The Internal Revenue Service was recently granted a tax collection power that may surprise readers: passport restrictions.Specifically, a 2015 federal law called the Fixing America’s Surface Transportation Act, granted the IRS with certain collection powers for...
Month: February 2017
Former professor convicted of tax evasion for offshore accounts
A former university professor was recently convicted and sentenced on tax evasion charges. The man will have to serve seven months in federal prison and pay $100 million in fines. Upon his release, he will be supervised for one year.Notably, the court had discretion...
Does the IRS pay closer attention to partnerships?
A majority of workers have federal, state and FICA taxes withheld from their paychecks. The withholding consists of the employee’s contributions and the employer’s matching share. For those who are self-employed or receive payments via a Form 1099, however, there are...
Does the IRS have special summons power to investigate you?
The power of the IRS summons might surprise you. Whereas a warrant request typically must name a specific person, the IRS has been allowed to request a summons for a whole category of taxpayers, without specifically naming them. The so-called John Doe summons, issued...