The Internal Revenue Code (Section 7501) states that payroll taxes withheld from an employee’s paycheck are held in trust for the United States and must be paid to them. Withholding these funds and then […]
The IRS continues to collect revenue under its Offshore Voluntary Disclosure Program (OVDP). To date it has brought in $5 billion in revenue. The penalties are varied and can be severe. Recently, the IRS […]
Some good news from Capitol Hill just emerged. In a prior blog, we noted that tax credits/deductions expire each year but the number expiring in 2013 was HUGE and included such heavy hitters as […]
By: Evan A. Nielsen With tax season now concluded, the questions typically turn to audits and their ramifications. And there are some surprising things happening already this year regarding audits. Here are just a […]
What I learned from an IRS Appeals Officer Over the years, I’ve had the opportunity to associate with IRS personnel at several levels. Each time, I’ve come away with additional insight as to the […]
A recent uptick in IRS summons litigation indicates an increase by the Service’s use of summonses to gather information and accelerate investigations. This has been confirmed in a speech given by IRS officials at […]
The IRS cracked the bank secrecy laws of Switzerland and it is aggressively pursing tax evaders and their Swiss enablers. But there has never been any reason why the IRS can’t head east and […]
The IRS has announced a program for small businesses that is similar to the Large Business Fast Track Settlement (FTS) Program. The IRS’s stated goal of the FTS is to “ resolve tax differences at […]
Billionaire Beanie Babies founder Ty Warner recently agreed to pay $53.6 million in tax evasion penalties and plead guilty to civil tax evasion. This is the largest foreign account penalty ever reported. Mr. Warner, […]
The U.S. continues its aggressive pursuit of unreported income from foreign bank accounts. But in one Swiss case it did not involve a U.S. taxpayer. Rather it involved a former UBS banker, Martin Lack, […]