A failure to file tax returns can come with serious penalties for any taxpayer. However, those who specialize in filing tax returns as a profession can face even harsher penalties. These can include:
Taxes, retirement and end of year preparations
Certain retirement savings plans allow for a tax deferment. The Internal Revenue Service (IRS) will eventually expect taxpayers to pay taxes on those savings. In most cases, the agency requires the taxpayer to start taking required minimum distributions (RMDs) and making payments when they reach the age of 70 and ½.
Texan man faces decades in prison for tax crime conviction
The Department of Justice (DOJ) continues to crackdown on allegations of tax crime. In fact, the agency is so serious about tax crime that it has a Tax Division composed of over 350 attorneys focused solely on criminal and civil tax crime litigation. These individuals investigate and prosecute those who the agency believes are thwarting their tax obligations. Recently, this led to an investigation in Texas.
Did the IRS just lower your GILTI tax?
The Internal Revenue Service (IRS) recently released final and proposed regulations dealing with the global intangible low-taxed income (GILTI) provision. This provision was part of the Tax Cuts and Jobs Act (TCJA). The new regulations include a high-tax exception (HTE) to the GILTI.
Can you negotiate a deal over tax debt with the IRS?
Tax debt can quickly become unmanageable. What may start out as a few thousand dollars owed on back taxes can quickly escalate with penalties and interest. Taxpayers who find themselves facing this growing debt may question whether they will ever be able to settle their bill.
Taxes and retirement: 3 tips
Retirement may mean the end of work … but it does not mean the end of dealing with the Internal Revenue Service (IRS). Depending on your retirement planning strategy, some of your income may remain taxable in retirement.
IRS or not? Agency warns of new impersonation scam.
The Internal Revenue Service (IRS) recently published a news release warning taxpayers of a new impersonation scam. According to the agency, the scam involves unsolicited emails sent to taxpayers asking for tax payment.
Own digital currency? Expect a letter from the IRS.
The Internal Revenue Service (IRS) recently announced it will send out 10,000 letters to those who own cryptocurrency. The agency’s communications are geared to help better ensure tax compliance. The problem: tax compliance regarding digital assets is unclear, at best.
Will “record-setting” number of tax extensions impact tax pros?
Tax preparation and accounting offices throughout the country reported record-setting extension requests for tax filings this year. The increase was the result of many different factors, including:
IRS reminds tax professionals to report foreign accounts
The American Bar Association's taxation section recently held their annual meeting. This group of legal professionals from throughout the country met with representatives from the Internal Revenue Service (IRS) to discuss the agency’s focus in coming months. One of the main take away lessons from the meeting: representatives encouraged tax professionals to bring all foreign accounts into compliance with applicable tax law.
