Filing taxes is punishment enough without the vague threat of an IRS audit looming over our heads. For understandable reasons, the IRS insists on keeping the ins and outs of its auditing process on the murky side. After all how will the IRS catch the bad guys if you give them the rule book first? […]
You can’t have it both ways. More than one small business owner has either underreported his income or overstated his business expenses in order to save on income taxes. But that can come back to haunt them when they go to sell the business. While not universally true, most buyers base their offer on the […]
Crime doesn’t pay. Despite using money from crime to temporarily fund a lavish lifestyle, Rashia Wilson of Tampa, Florida, learned her lesson the hard way before a Federal District Court Judge in July 2013 when she was sentenced to 21 years of prison for Tax Fraud and Weapons Charges. She is also ordered to pay […]
Thanks to Big Data analysis and digital information-gathering tactics, the IRS employs a more watchful eye than ever especially with the fiscal challenges faced by the Federal government, the pressure for the IRS to recover lost revenue has never been higher. Conveniently enough, the IRS has made massive investments in its computing power and tools for […]
Unlike a civil tax examination, a criminal tax investigation has little to do with the assessment of additional tax. The purposes of a criminal investigation are (1) to detect suspected criminal tax offenses and (2) to refer those offenses for criminal prosecution. The government’s goal is to obtain a conviction that results in imprisonment, fines, […]
The IRS Criminal Investigation Division (“CID”) is made up of Special Agents who are duly sworn law enforcement officers who are trained to “follow the money”. CID may open up an investigation in higher profile cases as a result of coordination with the FBI, DEA, INS and other agencies. However, average citizens should not assume […]
An IRS Special Agent works for the IRS’ Criminal Investigation Division (“CID”). Special Agents are duly sworn law enforcement officers who are trained to “follow the money”. They investigate potential criminal violations of the Internal Revenue Code, and related financial crimes. Unless they are working undercover they will identify themselves with credentials which include a […]
Under the Foreign Account Tax Compliance Act (“FATCA”), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans’ and U.S. permanent residents’ offshore accounts worth more than $50,000. Institutions that fail to comply could effectively be frozen out of U.S. markets. The U.S. has entered into intergovernmental Agreements (“IGA’s”) with […]
Many criminal investigations start as a result of a referral from the civil side of the IRS. That is why for most taxpayers, a criminal investigation isn’t a first step, but rather the last step in a lengthy process to get you to resolve your tax debt even if it means that an IRS Special […]
Many people want to know what they are up against for failing to file and or pay by the tax deadline of April 15th so here are some things for you to consider. 1. Federal income tax returns are systematically checked for mathematical accuracy. If there is any money owed, you will be sent […]
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