According to DoJ. a Germantown, Ohio businessman who controlled the operation of an anti-aging skincare business in Dayton, Ohio was sentenced to 33 months in prison following his November 2017 conviction by a federal jury on seven counts of filing false corporate, individual, and private foundation tax returns. According to court documents and evidence presented at trial,…
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IRS' Collection Upheld Even Though Taxpayer Issued Check Directing Application of Payment
The majority of the Tax Court has determined that IRS didn't abuse its discretion in declining to apply proceeds of a levy as the taxpayers requested because the payment via levy wasn't voluntary. While the taxpayers had submitted a check to IRS, which would have been considered voluntary and which they would have been…
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Tax Return Business Owner Not Penalized for Returns He Did Not Sign
A district court has determined on summary judgment in LOWERY v. U.S. that a return preparer who owned a tax preparation business was not liable for Code Sec. 6694 penalties with respect to returns that he didn't sign or help prepare. The court found that IRS failed to show that the preparer had any involvement with…
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Panama has Commenced Automatic Exchange of Information
Panama has commenced its automatic exchanges of information in order to meet OECD global standards, the government has announced. The country will be exchanging information with 33 countries. Panama’s CFO, David Hidalgo, Said That It Was Important for the Country to ‘Respect These Standards and Our Commitments so As Not to Be on a Black…
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