If your tax returns have sufficient indications of fraud, the IRS will conduct a civil examination to uncover the truth, commonly known as an eggshell audit. As the name suggests, you must take great care to avoid facing criminal consequences. For instance, you may...
Tax evasion vs tax avoidance: Understand the differences
Tax evasion and avoidance sound almost similar, but they are like day and night. While one is perfectly legal and widespread, the other is unlawful and could land you in trouble with the IRS. Understanding the differences between the two will ensure you stay on the...
Tax compliance: Do you own a foreign bank account?
If you travel frequently or do business abroad, it may be convenient to have a bank account in a foreign country. However, you should comply with IRS tax requirements when reporting on such accounts, or it could land you in trouble. The IRS definition of a foreign...
Does failing to pay enough tax equal tax evasion?
Tax evasion is a serious crime to be accused of, but you should know that most people won’t be unless they have willfully attempted to avoid paying tax. Tax evasion happens only when someone or a business takes steps to illegally avoid paying the tax that they owe....
How does the IRS learn about people’s offshore bank accounts?
Not that long ago, international bank accounts were the perfect safe haven for those who didn't want to disclose all of their personal assets to the Internal Revenue Service (IRS). However, international banking has become much more transparent than it once was. Even...
It is easier to accidentally commit tax evasion than you thought
The crime of tax evasion comes with some stiff penalties upon conviction. Some people may intend to engage in tax evasion to pay as little in taxes as possible. However, others in Frankfort, Illinois, might not realize tax evasion is occurring. If you fail to learn as...
Could divorce lead to allegations of tax fraud?
Divorce will change many aspects of your life, including your financial situation. Some of the decisions you make in your divorce will even impact how much you pay in taxes each year. You and your ex will have to create a comprehensive parenting plan when you divorce...
Those who don’t disclose offshore resources can face tax charges
For years, it was the first piece of advice that a financial planner would give anyone with more than a million dollars and assets: It was common knowledge that they should move their resources to an offshore bank account where the IRS wouldn't be able to locate those...
IRS issues warning to corporate and wealthy tax evaders
The head of the Internal Revenue Service (IRS) issued a stern warning to corporations and individuals of means last week. He noted that they better either pay up the $1 trillion in taxes he alleges that they owe or otherwise prepare themselves to face the...
Tax fraud leads to prison for 2 former attorneys
Any time there is an allegation of tax fraud, you need to take it seriously. If you’re accused of attempting to evade taxation or manipulating your accounts to pay less than you owe, then you need to make sure you’re protecting your rights and yourself against the...
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