IRS Fraud Referrals Dropped During Covid— But That’s Unlikely to Continue
Criminal investigations for tax fraud related referrals are on the rise.
Criminal investigations for tax fraud related referrals are on the rise.
If you have been charged with a tax crime, it is understandably worrisome, but the charge does not mean automatic conviction. Taxpayers have varying legal defenses that can be taken to challenge the charges.
Learn about the different tax professionals and when you might need a tax attorney to help solve your tax problems.
Up until now, holding cryptocurrency in accounts outside of the U.S. didn't garner any Internal Revenue Service reporting requirements. But after criticism from the Government Accountability Office (GAO), that time is coming to an end. This report is only the beginning of a growing trend toward m...
The IRS's Criminal Investigation Division (CID) works with other areas of the IRS to uncover fraud and income earned from illegal activities. This cooperation resulted in the IRS's CID uncovering $10 billion in tax fraud financial crimes for the 2020 fiscal year.
California rapper "Nuke Bizzle" faces 22 years in prison after creating a YouTube music video about defrauding the California unemployment system for almost $1.2 million.
The IRS now has information regarding U.S. individuals who have cryptocurrency and are sending out automated letters to these individuals. The letter from the IRS is numbered Letter 6174-A, and it states, “We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transaction involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.” In summary, if you invested in a cryptocurrency, or have a mining operation, you should be on the lookout for correspondence from the IRS regarding your involvement and make sure that you have properly reported all your income from virtual currency sources, including information returns (W-2s, 1099s).
In March 2018, the IRS announced that it would end its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. Now that the program is over, what options are available to taxpayers with criminal exposure that seek to resolve past failures to report?
The Department of Justice recently announced that it will begin arguing that offshore tax defendants should be sentenced under different guidelines that are based on the balances of offshore accounts rather than the tax loss from failing to report income from those accounts.
The IRS has a new Chief in charge of its Criminal Investigations division, and that means a renewed focus on traditional tax crimes (overstating deductions, underreporting income), and a new data-drive approach that will mean more tax crime investigations in Phoenix, and the surrounding cities.
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