IRS Dishes out $4.5 Million Whistleblower Award to CPA

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, Tax Planning & Compliance
Last week, the IRS awarded a check for $3.24 million to a small-town CPA as payment under the tax whistleblower program. The check represents an award of $4.5 million with about 28 percent withheld for taxes. While the whistleblower remains unidentified, his attorney Eric L. Young, from the law firm...
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U.S. Department of Justice and the Internal Revenue Service Expand Collection Efforts Internationally

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, International Taxation, Tax Planning & Compliance
As individuals and companies take advantage of international tax benefits or previously undetected avenues of sheltering money from taxes and creditors, the Internal Revenue Service (IRS) is now concentrating more of its efforts on overseas tax compliance and collection. IRS Commissioner Douglas H. Shulman called global tax administration efforts a...
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Collection News: The Internal Revenue Announces Changes to its Collection Program

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, Tax Planning & Compliance
On February 24, 2011, the IRS issued a press release announcing the steps it is taking to make its collection program to help individuals and businesses meet their tax obligations without adding an unnecessary tax burden to taxpayers.  IRS Commissioner Doug Shulman stated, "these steps are in the best interest...
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Audit Enforcement and Audit Plan Strategies

Posted on by Moskowitz LLP Posted in Business Law, Tax Planning & Compliance
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...
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IN 2010 -THE WORLD BECOMES SMALLER AND IS NOW TAX TRANSPARENT

Posted on by Moskowitz LLP Posted in Tax Planning & Compliance, International Taxation
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...
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White Collar Crime, Structuring

Posted on by Moskowitz LLP Posted in Business Law, Criminal Tax Law, Tax Planning & Compliance
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...
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