According to a recent report by the Internal Revenue Service (IRS), those charged with a tax crime face a high rate of conviction. The agency recently reported it brought 91.2% of all taxpayers charged with a tax crime in 2019 to conviction. Of these convictions, 79% resulted in imprisonment with an average of 43 months to serve.
The Department of Justice (DOJ) recently announced the arrest, conviction and sentencing of a former Internal Revenue Service (IRS) employee. The crime: tax evasion.
It may seem like an innocuous crime that would come with, at most, a financial penalty. Unfortunately, this is not always the case. The Internal Revenue Service (IRS) does not take lightly to information a tax payer may be committing tax crimes.
Getting accused of a tax crime is a serious matter. The allegations can range from a relatively minor discrepancy that results in a financial penalty to major errors that lead to prison time. One of the key factors that will determine the severity of the allegations is whether the government claims the crime was willful.
Going through an inheritance after a loved one dies is a difficult and emotional time. In addition to the emotional turmoil, those who are left behind must also deal with the logistics that come with the estate.
On June 18, 2019, Virginia Governor Northam and the Virginia Department of Taxation released an important reminder to taxpayers, who still haven't filed individual income taxes, that returns must filed by midnight on July 1, 2019, to qualify for the Tax Relief Refund. Virginia implemented the Tax Relief Refund in response to the federal Tax Cuts and Jobs Act. Per the Tax Relief Refund, individual filers could receive up to $110, while married couples filing joint returns could receive up to $220. The release emphasized that the refund must not exceed the taxpayer's liability, and checks must be mailed out by Oct. 15, 2019. Finally, the release indicated some factors that can reduce the tax relief refund, including: (1) the Virginia Department of Taxation will withhold all or part of the refund and apply it to the taxpayer's outstanding Virginia state tax liabilities, and (2) the Virginia Department of Taxation will withhold all or part of the refund to help pay a taxpayer's delinquent liabilities with the Virginia local governments, courts or other state agencies, or the IRS.
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.
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.
The use of art to evade tax obligations is not a novel concept. As such, it is not uncommon for those who deal and purchase art to find themselves the subject of a tax evasion investigation.