The Internal Revenue Service was not wholly unaffected by budget cuts and the federal sequester, and saw many of its financial resources diminished as a result. In response, the IRS may lean on technology solutions to detect tax law violations and penalize criminals. However, the agency’s use of new data mining innovations has raised a [...]
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Tax law for American expatriates continues to be a hot topic of debate. While financial experts think that employees in this position may be getting the best of the tax system, many Americans living abroad say it’s actually punishing them. This is a particularly large issue for American executives who spend a major portion of their careers [...]
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A federal court in San Francisco has authorized the Internal Revenue Service to issue a John Doe summons to Wells Fargo for information on Americans with Foreign accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB). The FCIB is based in Barbados, has 18 branches in the Caribbean, according to Forbes. However, the institution holds [...]
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The Senate passed The Marketplace Fairness Act (the “Act”) and sent the bill for consideration to the House. The Act provides that internet retailers must collect sales tax on out-of-state transactions reversing the holdings of cases and interpretations of statutes that protected out-of-state sellers for decades. There is a long history of case law that [...]
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The Internal Revenue Service has relied heavily on its Voluntary Offshore Disclosure Program to find tax law violators and recoup billions in hidden or unreported offshore tax funds, penalties and interest. However, a new government report reveals that the number of individuals reporting hidden income is on the rise, but some may be relying on [...]
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Grammy-winner Lauryn Hill will be required to serve a prison sentence for tax evasion, a court ruled this week. In a federal court in Newark, New Jersey, U.S. Magistrate Judge Madeline Cox Arleo sentenced Hill to three months in prison for her failure to pay income taxes on more than $1.8 million in earnings between 2005 [...]
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Are Bitcoins Taxable? Bitcoins are becoming more visible and popular among consumers, and many investors are even focusing on the prospects that this digital currency may yield. As the demand for Bitcoins – which are used in a digital environment as real cash – increases significantly, the Internal Revenue Service may set its sights on [...]
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A U.S. Magistrate Judge has postponed sentencing for Grammy winner Lauryn Hill after she pleaded guilty to tax law violations, but she still must pay back taxes by May 3. In 2012, Hill admitted to failing to file tax returns from 2005 to 2007 on $1.8 million in income earned during that period. Although the [...]
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A growing number of companies across a variety of industries are changing their business designations in an effort to lower their liability under federal tax law. The New York Times exclusively reported on this increasingly common scenario, in which corporations that operate in several sectors – including prisons, casinos and infrastructure – are classifying themselves [...]
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The Internal Revenue Service is receiving a great deal of criticism after allegations that it relies on social media and emails as an investigative tool into potential tax law violations being committed by Americans. For example, if a person submits a suspicious tax return in which they claim little income, but then post pictures of a [...]
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