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,
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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
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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
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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
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An effective compliance program can help diminish an organizational criminal fine
An effective compliance program can help diminish an organizational criminal fine. Article appeared at JD Supra on 7/30/19. On April 30, 2018, the Criminal Division of the US Department of Justice (DOJ) released a guidance document regarding corporate compliance programs. The
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If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA)
If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA) article was published by JD Supra on 7/23/19. FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether
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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
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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,
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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
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Penalty of $25,000 for Foreigners with a 25% ownership stake or control of a U.S. legal entity that fail to file Form 5472
Penalty of $25,000 for Foreigners with a 25% ownership stake or control of a U.S. legal entity that fail to file Form 5472 was published by JD Supra on 7/9/19. Form 5472 is an Information Return of a 25% Foreign-Owned
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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
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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
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