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 […]
While some combinations, like peanut butter and jelly, seem to go together naturally, others, for example oil and water, do not mix well. For some self-employed or home-based workers, intermingling business and home expenses may appear to be a beneficial way to manage what can turn into a complex web […]
Government agencies around the globe are working together to find individuals that are hiding assets in an attempt to illegally reduce their tax obligations. A Justice Department statement recently provided an example of these collaborative efforts. It outlined how the Internal Revenue Service (IRS) is pushing a popular credit card […]
With tax season at its height, it can be very tempting for individuals filing their returns or even professional tax preparers to fudge the numbers a bit for a better refund. While many slight misstatements go overlooked by the IRS, when the agency does initiate an enforcement action, they come […]
It’s been nearly two weeks now since the Republican-controlled Congress was unsuccessful in its attempt to repeal the Affordable Care Act (ACA), despite campaign promises to do so. President Trump called it a learning experience. House Speaker Paul Ryan acknowledged that the ACA, also known as Obamacare, remains the law […]
The Trust Fund Recovery Penalty for willful withholding tax violations Estimated tax payments: April 15 is not the only day taxes may be due Unpaid Employment Taxes: Could Uncle Sam Go After You Personally? How To Negotiate Back Taxes With The IRS Accused of fraud or false statements on a […]