Most married couples file their taxes jointly. In part, this is a matter of convenience. But filing together also generally means a couple pays less in combined taxes than they would using married filing separate (MFS) status. Filing jointly can be problematic, however, when one spouse has run up big […]
Here at Brown, PC, we regularly represent tax preparers facing IRS civil audits or criminal investigations for their tax return preparation work. The IRS actively reviews returns filed by preparers in an effort to uncover noncompliance with preparer due-diligence requirements or behavior that may amount to criminal violation of federal tax laws. […]
Accusations of tax evasion are very serious. Not only do they come with the social stigma associated with the word “evasion,” wherein others may think you were attempting to game the system to get out of paying your fair share, but they also could result in serious criminal penalties like: […]
The federal government and its agencies still have corporations and their executives, especially Chief Financial Officers (CFOs), in their sights. In particular, the IRS continues to develop rules that they hope will lead to better corporate compliance with tax laws or to uncovering aggressive tax schemes that corporations use to […]
10 million taxpayers recently received an unexpected penalty by the IRS. The problem? These taxpayers underpaid their estimated taxes. When does a tax penalty apply? Essentially, a penalty may apply if a taxpayer does not pay 90 percent of his or her tax obligations throughout the year. The penalty applies to […]
Early proposed ideas to cut personal tax rates and simplify the income tax filing process have already garnered vocal resistance from several key interest groups. Supporters of the proposal to double the standard deduction – a move that is expected to make tax easier by limiting the number of individual […]
Since December 2008, when investment broker Bernard (Bernie) Madoff revealed his ponzi scheme to the FBI, investors and a court-appointed trustee have been trying to recover lost money through various legal proceedings. In the latest legal action in the Madoff saga, the trustee sued two of Madoff’s former accountants to […]
Tax Controversies and Tax Planning: I am a retired IRS Special Agent (Criminal Investigation Division), now working as a financial investigator in the private sector. When I was with the government, I worked against Mr. Brown on a number of high profile tax and white collar criminal cases. After retiring […]
The tax code is, in a word, complex. It is thousands of pages long, with millions of different entries representing credits, deductions, exemptions, reporting mandates, caveats, loopholes and more. Legislators across the political aisle all agree that significant tax reform is desperately needed by Americans of all economic strata, but […]
Taking a tax dispute to court is not usually the first choice for our clients or for Brown, PC. Our objective, whenever possible, is to bring about as favorable a resolution as possible, as early in a case as possible. An out-of-court settlement saves time and money, preserves a client’s […]