A Brief Guide to the Different Types of IRS Audits

There are several reasons why the IRS might choose to audit you, from random selection to an actual problem related to specific activity (e.g. financial activity that doesn’t match up to what you reported on your return). Regardless of the reason, facing an IRS tax audit can be daunting. If you have received a notice from the IRS that your tax returns are being audited, the first thing to do is contact an experienced Read More

Got Offshore Accounts? 4 Tips for Staying Compliant

You often hear about people who have opened offshore accounts for illegal or less-than-savory reasons. However, there are many legitimate reasons for having a financial account outside of the US. For instance, banks in the US may not necessarily be the most secure, and we all know what happens when the economy tanks. Regardless of the reason for maintaining offshore accounts, there are complex rules and regulations Read More

5 Common Misconceptions About Misdemeanors

Getting convicted of a misdemeanor crime is no big deal...right? Well, not really. Like with felonies, some are worse than others, but all are things that should be taken very seriously. A misdemeanor is still a crime and, even though it might not be the worst crime, it’s still a crime nonetheless. But what does it really mean when you get convicted of a misdemeanor and how badly can it affect your future? The answer Read More

Swiss Bank ZKB To Pay $98.5M For Role In US Tax Avoidance

By Natalie Olivo Law360 (August 13, 2018, 8:50 PM EDT) -- Swiss bank Zürcher Kantonalbank has agreed to pay $98.5 million after admitting to helping U.S. clients dodge taxes by letting them stash money in undeclared accounts that used code names and shell companies, Manhattan federal prosecutors announced Monday. ZKB will hand over the amount as part of a deferred prosecution agreement, which the bank reached after Read More

A Brief Guide to the IRS Appeals Process

Dealing with the IRS is a headache, especially if you’ve already dealt with a problem and received a less-than-favorable determination about your tax dispute. At this point, it might feel like you’ve run out of options and just have to get on with paying what the IRS has determined that you owe.  But the fight is not yet over. The IRS Office of Appeals is an independent organization within the IRS that helps Read More

Tax Law: Doubts as to Liability and Collectability

Dealing with any tax issue with the IRS can be a headache, particularly if you find yourself in mounds of debt. Regardless of how many notices or penalties you have received, it’s important to remember that you do have options. The IRS details these on its website and wants to work with you to alleviate your debt as well as get their money. One option provided by the IRS for alleviating tax debt is called the Offer Read More

Subpoenaed by the Government? Take These 4 Steps Immediately!

In general, a subpoena operates like a court order that either requires you to appear in court or a Grand Jury to testify or a directive ordering you to produce documents about a certain matter. Although receiving a subpoena from the government can be surprising, and sometimes worrisome, it’s important that you don’t panic or do something rash, such as deleting the documents inquired about in the subpoena, because Read More

Did You Know that the IRS Has Special Agents?

As with any other criminal activity, tax crimes are serious and require extensive investigations. And, just like the other federal law enforcement agencies, the IRS has special agents that investigate and help to prosecute people for committing such crimes. In fact, the IRS has its own Criminal Investigation Division and is the only federal agency with the authority to conduct investigations into potential Read More

What You Should Know About the Report of Foreign Bank and Financial Accounts or FBAR

Whenever you are dealing with taxes or the IRS, the list of unknowns and potential issues is neverending. This is especially true in today’s world, where everything is done on a global scale. If you are a taxpayer (as an individual or a business) living in the United States, then you should be used to filing your taxes every year. But what if you have foreign bank accounts or investments? Who tracks that money and Read More

How to Defend Against Wage Garnishments

Wage garnishment is a type of IRS tax levy and is a means of collection by the IRS against a taxpayer who owes taxes, penalties or interest to the IRS. A levy is the IRS’s right to seize your property. So when the IRS garnishes your wages, it means that they have the right to take a percentage of your income directly out of your paycheck. Unfortunately, the IRS’s right to impose a levy against your wages is Read More