As the April 15th deadline for filing 2018 income tax returns draws near, practitioners may encounter some clients who don't have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. Financially distressed clients may be able…
Read more
DoJ Continues Enforcement Against Tax Crimes – Roundup of Recent Prosecutions
The deadline for filing federal income tax returns is fast approaching and nationwide tax season is in full force. During this hectic time of year, the Department of Justice’s Tax Division takes a moment to remind the public that year round, tax enforcement efforts are continually underway across the country. The Tax Division in collaboration…
Read more
Understanding IRS Tax Audits – Part I
Careful advance preparation can help reduce the scope of a tax audit or examination and can lead to a more favorable outcome. Although a thorough understanding of the underlying facts and applicable law is a must, understanding IRS procedures is critical to preserving a taxpayer’s rights. We summarize below and in Parts II & III,…
Read more
US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's – We Can Help!
On June 21, 2016 we posted US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's - We Can Help! where we discussed that we have been receiving a lot of calls from businesses who have recently received penalty notices regarding late filed or non-filed Form 5471 & 5472's. The Internal Revenue…
Read more
