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The Treasury Inspector General for Tax Administration has reported that the amount of tax fraud perpetrated by prison inmates has risen upwards of 1,000 percent over the past 10 years. Reportedly, these tax crimes tend to go unpunished for years at a time. Some...
Recently, in Watson, P.C. v. Unites States, 668 F.3d 1008 (8th Cir. 2012), the Court of Appeals held that the Internal Revenue Service (IRS) properly re-characterized S-Corporation distributions as wages and were therefore subject to employment taxes. Watson should...
Two Phoenix-area businessmen have been convicted of filing false federal income tax returns by concealing millions of dollars of assets in several secret Swiss bank accounts.On April 12, 2013, the U.S. Department of Justice (DOJ) announced that a jury...
Two Phoenix-area businessmen have been convicted of filing false federal income tax returns by concealing millions of dollars of assets in several secret Swiss bank accounts.On April 12, 2013, the U.S. Department of Justice (DOJ) announced that a jury...
For many California residents, tax time is stressful. Aside from the hassle of going through receipts and worries that there could be missed deductions, many fear that they will be subjected to tax audits as a result of their return. While there are a number of issues...
Recently, the IRS has publicly stated their position that there is no expectation of privacy regarding electronic communications, and that they may be able to view your electronic communications without a warrant.To read more, click here.
Domestic Entity filers for tax year 2012 are not required to file Form 8938. The IRS anticipates issuing regulations in the future that will require a domestic entity to file Form 8938; but, until such regulations are issued, only individuals must file Form 8938....
With the economic downturn the U.S. tax court has seen its fair share of cases tackling the limitation of real estate losses.In Hassanipour v. Commissioner, the U.S. Tax Court, held that a couple's losses from their rental activities were limited under IRC section...
A draft of IRS Form 8957, which will be used to register financial instutions for FATCA, has been relased. To learn more, click here to view the IRS' announcement.
Well, tis the season - tax season that is. Recently, the Internal Revenue Service released its annual list of tax scams, affectionately dubbed the "Dirty Dozen." The purpose of the annual list is to caution taxpayers and improve awareness about various tax crimes. The...
