The federal tax code is voluminous. There are seemingly innumerable, highly detailed sections that taxpayers and tax professionals can run afoul of. The Foreign Account Tax Compliance Act (FATCA) and other recent laws have only added to the sprawling complexity of the tax code and the burden of complying with […]
One of the themes of this blog is that even if you have tax debt, you still have options. In some cases, it may be possible to work out an offer in compromise (OIC) to settle your delinquent taxes for less than the full amount owed. In other cases, payment […]
One of the threads we are following in this blog is the IRS whistleblower program. Whistleblowers are people who alert the IRS to non-compliant taxpayers. Typically, in a whistleblower scenario, this taxpayer will be the whistleblower’s employer. The law allows for financial awards for whistleblowers who meet certain criteria. But […]
Many Texans have been through calamitous weather conditions in recent months. Floods, tornadoes and storms have hit hard, causing extensive damage. If you are one of the people who suffered storm damage, how will that affect your taxes? In this post, we will take note of some tips from the […]
California’s Division of Labor Standards Enforcement (DLSE) recently held that an Uber driver is an employee, rather than an independent contractor, in a decision that could have far-reaching ramifications for the popular and quickly expanding app-based car service. Uber has appealed the ruling. There are many advantages to a business […]
In the first part of this post, we began discussing how federal regulators use non-prosecution agreements (NPAs) and deferred prosecution agreements (DPAs) to resolve various legal compliance concerns. In the tax community, this has particularly been the case with offshore accounts. Indeed, for nearly two years, the Tax Division of […]
Recently, there have been many stories involving people being prosecuted – or assets being seized – due to withdrawals or deposits being conducted at the bank in amounts less than $10,000. Most noteworthy is the example of former House Speaker Dennis Hastert, who was recently indicted for it. These reports […]
We will conclude our two-part post on non-prosecution agreements regarding offshore accounts in next week’s post. This week we will take note of the ongoing story of a serious data breach at the IRS. In early June, the Senate Finance Committee held a hearing on the breach, after hackers gained […]
The Department of Justice has unsealed a 47 count indictment against 14 individuals related to allegations of FIFA corruption, including charges of tax fraud, money laundering, wire fraud, and racketeering. As part of the alleged conspiracy spanning 25 years, the co-conspirators used false consulting agreements to disguise the illicit payment […]
Rothschild Bank AG and Banca Credinvest SA are the two latest Swiss Banks to settle with U.S. authorities as part of the Department of Justice’s ongoing Swiss Bank Program. In exchange for non-prosecution agreements, the banks will pay fines and turn over detailed information about their American clients. Rothschild was […]