On December 13, 2016 we posted Treasury Releases Their Report On The IRS Whistleblower Program where we discussed that it can take from five to seven years, or more, for the IRS Whistleblower Office to make a decision about whether to pay an informant for information about individuals or businesses that don't pay all of…
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Tax Court Held That IRS Didn't Accept Taxpayers' Offer When it Cashed Their Check
The Tax Court has held, for a number of reasons, that IRS didn't accept the taxpayers' offer in compromise (OIC) when it cashed their check that accompanied the OIC and then, approximately 100 days later, refunded the taxpayers' payment. The Court also held that, where a taxpayer is a shareholder in an S corporation, the…
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Texas Tax Evader Pleads Guilty To Disguising Royalties as Scholarships PaymentsThrough Panama
A resident of College Station, Texas, pleaded guilty on May 26, 2017 to conspiring to defraud the United States by using offshore accounts in Panama to conceal more than $1.3 million in royalty income that she earned from oil wells. According to documents and information provided to the court, Joyce Meads, 73, admitted that…
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Last Chance To Come Clean … Automatic Exchange of Information Reporting Is Imminent!
On May 23, 2017 we posted May 31st Is Deadline For CRS Reporting where we listed the 50 Jurisdictions which will begin to exchange information in 2017. Now HMRC has reminded financial institutions that the deadline for reporting their clients' accounts under the Automatic Exchange of Information rules falls in less than a week's time. Returns must…
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