The Internal Revenue Service (IRS) must follow guidelines when it comes to the collection of taxes. What does this mean? A general rule of thumb: the IRS 10 years to collect taxes. Of course, this general rule does not always apply. There are exceptions and other...
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What happens in Vegas, doesn’t always stay in Vegas
An evening at the casino is an entertaining way to spend time. In some cases, those who stop in may leave with big winnings. Those who win at the casino may wonder if they can simply walk away with a little extra money lining their pockets, or if they need to report...
What should I know before I finalize an M&A deal?
Merger and acquisition deals (M&A) can help entrepreneurs set their businesses up for growth. These deals can allow for expansion into a new marketplace in a number of ways. Two key examples include: Physical. An M&A transaction can allow a business to expand...
How long does the IRS have to collect my taxes?
The Internal Revenue Service (IRS) has a time limit on when they can collect taxes. This time limit, referred to in the legal world as a statute of limitations, is generally set at ten years from the date the federal government assess the taxpayer’s tax bill. It is...
Two important lessons from the “biggest ever” tax evasion case
Federal prosecutors recently charged Texas billionaire Robert Brockman with multiple tax crimes. Officials state this is, to date, the largest tax evasion crime the country has seen. Mr. Brockman, arguably one of the nation’s most prominent philanthropists, now faces...
IRS offers additional relief for taxpayers facing COVID-19 struggles
COVID-19 continues to make life difficult for taxpayers throughout the country. In response, the Internal Revenue Service (IRS) recently published a notice outlining new relief options for taxpayers who are struggling due to COVID-19. The agency is also encouraging...
Does my business qualify for tax-exempt status?
A tax-exempt organization is one that does not have tax obligations. The government provides this incentive to encourage businesses to help better their communities. As a result, organizations that provide a valuable service to the community may qualify for tax...
Am I at risk for a tax audit?
Tax audits are investigations that check to see if you paid your taxes. These investigations will dig into what income and assets you reported, deductions taken and whether or not you were honest with the government. If the investigation results in evidence of a...
FinCEN botches FBAR deadline, offers compromise
The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently reported an extension to the Report of Foreign Bank and Financial Accounts (FBAR) deadline. The agency, which oversees this form, notes the extension is the result of...
Court puts limits on prosecutorial discretion for criminal tax charges
In 2018 the Supreme Court of the United States (SCOTUS) has essentially narrowed the ability of prosecutors to pursue criminal tax charges. The change was part of a recent holding, Marinello v. United States, where SCOTUS stated that obstruction charges for these...