Washington DC Tax Law Blog

Will the IRS use blockchain to fight tax evasion?

The Internal Revenue Service (IRS) has increased its efforts to track down those who are attempting to avoid U.S. tax obligations through use of the blockchain. The agency is using the technology in two ways. First, the IRS is looking into those who use cryptocurrency to hide assets and second, the agency is looking to use the technology as a tool in the fight against tax evasion.

Reminder: File to renew ITINs before end of 2018

The Internal Revenue Service (IRS) requires those who do not have a social security number but still have tax obligations to file taxes using an Individual Taxpayer Identification Number (ITINs). These numbers

The IRS reports over 1.3 million ITINs will expire this year.

2 takeaway lessons from the IRS publication for upcoming tax year

Determining tax obligations is rarely an easy task, but it is likely to be even more difficult for the 2018 tax year. The passage of the Tax Cuts and Jobs Act (TCJA) led to major changes in the tax code. Some of these changes are relatively obvious to navigate, others are extremely complicated.

In an effort to help ease the process, the Internal Revenue Service (IRS) recently published some guidance.  Two specific tips that apply to most taxpayers from the publication include:

US taxpayers with foreign accounts at increased risk of audits

It is not uncommon, or illegal, to have foreign bank accounts. However, there are situations where United States tax law requires taxpayers to report the presence of these accounts to the Internal Revenue Service (IRS). 

But what happens if a taxpayer fails to report this asset? Those who do not report the accounts are likely to receive notification from two different sources: the foreign institution holding the account and the IRS.

How does the new tax law impact deductions for small businesses?

President Donald Trump pushed major tax reform into law at the end of 2017. These changes to the tax code will impact tax filings for the 2018 tax year. It is very likely that the changes will impact most small businesses throughout the country.

What can taxpayers learn from the Trump family?

A recent publication in the New York Times has led to some questions about alleged wrongdoing by the Trump family. The wrongdoings center on allegations of tax fraud and have raised a number of questions throughout the country.

For example, how does the IRS choose to review a taxpayer’s filings? Often, these reviews are the result of a whistle blower action. A recent report by Forbes notes the IRS collected more than $3.6 billion from whistle blower actions that involved ex-spouses or employees turning earn their former partners or employers.

How does the IRS substantiate charitable donations?

The Internal Revenue Service (IRS) may not take your claim of a charitable donation at your word. In some cases, the agency may require additional information to substantiate the claim. Just how the agency goes about substantiating the claim can vary, but three specific things the IRS tends to expect in these situations include:

Chiropractor faces ten years in prison for failure to file FBAR

The Internal Revenue Service (IRS) continues its crackdown on the failure to report foreign assets. A recent case provides an example. In this case, the IRS has accused a chiropractor of tax evasion.

The agency’s accusations are based on two charges:

3 lessons from recent FATCA conviction

The United States government has convicted a former chief business officer and chief executive officer of an off-shore bank with locations in Budapest, Hungary, St. Vincent and the Grenadines for a failure to comply with the United States’ Foreign Account Tax Compliance Act (FATCA).

Government builds a case: Undercover agent poses as client

Man gets 18 months and $600,000 bill for tax evasion

The Internal Revenue Service (IRS) does not take allegations of tax evasion lightly. The agency suspects a taxpayer has committed this crime, it will investigate and pursue charges. A recent case provides an example.

Was a taxpayer hiding assets?

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