Perhaps you moved to Barbados for the surf and sun when you were 23 years old. Struggling to make ends meet, you set up a modest tourism company on the island. Over the last 30 years, it's grown into a multi-million-dollar business.The thing is, all your business...
Tax Crimes
Tax season 2017: a hurry up and wait proposition
A delayed federal tax filing date of April 18 may not lead to a much longer wait in receiving your tax return. However, millions of taxpayers who file on day one of the tax-filing season, January 23, may not see their refunds as soon as they would like. What likely...
Not filing your taxes can be disastrous
Maybe there's another world, another reality, where people can just not file their taxes to the Internal Revenue Service and everything works out just fine. But in our world, not filing your taxes is definitely a problem that will cause the non-filer to suffer many...
New IRS data filters caught $4.1 billion in suspected tax fraud
The IRS added 23 new data elements to its tax return computer system filters this past tax season. The objective of these enhanced features was to locate instances of identity-theft related tax fraud. These efforts are being made to protect taxpayers from identity...
CPA or lawyer: Who do you need for your tax issue?
When you have a tax issue to resolve, it can be difficult to know if the matter is best resolved through a certified public accountant (CPA) or a qualified tax attorney. In most situations, the particular circumstances will determine if one or the other, or both, are...
Restaurateur receives jail time for hidden, Swiss accounts
Rowen Seibel, a well-known restaurateur, was sentenced to one month of jail time and 300 hours of community service for hiding more than $1 million from the IRS. He hid the funds by using a secret Swiss bank account and Panamanian shell company.It may seem like Mr....
When the IRS comes calling, ask for your attorney
Special agents from the IRS Criminal Investigation Division want to talk to you. What do you do? In an effort to seem cooperative, you may agree to answer their questions. This is often a mistake. In fact, the wisest approach is the same as it would be for law...
Tax negligence vs. tax fraud: the difference means a lot
It may seem that the difference between tax negligence and tax fraud are trivial. However, these are legally two very different types of illicit actions that taxpayers may commit when filling out their tax returns. Accordingly, they have different definitions and...
Maryland officials praise new tax fraud detection system
In Maryland, finding fraudulent state income tax returns is the job of the Comptroller of the Treasury’s office, through that agency’s Bureau of Revenue Estimates’ Questionable Return Detection Team. In years past, the job was overwhelming, with a staff of 20 sifting...
Couple charged in federal court with spending payroll tax money
The federal government expects Rockville businesses to withhold payroll taxes from their employees -- and to hand over that money to the IRS. When authorities believe that a business has failed in either step, they will bring serious federal charges against the...