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.
When does a tax crime equal prison time?
Does willful v. non-willful matter when it comes to 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.
Judge sentences family to jail after inheriting hidden account
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.
Imminent Deadline for VA Taxpayers to Qualify for Tax Relief Refund
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.
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.
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.
High value art and accusations of tax evasion
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.
Danish offshore accounts target of latest crackdown
The Danish government is looking to hold bank executives accountable for illegal use of offshore accounts, according to a recent report by Bloomberg. The push is the result of Danish lenders becoming a hub for money launders.
Manafort’s tax crime defense, explained
Former campaign chair manager for President Donald Trump, Paul Manafort, is currently facing criminal charges. The charges, which include tax evasion, can come with serious criminal penalties. These penalties can include very high monetary fines and potential imprisonment. In this case, Mr. Manafort faces a sentence of lifetime imprisonment.
5 face criminal charges for FATCA violations
The Department of Justice recently indicted five individuals for obstruction of the Internal Revenue Service’s (IRS) administration of the Foreign Account Tax Compliance Act (FATCA). These individuals allegedly agreed to open offshore accounts without collecting required FATCA information. The agency accuses these individuals of scheming to evade reporting requirements.
