Money Doesn’t Solve Everything While Traveling Abroad

Avid travelers can navigate through unfamiliar territory with ease. There’s an understanding that differing cultural norms will create differing legal frameworks. What may be considered an acceptable practice in one country might be vehemently condemned in another. In some countries, it’s necessary to dress a certain way, in others, substances considered illegal in the U.S. are totally acceptable. A commonly heard Read More

Can Failing to Pay IRS Collections Lead to a Criminal Conviction?

The United States has a long-standing tradition of freedom from debtors' prisons. This tradition is rooted in the belief that people shouldn’t be imprisoned for their inability to pay their debts. However, there are some cases where the failure to meet financial obligations can be considered a crime. In recent years, there has been an uptick in cases involving criminal failure to pay. This trend has raised Read More

Ruling in Farhy v. Commissioner Shakes Up IRS Penalty Assessments

The Farhy v. Commissioner case marked a groundbreaking moment in the U.S. Tax Court's history, potentially reshaping how the IRS handles international information return penalties. This case revolved around a critical question: does the IRS possess the authority to impose certain penalties as stipulated by the Internal Revenue Code (IRC)? This case specifically applied to the IRC reporting obligations tied to Read More

Can’t Pay Back The IRS Right Away? You Still Have Options

If you find yourself in a situation where you owe the IRS more money than you can pay, it’s undeniably stressful. This can and does happen to taxpayers all the time, so it’s not a reflection of you as a person or your ability to stay fiscally responsible. It’s important to keep in mind that no matter how disastrous the situation may seem, the worst thing you can do is attempt to avoid the consequences by doing Read More

What You Can Learn From the Top IRS Criminal Investigations

The Internal Revenue Service (IRS) Criminal Investigation (CI) division has ramped up resources for enforcing the law. Each year, the IRS CI highlights the top cases that have made a significant impact on the detection and prosecution of tax crimes. In this blog post, we will explore two of the top IRS criminal investigations of 2022. These cases can provide insights into the importance of tax compliance and the ways Read More

Are Gifts, Prize Winnings, and Non-Cash Bonuses Taxable? What You Need to Know

Few things are more exciting than receiving a valuable gift or winning a cash prize. When you place your bets, the last thing you’re thinking about is how your winnings will impact your taxes. Unfortunately, these amazing events still have tax implications, so it’s important to understand the rules in order to avoid tax liabilities and enjoy the benefits. This post will explore some of the basics of gifts, prize Read More

Cryptocurrency Trends and The IRS

Cryptocurrency, or digital currency, has skyrocketed in popularity in recent years. More people are investing in digital assets like Bitcoin, Ethereum, and Dogecoin due to their increased accessibility. Non-Fungible Tokens (NFTs) have also made huge waves in the investment world as a similarly appealing alternative to the stock market. However, like any investment, there are many tax considerations to take into Read More

Businesses Beware: Trust Fund Recovery Penalties

As a business owner, hiring employees has a lot of positive implications for your growth opportunities. However, your tax obligations also become a lot more complicated with every paycheck you cut. Employment taxes are an inevitable part of income, but failure to pay them can lead to harsh penalties and criminal charges. Understanding your obligations as an employer is an essential part of running your Read More

Common Defenses in White Collar Crime Cases: Analyzing the Strategies Used to Defend Against Allegations of White Collar Crime

Being accused of a white-collar crime like fraud, embezzlement, or tax evasion can have serious consequences if convicted. The federal government is especially vigilant when it comes to white-collar crime and provides extensive resources to the enforcement agencies that seek to prosecute the perpetrators. However, the right legal team will have resources of their own and the experience to effectively defend clients Read More

Strategies for Managing Complex Tax Audits

When it comes to managing complex tax audits, individuals and businesses can often find themselves feeling overwhelmed and unsure of the best course of action. It doesn't matter what your financial situation looks like; an audit from the IRS is a nerve-wracking experience that all taxpayers dread. If someone is found guilty of tax fraud, evasion, failure to pay, or other tax crimes, there are steep penalties, Read More