Every year, millions of people don’t file required income tax returns. If you haven’t filed, you therefore have plenty of company. But it’s important to be aware of the potential consequences for non-filing. One such consequence is stiff civil penalties for failure to file. Another possible consequence of not filing […]
The IRS aggressively assesses the TFRP against businesses and responsible persons for willful failure to meet withholding responsibilities. The Trust Fund Recovery Penalty or TFRP is a potentially expensive civil penalty the IRS may assess against an employer or an affiliated responsible person for willful failure to properly withhold from […]
President Donald Trump ran on the platform of “making America great again.” Part of that platform involved moving forward with tax reform that would help achieve this goal. In an attempt to make this promise a reality, lawmakers are proposing various pieces of legislation that would impact current tax law. […]
In much the manner as the healthcare reform bill seeks to revolutionize American healthcare, one of its stealth provisions aims at overhauling Form 1099 tax reporting requirements. The country’s spiraling deficit spending and phantom uncollected taxes, whispered to amount to as much as $350 billion, constitute a lucrative means of […]
People who are self employed usually are required to pay estimated taxes quarterly. U.S. taxpayers are groomed to focus on April 15 as Tax Day. While the annual April due date is important for most, in reality, tax collection is an activity that is in constant motion. If you have […]
The Criminal Investigation division of the IRS plays a key role in a complex regulatory scheme aimed at preventing not only tax evasion, but also money laundering, fraud and violations of the Bank Secrecy Act (BSA). One of the tools the IRS uses to enforce compliance with this regulatory scheme […]
New York City recently got clearance from the U.S. Treasury Department to use a sophisticated financial data tracking service to aid in municipal tax evasion investigations. The Financial Crimes Enforcement Network, or FinCEN, is a comprehensive database of financial information. FinCEN can track major cash transactions, suspicious activity and the […]
A recent decision from a Nevada federal district court addresses authority of IRS Office of Professional Responsibility (OPR) to regulate tax preparers. The OPR is tasked with making sure that tax professionals follow tax practice standards as well as the law. This administrative agency is responsible for pursuing disciplinary proceedings and enforcing […]
As the tax season approaches, millions of taxpayers will receive unexpected notices from the IRS. Often, these notices, technically referred to as Notice CP 2000, state that the income or other information provided on the previous year’s income tax return has been adjusted by the IRS. This is the most […]
The IRS has issued new rules amending section 1-6109-2, requiring paid tax preparers to be registered with the IRS. The final regulations provide that for tax returns or refund claims filed after December 31, 2010, tax return preparers must obtain and use a preparer tax identification number (PTIN), rather than […]