supreme Court of the United States (SCOTUS) […]
Lawmakers within Congress are poised to pass a tax law that could change the way we tax online sales. What is the new tax law? The proposal, Remote Transactions Parity Act, would provide states with the right to enforce local sales and use tax laws on remote transactions. This means that if […]
A group composed of the Internal Revenue Service (IRS), state tax agencies and businesses within the tax industry is working to address tax fraud. Thus far, the group’s efforts have proven successful. The efforts of the group translated to a 40 percent decrease in reported instances of identity theft in […]