Catholic priests may be well acquainted with confession. However, a recent article illustrates why this approach may not have been in one specific priest's best interests during a recent interview with agents from the Internal Revenue Service. The 56-year old priest...
Tax Crimes
When might a tax issue escalate into asset forfeiture?
Could a tax mistake land you in an asset forfeiture situation? Usually not without a few intervening communications from the Internal Revenue Service, although an exception exists for suspected criminal tax activities. The IRS has powerful collection tools at its...
Facing criticism, IRS alters civil asset forfeiture policies – II
In our last post, we began discussing how the Internal Revenue Service recently announced that it would be revising its civil asset forfeiture policies going forward in response to growing public criticism and pressure from influential members of Congress.We'll...
Facing criticism, IRS alters civil asset forfeiture policies
While the notion of law enforcement officials taking your property simply because they believe it might be connected to criminal activity and then failing to return it despite your innocence may sound both ludicrous and unconstitutional, it's actually all too real and...
How doing what you love may land you in hot water with the IRS
Everyone has personal interests and in some cases, an individual may be lucky enough to turn a passion or interest into a full-time job. From photography and pottery making to breeding dogs or horses, some industrious entrepreneurs are determined to turn their hobbies...
Global financial crimes case spotlights criminal tax fraud
The media has a penchant for giving scandals and controversies catchy, memorable tags.The so-called "Panama Papers" is certainly recent confirmation of that.We suspect that most of our readers in Connecticut and elsewhere know a thing or two about those papers after...
Why some married individuals may opt to file separately from a spouse
When many couples marry, they choose to include the phrases "for better or worse" and "for richer or poorer" in their wedding vows. Spouses who subsequently file joint tax returns often come to understand the full meaning of these promises as they are 100 percent...
Tax preparers and taxpayers responsible for ensuring tax return is accurate
Many small business owners and individual taxpayers rely upon the advice and assistance of independent tax preparers. In recent years, the Internal Revenue Service has taken steps to regulate the tax preparer industry and now requires that all independent tax...
Are you a small business owner with employment tax problems?
According to the U.S. Small Business Administrators, small businesses account for more than half, or 54 percent, of all U.S. businesses. What's more, an estimated 55 percent of U.S. employees work at one of the 28 million small U.S. businesses. The vast majority of...
Tax advice for the self-employed
When it comes to taxes, individuals who are self-employed often have a lot of questions and concerns. An individual who is classified as an employee of a company is likely aware that taxes are withheld from each paycheck, however, an employer picks up half of the...