By Kate Dodson
Penalty Assessments Are Increasing
The IRS has rapidly increased audits of tax returns that report micro captive transactions. Specifically, since November 1, 2016, the IRS has deemed the micro captive insurance transactions to be listed transactions. In 2018, the IRS included the micro captive insurance transactions as one of its dirty dozen tax scams.
By Kate Dodson
The IRS updated its Offer in Compromise booklet and released new forms for the Offer in Compromise program. The revised forms can be found at https://www.irs.gov/pub/irs-pdf-f656b.pdf.
In March 2019, the IRS updated the IRS Forms 433-A and B (OIC), the Collection Information Statements for Individuals and Businesses.
By Kate Dodson
One of the most common questions I am asked when I tell people that I am tax attorney is whether the filing of an extension to extend the due date of their income tax return increases the risk that their tax return will be audited. The IRS allows taxpayers to file an extension request by filing an IRS Form 4868 by the April 15th deadline.
By Kate Dodson
The IRS is increasing its focus on prosecuting business owners for delinquent federal employment tax liabilities. Specifically, in March 2017, the Treasury Inspector General for Tax Administration (TIGTA) published a report detailing how employment tax crimes have become a major problem for the IRS. In this report, the TIGTA noted that as of December 2015,
By Kate Dodson
Oftentimes, and particularly during the recent financial crisis years, businesses fall into financial distress, and business owners decide to temporarily, but illegally, “borrow” funds from the IRS by failing to pay over to the IRS the payroll taxes they withheld from their employees’ wages. The more common scenario is that the business never had enough funds to withhold the taxes in the first instance.
By Kate Dodson
As we move into 2015 (a.k.a. “the second “transitional” year of the implementation of the Foreign Account Tax Compliance Act) it is very important to understand the impact this Act has on your business. This Act, known as FATCA, was implemented to attempt to curb tax evasion by requiring and encouraging the voluntary reporting of foreign financial assets by U.S.
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