Ghost Employers are those nefarious employers who withhold payroll taxes from their employees’ paychecks but fail to submit the withheld payroll taxes to the IRS as required. These employers are dubbed Ghost Employers and use the funds instead for their company or for...
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Treasury Reports $159 Million Ordered in Restitution
In a report from the Treasury Inspector General for Tax Administration (TIGTA) concerning its COVID-19 Fraud Enforcement Task Force, the agency reported that $159 million has been ordered in restitution related to fraud connected to programs offered during the...
Lawyers Benefit from Minimum Wage Hike
Thanks to the complexity of our labor laws, attorneys and accountants stand to benefit from Assembly Bill 1228 which went into effect April 1st. (link to AB1228 - https://legiscan.com/CA/text/AB1228/id/2843232) Nothing is ever as straightforward as it seems when it...
Online Options for Paying Taxes and Payment Plans
The IRS has several online options to assist taxpayers with timely payments to reduce or eliminate late fees and penalties. Once the taxpayer creates an online account through the IRS’ online portal, the taxpayer can choose among options to pay including Direct Pay,...
DOJ Wants Criminal White-Collar Whistleblowers
Often times when someone is charged with a crime, that person may have a chance to significantly reduce their sentence by sharing relevant information with the Department of Justice about other criminal activity previously unknown to the department. Many defendants...
THE IRS ADVISES ON CRYPTO, GIG ECONOMY, AND OFFSHORE ACCOUNT REPORTING
Several federal tax returns now have a “yes” or “no” question regarding cryptocurrency transactions. The IRS has provided information to remind taxpayers what must be reported, and when the taxpayer may answer “no” to the question. Similarly, the IRS reminds taxpayers...
IRS GOES AFTER HIGH INCOME TAX EARNERS
The IRS is after some 125,000 taxpayers with financial activity over $100 billion! The individuals will first receive a letter asking that they file a tax return for all years between 2017 through 2021 for which no tax return has been filed to date. Additional...
KNOW BEFORE FILING – IRS PRACTICAL TIPS
The IRS reminds taxpayers to wait until they have all of their tax documents to file their tax return each year. And to carefully review those records for any errors. As a tax attorney, I have seen numerous documents prepared with errors resulting in significant...
PROPOSED RULES TO STOP MONEY LAUNDERING IN REAL ESTATE TRANSACTIONS
The Financial Crimes Enforcement Network (FinCEN) has proposed new rules to deter money laundering in residential real estate transactions in the United States. The rule would require certain real estate professionals who handle closing transactions and settlements to...
IRS WARNS PREPARERS OF NEW EFIN SCAM
The IRS has announced upcoming training and other information for tax preparers to warn them of recent scams including fraudsters impersonating various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs). To read the complete IRS...
