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Oleg Tinkov, a Russian-born former U.S. citizen who renounced his U.S. citizenship three days after his assets rose to over one billion dollars, has agreed to pay over $500 million in taxes, penalties, and interest to the U.S. Treasury! Tinkov lied on his U.S. Initial...
Switzerland, Singapore, and South Dakota all have something in common…these jurisdictions are favored by the extremely wealthy for bank secrecy, which often includes tax evasion, money laundering, and other crimes including worker exploitation. In 2014, Trident Trust...
Recently the IRS released some tax tips for small business owners and self-employed individuals. One critical reminder for all business owners: correctly identify workers as either employees or independent contractors. Misclassifying an employee as an independent...
Times are changing, and more and more taxpayers are choosing to file their tax returns electronically – now 90% of all tax returns, 145 million in 2020, are electronically filed. Accordingly, at the end of this month, the IRS’ Fresno, California paper return...
Not surprisingly, in the EDD’s annual Labor Day Briefing the Department noted that registered nurses are the most in-demand occupations in California, along with operations managers for occupations identified as high-skilled. As we continue to recover form the...
Qualifying businesses may claim the Main Street Small Business Tax Credit for 2021, equal to $1,000 for each net increase in qualified employees, up to $150,000. The credit may be applied against sales and use taxes, or income taxes. To qualify for the credit, the...
Tax evaders can certain be creative when it comes to evading the assessment of tax, or evading the payment of tax, but they often get caught. This was the case for a Utah chiropractor who used a variety of tactics to avoid paying the IRS nearly $350,000 in tax. ...
The IRS is asking for help from tax professionals. This week begins the IRS’ 2021 Security Summit – a five-week campaign focusing on raising awareness of tax-related identity theft. The summit is aimed at tax professionals, who are often key targets of hackers and...
Last week, the IRS concluded its annual summertime “Dirty Dozen” – their list of the worst and most common tax scams to beware of. This year bred new scams relating to the pandemic, including Economic Impact Payment theft and Unemployment Insurance fraud. There was...
The IRS National Taxpayer Advocate, Erin Collins, has issued her annual mid-year report to Congress in which she identifies the impact the COVID-19 pandemic had on the filing season. The IRS completed the filing season this year with a backlog of more than 35 million...
