Among many in the business and political spheres, the U.S. tax code is regarded as somewhat of a cruel joke. This past April, the Washington Examiner reported that the U.S. tax code currently includes a mind-boggling 74,608 pages, a length that is nearly three times...
Tax Crimes
When it comes to criminal tax matters, the IRS does not back down
They say there are two certainties in life; death and taxes. Regarding the latter, the Internal Revenue Service is one of the most loathed and feared of all U.S. government agencies. This is due in part to the fact that the U.S. tax code is notoriously complex and the...
Small business owners—how to avoid tax troubles
According to the Small Business Administration, as of 2010, there were nearly 28 million small businesses in the U.S. For the men and women who worked hard and sacrificed much to start, build and run a business of their own; the rewards are often plentiful. However,...
IRS cases involving allegations of tax fraud and tax evasion often complex
No one enjoys paying taxes or dealing with the dreaded Internal Revenue Service. To make the process less painful, some individuals may seek the advice of a tax professional or accountant and others may take matters into their own hands. While there are ways to...
Why are so many expatriates renouncing their U.S. citizenship?
In previous decades, U.S. residents were able to freely open foreign bank accounts the contents of which largely remained private. However, since the passage of the Report of Foreign Bank and Financial and Foreign Account Tax Compliance Act, U.S. residents with...
The IRS and willful neglect
There's a saying that ignorance is bliss. When it comes to taxes, however, ignorance of applicable tax laws could result in an individual incurring hefty fines, penalties and even criminal charges. Due to the ridiculously complex regulations and requirements that...
IRS warns that tax season is also tax-scam season
With tax season now in full swing, IRS employees and tax professionals are not the only people working overtime. This time of year is an especially busy time for tax scam artists, who seemingly make a comfortable living by defrauding the government and taxpayers.Each...
Congress pursues legislation to fight IRS asset-seizure abuses
Last month, we wrote about a scandal involving seizures by the IRS of privately held bank accounts and other assets. The agency has been able to seize these assets without a warrant and without criminal charges under a process known as civil asset forfeiture.The...
Negative Press Causes IRS to Clarify Position on Civil Forfeiture in Uncharged Structuring Cases.
Following a number of recent negative press stories, culminating in a front page article in the New York Times, the IRS's Chief of Criminal Investigation just announced that the IRS will no longer pursue the seizure and forfeiture associated with legal source...
Employee or independent contractor? The IRS demands accuracy
Many Americans enjoy a steady paycheck directly deposited into their bank account every two weeks or so. If you work for a company as an employee, the company’s payroll department has likely already deducted all necessary payroll taxes, including taxes for Medicare...