New York residents who are financially savvy may have jumped into the cryptocurrency game at its inception. Whether individuals have participated in crypto trades, mining, sales or other related activities, those actions may have become lucrative endeavors. Still, it is important to remember that if individuals do not report that income on their taxes, they could end up facing tax litigation.
Dealing with taxes can be complicated for any New York resident. Filing the right forms, including the right information and paying taxes as dictated by the government can be complicated. Unfortunately, some people may end up facing criminal tax litigation if they are accused of tax evasion.
A couple who has a history of running into controversy with the IRS is now facing criminal allegations of tax evasion and conspiracy to defraud the government. Both the couple and the attorney are facing years in prison.
There has been a lot of talk about obstruction in the media these days. In running speech, obstruction refers to the effort of one person unfairly refusing to let another person, or institution, do his or her job.
Although the term may have a negative connotation, a tax shelter is, strictly speaking, not always illegal or bad.
A famous photo, video and electronics store that is well-known as a Manhattan institution, B&H Foto & Electronics Corp, is now facing a lawsuit filed by the New York state Attorney General. The suit alleges that the store has been evading sales tax for years and owes the state's treasury over $7 million. The case illustrates how complicated sales tax civil litigation can, as the business and the government have two very different opinions about the case.
This blog recently reported on the fact that two famous real estate professionals and reality stars were facing federal tax evasion charges which they adamantly denied. Their case with the federal government remains pending.
Two reality starts that might be familiar names to residents of the Chicago area are now facing federal allegations of tax evasion and other federal charges. The couple has said that they are innocent of the criminal charges and have publicly blamed a former employee of theirs for the charges.
As is the case across the federal government, funding cuts have meant fewer agents in charge of pursuing criminal tax litigation in cooperation with federal prosecutors.
As this post has discussed before, a New Yorker can wind up in federal prison for tax evasion. Specifically, after a conviction for tax evasion, a court can order the guilty party to spend up to five years behind bars.