Forbes - Even the IRS has limits. If you’ve ever been audited by the IRS, you may think going back three years is bad enough. The tax code generally allows the IRS to audit three years back, and six in some cases. The U.S. Supreme Court in U.S. v. Home Concrete & Supply, LLChas dramatically…
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Another FBAR conviction
On April 20, 2012, in a huge win for the government, a jury found Attorney Rick Matsa of Ohio guilty of one count of willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR). The Justice Department and Internal Revenue Service (IRS) announced on April 20, 2012 that attorney Aristotle “Rick” R.…
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States review more Federal Tax Returns looking for Additional Revenue.
The Internal Revenue Service made almost 9 billion disclosures of tax returns or return information in calendar year 2011 to Congress, federal agencies, and other entities allowed to receive the information in accordance with the tax code, the Joint Committee on Taxation said April 24. The total number of disclosures was higher than the 7.03…
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TAX GAP – Sources of Noncompliance and Strategies to Reduce It
Noncompliance cannot be attributed to a single source, but is found with a variety of taxes and categories of taxpayers, a Government Accountability Office (GAO) official said in congressional testimony on April 19. (GAO-12-651T). While individual income tax accounts comprise the largest segment of the tax gap, corporate income tax and employment tax are also…
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