The Internal Revenue Service released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant increase from previous estimates. The tax gap is the amount of estimated tax due,...
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Month: October 2023
Fraudsters Found Guilty for Billion-Dollar Syndicated Conservation Easement Tax Scam
Two tax shelter promoters were found guilty of conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false returns, and one was also convicted of money laundering. The defendants, Jack Fisher and James Sinnott,...
Employer Opportunities for New Employee Tax Credits from Targeted Groups
Employers considering hiring workers from one of several qualified categories can receive tax credits as a result of hires that comply with the requirements. The group of candidates can be certain veterans, ex-felons, certain individuals receiving assistance under a...
Donations of Art: The Latest IRS Scam
Recently a wave of unscrupulous promotors have encouraged taxpayers in the high-income brackets to purchase various types of art at what they allege to be discounted prices. The promotors may offer to store the art and arrange for an appraisal for the art before...
