IRS using Data Analytics to Uncover Criminal Arrangements
IRS using Data Analytics to Uncover Criminal Arrangements article appeared on JD Supra on 8/20/19. IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and prosecute federal income tax crimes. IRS-CI uses data analytics such as models, algorithms, and the millions of records and evidence that IRS-CI has at hand to help […]
When do you need an IRS Certifying Acceptance Agent?
When do you need an IRS Certifying Acceptance Agent? Article appeared at JD Supra on 8/15/19. There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a Taxpayer Identification Number (TIN) to file certain tax forms and schedules including IRS […]
Does it make sense to go from an S-Corp to a C-Corp?
Does it make sense to go from an S-Corp to a C-Corp? Article appeared at JD Supra on 8/9/19. IRS defines an S-Corp as a corporation whose shareholders make the election to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. The owners of an S-Corp report the “flow-through” […]
What is an Abusive Tax Trust?
What is an Abusive Tax Trust? Article appeared at JD Supra on 8/9/19. In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and benefit. IRS has been reporting that Trusts are used for abusive tax schemes to hide true ownership of assets and income, […]
Understanding how Taxpayers may Appeal to the IRS Office of Appeals
Understanding how Taxpayers may Appeal to the IRS Office of Appeals was published by JD Supra on 7/16/19. IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to help Taxpayers resolve their tax disputes through an informal, administrative process, and through weighting […]
Will the IRS Integrated Modernization Business Plan Work?
Will the IRS Integrated Modernization Business Plan Work? was published by JD Supra on 7/19/19. On April 18, 2019, IRS released the IRS Integrated Modernization Business Plan April 2019(Plan) – a six year Plan designed to modernize the IRS’ technology systems, improve Taxpayer services and protect Taxpayer data. According to IRS, the Plan will cost between […]
Tax Scams put Taxpayers at Risk
Tax Scams put Taxpayers at Risk was published by JD Supra on 7/9/19. The IRS produces a yearly list of Tax Scams known as the Dirty Dozen that Taxpayers may encounter. IRS reiterates that Tax Scams put Taxpayers at Risk when it releases its list of Dirty Dozen Tax Scams. These aggressive Tax Scams that […]
Is There an Anti-Money Laundering (AML) Component to the Revision of the IRS EIN Process?
Is There an Anti-Money Laundering (AML) Component to the Revision of the IRS EIN Process? was published by JD Supra on 6/25/19. An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to identify a business entity such as a sole proprietorship, corporation, partnership, estate, trust, and other entities […]
IRS can Prove that a Taxpayer Under-Reported Income
IRS can Prove that a Taxpayer Under-Reported Income was published by JD Supra on 6/18/19. There are Taxpayers that understate income, overstate expenses and present fraudulent claims on their tax returns for credits and deductions. These Taxpayers run the risk of being identified by the IRS and having IRS determine the Taxpayer’s taxable income (taxpayer […]
Taxpayers can be Embarrassed when IRS Contacts a Third-Party
Taxpayers can be Embarrassed when IRS Contacts a Third-Party was published by JD Supra on 6/18/19. Under Internal Revenue Code (IRC), Subtitle F – Income Taxes, Chapter 78 – Discovery of Liability and Enforcement of Title, Subchapter A – Examination and Inspection – Section 7602, the IRS has the authority to contact a Third-Party. IRC […]
Auditors are required to be “Independent” of their Audit Clients
Auditors are required to be “Independent” of their Audit Clients was published by JD Supra on 4/23/19. The Sarbanes-Oxley Act of 2002 (SOX) mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent auditor, and the Securities and Exchange Commission (SEC) rules are designed to ensure that auditors […]
Understanding a Personal Representative
Understanding a Personal Representative was published by JD Supra on 4/16/19. A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate. Any income those assets generate is also part of the estate […]
