Washington DC Tax Law Blog

How will shelter in place orders impact tax obligations?

States throughout the country have issued shelter-in-place and stay-at-home orders in an effort to reduce the spread of COVID-19. Even those who have not received official orders may be taking similar actions on the advice of the federal government and medical professionals. Although social distancing may curb the spread of COVID-19, it could also result in unforeseen consequences. One example: tax issues. 

2 important lessons from recent income tax evasion case

The United States government recently accused an East Coast man of stealing money from his business. According to court documents, the accused had business interests in three businesses that operated largely in cash. The prosecution claims the accused took cash from these businesses and deposited it directly into his personal accounts.

DOJ accuses Israel's largest bank of helping hide assets

The United States Department of Justice (DOJ) recently announced the filing of criminal charges against the largest bank in Israel for attempting to hide assets for United States taxpayers looking to avoid their tax obligations. According to the DOJ, the bank actively hid assets for United States taxpayers from 2002 through 2014. These actions included opening accounts under pseudonyms and filing false federal tax returns.

IRS takes small business owner to court, claims tax fraud

The government recently accused a small business owner of various tax crimes. The woman owned a tax preparation business. The Internal Revenue Service (IRS) claimed she prepared false and fraudulent income tax returns. More specifically, the agency claimed the following violations:

Will courts ease jail sentences during coronavirus?

Although there is much we do not know about the novel coronavirus, we do know it spreads when large groups of people are in close contact. As a result, we have seen the virus spread within prison systems. This has led to some currently serving prison time, as well as those who are preparing for sentencing, to argue for leniency or the ability to serve the sentence at home to reduce the risk of exposure to the virus.

Will new tax deadlines help taxpayers with a big tax bill?

The Internal Revenue Service (IRS) recently announced another extension to tax deadlines. The agency’s most recent news release states the current extensions are expanded to include trusts, estates, corporations and other filers who would need to file and pay taxes between April 1,2020 and July 15, 2020.

This means that essentially anyone with any tax obligation can wait until July 15, 2020 to file and pay their taxes.

IRS raids business and owner's home, claims tax evasion

Two raids in one day. The Internal Revenue Service (IRS) decided to raid both a business owners' place of business as well as his private residence on the same day. These were not tax agents clad in black suits carrying briefcases. These were federal agents in full body armor carrying assault rifles gathering boxes of paperwork, computers and phones from both locations.

Employers: 3 things to know about the Employee Retention Credit

In response to the financial crisis caused by COVID-19, the newly enacted CARES Act has created a new payroll-related form of relief for employers. Coined The Employee Retention Credit, this relief measure allows eligible employers to obtain a refundable credit against the employer-only portion of social security taxes (or Railroad Retirement Tax Act taxes). 

As feds change tax deadlines, will states do the same?

Almost every year April 15 is known as the date when federal and state income tax filings are due. This rule is generally true, except for during 2020. The Internal Revenue Service (IRS) recently announced that it is extending the deadline to both file and pay federal income taxes to July 15, 2020. The move is designed to help provide some relief to taxpayers as we navigate the current coronavirus pandemic.

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