The Internal Revenue Service (IRS) needs to make improvements in the classification, prioritization, and inventory assignment processes for the Estate and Gift Tax Return Examination Program, according to an audit reportthat the Treasury Inspector General for Tax Administration (TIGTA) issued today. TIGTA found that IRS estate and gift tax examiners do not always follow estate…
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IRS Budget Cuts Results In Fewer Criminal Tax Investigations
According to Law360, Criminal investigations by the IRS reached their lowest levels over the past five years last year because of a reduction in IRS resources, according to a report by the Treasury Inspector General for Tax Administration. The office said there were "unfavorable trends" in criminal investigations of businesses due to declining resources, like budget…
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Utah Chiropractor Sentenced to Prison for Tax Evasion and Obstructing the IRS
An Orem, Utah former chiropractor, who also owned a health care products business, was sentenced to 33 months in prison for tax evasion and corruptly endeavoring to obstruct the internal revenue laws Louis Hansen, 65, was convicted following a jury trial in July. According to documents submitted to the court and evidence presented at trial,…
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IRS Provides Relief for Missing TINs for IGAs
Notice 2017-46 provides guidance for financial institutions required to collect taxpayer identification numbers (TINs) and dates of birth under temporary regulations under Chapter 3 or a Model 1 Intergovernmental Agreement (IGA) as follows: (1) With respect to foreign financial institutions (FFIs), this notice provides that FFIs in Model 1 IGA jurisdictions will not be…
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