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The Internal Revenue Service does a lot more than collect taxes and issues returns. One of its more helpful services is the annual “Dirty Dozen” list of tax scams. Amidst the twelve common scams is a shorter list of schemes that persuade taxpayers to engage in...
The IRS is working to identify wealthy Americans who used a law firm called Panama Offshore Legal Services to “create or control foreign assets and entities” in an effort to evade taxation. The Justice Department issued a statement last week saying that it had...
According to the Treasury Inspector General for Tax Administration (TIGTA), over 500 governmental entities wrongly applied for the advance payment of employer tax credits that was made available during the COVID-19 pandemic. These entities claimed employer tax credits...
You probably know someone who owns cryptocurrency, a decentralized digital coin that most people use as an investment tool. It is completely legal to own cryptocurrencies in the United States. However, you need to pay taxes every time you sell, exchange or mine a...
If Congress passes its proposed infrastructure plan as it stands now, the new law would include $40 billion to expand IRS audits on the wealthy and small businesses. The IRS isn’t waiting to start hiring. It’s hoping to bring in replacements for the nearly 17,000...
Cryptocurrency has been around for over a decade now. While some people shy away from investing in this unpredictable new form of carrying out financial transactions, others have made it a point to include various cryptocurrencies in their diverse investment...
The United States lives in a bit of a fantasy. That fantasy is that everyone, rich or poor, is paying a fair share of their income in federal taxes. According to a recent analysis by the nonprofit newsroom ProPublica, the top 25 wealthiest Americans pay a very low...
Back in 2008, increasing offshore tax enforcement by the U.S. drove some Swiss banks to reevaluate or even terminate relationships with American clients. Apparently, certain personnel of the Swiss Life PPLI unit saw this as an opportunity to pick up customers who...
President Joe Biden has proposed increasing the IRS’s funding by 70% in order to chase down tax avoiders and evaders. If the proposal were passed, it would be aimed at wealthier taxpayers and corporations, as they are thought to commit the most tax misconduct. If you...
While the IRS has historically cultivated a reputation for stern negotiation, the last two decades have seen a slight softening in this position. Certainly, they will take steps to recover money owed to them, but the IRS Restructuring and Reform Act of 1998 requires...