Audit Enforcement and Audit Plan Strategies

Audit Plan Strategies The Treasury Inspector General for Tax Administration (TIGTA) is responsible for monitoring and directing the IRS's activities.   Recently, the TIGTA estimated that taxpayers will owe $345 billion more than what they actually claim they owe on their income tax returns this year.  Because they are expecting this...

IN 2010 -THE WORLD BECOMES SMALLER AND IS NOW TAX TRANSPARENT

INTERNATIONAL TAX PREPARATION FOR BUSINESSES AND INDIVIDUALS On March 18, 2010, the Foreign Account Tax Compliance Act (FATCA) was enacted into law. The scope of FATCA is extremely broad. Almost every foreign financial institution is within reach of this new law.  FATCA requires any foreign financial institution that holds any...

White Collar Crime, Structuring

Federal law requires business and financial institutions to report currency transactions in excess of $10,000 in a single or “related” transaction within a twelve-month period. Businesses must file an IRS form 8300 and financial institutions must file a currency transaction report. Even though making a deposit or withdrawal greater than...

Tax Tales: Married Couples Filing Separate Taxes

In today’s age of technology we enjoy access to information at the push of a button. The latest advances in technology not only benefit us greatly, but also the government. After 9/11, the Patriot Act gave the government more access to financial institutions both domestic and foreign. Personal and business financial...

Wesley Snipes to serve three years in federal prison for not filing tax returns

Owing taxes is not a crime, but his willfully not filing a tax return is San Francisco, CA - It is not a crime to owe money to the IRS. If Wesley Snipes had filed his tax returns but couldn't pay he would not be going prison. Willfully not filing is where...