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While it may seem crazy to notify the Internal Revenue Service (IRS) that you have potentially broken the law, it often outweighs the risks of the agency discovering that you have failed to disclose and pay taxes. That’s because the IRS is authorized to impose significant civil and criminal penalties against you. Paying Taxes on […]

The U.S. Supreme Court decided that inherited Individual Retirement Accounts (IRAs) do not qualify as retirement funds and are not exempt from claims of creditors under the Bankruptcy Code §522(b)(3)(C). The Supreme Court resorted to the plain meaning of the words and held that retirement funds are sums of money set aside for an individual […]

IRS published new regulations in January that would upset 25 years of treatment of the allocation of liabilities.  Under current rules, the determination of whether a liability is recourse to a partner (or related person) is determined by whether the partner has an obligation to make a contribution to any person because a liability is due and payable and […]

A large number of small, mid-market, and large companies nationwide are failing to comply with the Internal Revenue Service rules that govern worker classification status, a new report reveals. The Treasury Inspector General for Tax Administration, looking to ensure tax compliance, released new findings that show many companies who continue to misclassify employees as independent […]

In another example of international cooperation to quell Norwegian tax evasion, a quiet investigation is expected to reveal the identities of Norwegian taxpayers with secret U.S. bank accounts and of residents of Norway who should be, but aren’t, paying taxes there. Federal courts in six U.S. states have granted the Internal Revenue Service permission to […]

As the Internal Revenue Service attempts to close the multibillion-dollar tax gap, a large portion of its resources are being geared to combat tax fraud involving sizable assets. This includes offshore tax havens, tax evasion, and, as of late, unpaid or incorrectly calculated estate taxes. However, recent crimes relating to sophisticated identity theft rings have also […]

The Internal Revenue Service, lawmakers and Americans began paying more attention to the International Consortium of Investigative Journalists following its public release of hundreds of names and financial details of offshore account holders in April. Now, the ICIJ has released a new report, which gives the public access to extensive offshore tax haven records through its new […]

The Internal Revenue Service was not wholly unaffected by budget cuts and the federal sequester, and saw many of its financial resources diminished as a result. In response, the IRS may lean on technology solutions to detect tax law violations and penalize criminals. However, the agency’s use of new data mining innovations has raised a […]

Puerto Rico is categorized as an unincorporated territory of the United States, and this designation has facilitated its current efforts in appealing to wealthy Americans and corporations. The small island has launched a campaign encouraging wealthy individuals to relocate to shield future income from the Internal Revenue Service without giving up their passports, according to Bloomberg […]

A U.S. District Court acquitted Jimmy Pflueger, an 87-year-old retired auto dealer, of four federal tax fraud charges. Pflueger, who founded a string of dealerships, was charged with several tax law violations, including filing false tax returns, hiding roughly $15 million in offshore Swiss bank accounts, and failing to pay roughly $27.5 million in taxes […]

When it come to ensuring Social Security, Medicare and federal income taxes are deducted from workers’ paychecks and contractors are classified correctly, existing tax law places these obligations solely on employers. However, new guidelines proposed by the Internal Revenue Service may shift some of the liability onto third-party payroll providers, employer organizations and employee leasing […]

The Internal Revenue Service won a major victory in a high-profile tax shelter case that may carry costly implications for multinational corporations. A federal U.S. Tax Court handed down a ruling that bars Bank of New York Mellon from claiming millions of dollars in foreign tax credits arranged by Barclays. The case involves complex tax […]