Significant Prison Sentences Handed Down in 2017! It’s that time of year again: tax season. The Justice Department would like to remind the public during this time of year that evading your tax obligations could end badly, with substantial fines and penalties, and even long prison sentences. Taxpayers are also reminded to be on…
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Even in Times of Declining IRS Tax Audits, It is Beneficial to Know How Are Tax Returns Selected for Audit?
The number of tax returns examined by the IRS drops every year, to the point where the agency now audits just 0.5 percent of all returns, but that still amounts to over a million adversely affected taxpayers. In order to determine how to respond to an IRS Tax Audit, it is helpful to understand how tax returns…
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Hiding $ Offshore on IRS Dirty Dozen List
Avoiding taxes by hiding money or assets in unreported offshore accounts remains on the IRS “Dirty Dozen” tax scams for 2018, the agency said in IR-2018-64. This long-running scheme to hide money in international accounts to avoid paying taxes has been a major focus for the IRS in recent years. Taxpayers should remain wary of…
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IRS ‘Dirty Dozen’ List of Tax Scams for 2018
The Internal Revenue Service concluded its annual "Dirty Dozen" list of tax with scams with its IR-2018-66 with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year. This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during…
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