What are IRS Crimes Relating to Tax-Deferred Retirement Accounts?
We could see an increase in criminal charges as the Internal Revenue Service scrutinizes tax-deferred retirement accounts for potential fraud.
What Makes a Trust a ‘Foreign Trust’?
Because foreign trusts have different taxation requirement, it is important to note the difference between a U.S. domestic trust and a foreign trust. There are a couple tests you can use to make this distinction, one is by determining if a U.S. court has jurisdiction over the trust and another is by determining who holds the decision making powers for the trust. Knowing the difference helps to comply with tax requirements for foreign trusts.
Going After the Return Preparers: The IRS Letter 4523 and Beyond
Recently we have seen an increase in IRS Letter 4523, informing tax preparers they intend to conduct a comprehensive interview regarding concerns about returns they've prepared within the last three years. The preparer may face a penalty depending on the IRS's determinations. It is important to understand your options should you receive an IRS Letter 4523.
