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NPB Neue Privat Bank, a Swiss private bank based in Zurich, and the U.S. Department of Justice Tax Division signed a non-prosecution agreement on July 18, 2018, by which NPB will pay a $5 million penalty for aiding U.S. taxpayers in opening accounts to conceal assets...
The Internal Revenue Service (IRS) recently launched a new compliance campaign focused on S corporations and shareholder distributions. The three areas of concern include failure to report gain upon the distribution of appreciated property, failure to correctly...
The Internal Revenue Service (IRS) is going to be taking a closer look at virtual currency transactions in a new compliance campaign focusing on education and guidance efforts about reporting requirements for convertible transactions involving digital currency such as...
What do a U.S. Senator, the owner of an Albanian brokerage firm, an attorney who is a dual citizen of America and Israel, and a group of current and former U.S. citizen now living in Canada, Switzerland, and the Czech Republic all have in common? They have been denied...
The Internal Revenue Service (IRS) announced plans to consolidate the federal Forms 1040, 1040A and 1040EZ into a single Form 1040 for the 2019 filing season. The shorter form would be supplemented with schedules for more complex tax filing situations. Tax...
The California Franchise Tax Board (FTB) recently released an update about the 2018 tax filing season. As of May 31, 2018, the FTB had processed over 17 million personal income tax (PIT) and business entity (BE) returns. Ninety-one percent of personal returns and 85...
In a 5-4 decision, the Supreme Court ruled today that states may now require online retailers to collect sales taxes from consumers, regardless of where the business is located or the product is delivered. In 1992, the same court ruled that a business had to have some...
A resident of Saratoga, California, was recently convicted of filing false tax returns and making false statements to an Internal Revenue Service (IRS) agent during an audit. The taxpayer, who owns part of a home-based international trading business, failed to report...
Through the Tax Cuts and Jobs Act of 2017, taxpayers now have up to two years to file an administrative claim and bring suit for a wrongful levy by the Internal Revenue Service (IRS) where the IRS has already sold the property it levied. This time limit is a...
An Internal Revenue Service (IRS) supervisor in the Central District of California, Leslie Williams, was arrested this week on charges of theft of government property and making false statements. Williams allegedly embezzled federal funds and lied to obtain death...
