While the IRS has spent years developing methods to find and prosecute people and businesses who commit tax fraud, they have recently begun ramping things up in order to make their efforts more effective. As a result, more people are being audited, and even more discrepancies are being found. In…
The Internal Revenue Code (IRC) requires taxpayers to provide information to the IRS about a wide variety of foreign transactions. This includes the creation of a trust in a foreign country or the transfer of money to that trust. In early March 2020, the IRS issued Rev. Proc. 2020-17, which…
Paying taxes involves disclosing a vast amount of personal information about oneself, one’s family, and one’s business to the IRS. If you seek the assistance of an accountant or other tax preparer, your personal information makes an additional stopover on its way to the government. Unfortunately, the wealth of information…
Failure to file returns and disclosures with the IRS on time can result in substantial penalties. This can include civil fines and, in some cases, criminal prosecution. The IRS has several ways for taxpayers to file documents or amend filings late without incurring the full penalty. The Voluntary Disclosure Program…
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