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
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
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
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
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
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
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