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Tax Crimes Archives

Foreign trusts & gifts can require a special tax form

In some cases, those who conduct certain qualifying transactions using a foreign trust, those who own a foreign trust or those who receive a gift or bequest from a foreign person must file special tax documentation. It is important to make sure these dealings are in compliance with tax laws, or else harsh penalties can apply.

Foreign financial institutions must renew agreement with IRS

The Internal Revenue Service (IRS) is not relaxing its crackdown on the proper taxation of foreign financial accounts. Part of the agency’s efforts include requiring foreign financial institutions (FFIs) to provide the agency with information about persons from the United States that hold accounts within their institutions.

Underreported income, part 2: penalties and possible prosecution

In the first part of this post, we discussed the scenario of getting a computer-generated notice informing you that the IRS is proposing changes to your return. This can happen when the income you reported doesn't match information the IRS has received about your income from employers, banks or other third parties.

IRS agrees to give identity theft victims access to fake returns

Whenever financial information is sent over the Internet, you can rely on hackers and identity thieves to try to take advantage of the situation. And, as we've discussed before on this blog, that means both federal and state tax returns have been tempting targets for fraud and identity theft.

Wow! Somebody did my state taxes for me. Wait a minute ...

Picture this: You've filed your federal income taxes via TurboTax and everything went fine. You've now received the document you were waiting for, and it's time to file those state taxes. You log into TurboTax, and ... your state taxes have mysteriously been e-filed.

Every Tax Problem Has A Solution

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