Tax Law
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in Tax LawTips from IRS Security Summit to Reduce Identity Theft
Identity theft or fraud is on the rise. This is particularly concerning for the tax community as identity thieves continue to target them. After all, businesses are a more tempting target for identity thieves compared to individuals for obvious reasons. They have higher credit limits, more substantial bank accounts, and more transactions regularly. As identity […] More
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in Tax LawCan an FBAR Penalty be Reduced or Eliminated?
When you go to file your yearly tax returns, you are probably aware of the amount of taxes owed to the Internal Revenue Service (IRS). But many taxpayers are completely unaware of FBAR penalties that the IRS can charge against them. Especially if those FBAR penalties are delinquent or omitted. If your omission is willful, […] More
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in Tax LawCan You Accidently Commit a Foreign Bank Account Reporting Violation?
It is becoming increasingly common for taxpayers to use foreign bank accounts or financial accounts for many reasons. Those who have such accounts need to know that the US government taxes them on all offshore income earned and deposited. Tax is also imposed on any investment income you have earned on offshore capital. Therefore, owners […] More
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in Tax LawVoluntary Disclosure: What to do if your tax advisor is under criminal investigation.
In most cases, individuals and businesses hire a tax advisor. These advisors file their taxes and ensure that they are up-to-date on the tax front. While it is essential for your tax advisors to help you with your tax filings. The advisor should have a clear tax record themselves. Otherwise, in light of the latest […] More
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in Tax LawOperation Hidden Treasure The IRS is Targeting Crypto Coin Tax Evasion
The United States Internal Revenue Service (IRS) has stepped up and introduced new avenues to expand on its enforcement capabilities. They have set up a new program specifically dedicated to tax compliance in terms of cryptocurrency. The IRS introduced “Operation Hidden Treasure.” Then begun to employ resources that will tackle unreported income gained from crypto […] More
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in Tax LawEggshell Audits: Protecting Your Client in a Criminal Examination
An eggshell audit refers to the civil examination that investigates the issues of tax defaulters. It is a criminal investigation carried out against those who have a record of withholding taxes. This examination involves two parties – the client and the tax controversy attorney. The latter party calls the shots. This means they are influential […] More
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in Tax LawDoes Increased IRS Funding Mean More Audits?
Ever since the U.S. government announced an increase in IRS funding. Many speculations have been making rounds regarding its effect on the tax system. The evident spike in the IRS funding has been a center of many speculations. They are looking to increase IRS funding by around $80 billion within the next ten years. This […] More
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in Tax LawWhat Is Willful Blindness In Relation to Tax Crimes?
Willful blindness, also known as deliberate ignorance or conscious avoidance. This is a legal policy that makes a felony prosecution on a tax dispute by attributing information or awareness onto an offender. Thus, any offender in a tax felony situation can be very hard to catch. Because it can be tough for the authorities to […] More
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in Tax LawHow to Appeal an FTB Audit?
The Internal Revenue Service, also better known as the IRS, administers penalties and tax laws at the federal level. And, the Franchise Tax Board (FTB) is the equitant of the IRS at the state level in California. It is in charge of collecting and reviewing the tax returns of individuals and businesses. In addition, the […] More