tax crimes Archives

Countries taking a strict stance on crypto tax evasion

In the past year, bitcoin and other cryptocurrencies gained popularity among investors around the world. Cryptocurrencies exist as virtual tokens that allow investors to electronically transfer assets in a secure way using digital technology. However, they can present a multitude of issues when it comes time to report taxes.

IRS investigation of Maryland man leads to tax evasion charges

Reports from multiple casinos about the spending of a public official in Montgomery County alerted the Internal Revenue Service to the possibility of unpaid income taxes. The subsequent IRS investigation eventually uncovered the fraudulent activities of the chief operating officer for the county's economic development department. The 58-year-old man has entered guilty pleas as part of a plea agreement on charges of tax evasion, wire fraud and theft of county funds.

Income tax fraud

The year is almost over, and it will soon be tax time again. However, according to the IRS, a significant portion of taxpayers in Maryland and across the U.S. fail to adhere to the tax code when they file their returns.

Maryland woman sentenced in false tax returns case

A federal judge in Maryland has sentenced a 45-year-old Baltimore County woman to seven years in prison for identity theft and filing fraudulent income tax returns with the Internal Revenue Service. A jury returned guilty verdicts on 14 counts of wire fraud, aggravated identity theft and filing false tax returns on May 22.

Identities of delinquent taxpayers are released

The unpaid tax debt owed by 20 individual and 25 business taxpayers in Maryland totals over $12 million according to an announcement by the state comptroller. The names of the delinquent taxpayers were posted on the agency's website in an effort to compel them to pay their overdue taxes.

Report urges IRS to improve detection of fraudulent EIN use

Businesses in Maryland obtain their employer identification numbers from the Internal Revenue Service. A report prepared by the Treasury Inspector General for Tax Administration criticized the tax agency for its vulnerability to EIN abuse by fraudulent filers that steal existing numbers or gain numbers for fake business entities.

Cutbacks at IRS, agency still promises vigorous investigations

Taxpayers in Maryland and around the country were informed recently that IRS investigation and enforcement activity regarding tax crimes took a hit during the first year of the Trump Administration due to cutbacks in funding to the federal revenue-collection agency. Prosecution of IRS tax cases after allegations of federal tax crimes including tax fraud and tax evasion dropped by hundreds of cases during 2017.

How to protect against cyber tax scams

Maryland residents and small business owners may need to be especially wary of identity theft and other security issues during the tax filing season. This is because thieves may try to get a list of employee W-2 forms in an effort to get the information on it. Companies are urged to contact the IRS directly if they are the victim of a scam or believe that someone is trying to conduct a scam.

Rapper DMX pleads guilty to tax fraud

Maryland residents may be aware that the rapper Earl Simmons, who is also known by the stage name of DMX, has been accused by the federal government of hiding millions of dollars in income to avoid paying taxes. Simmons faced up to 44 years in prison after being charged with 14 counts of tax fraud in July, but reports indicate that the 'It's Dark and Hell Is Hot" singer has avoided this fate by entering into a plea agreement with prosecutors.

The basics of tax evasion

To understand tax evasion, Maryland residents should first know the tax process in more detail. When they file a return stating their yearly pay, the IRS will find their adjusted gross income by calculating deductions or expenses that cannot be taxed. Common deductions include business travel, educational expenses and charitable donations.

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