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- U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer
by Brown, PC
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS's assessment of multiple willful FBAR penalties against an American business man and bank director.
- IRS Assesses Another 150% Civil FBAR Penalty
by Brown, PC
The IRS has asserted multiple maximum civil FBAR penalties against Ashvin Desai, who failed to disclose the existence of offshore accounts or report interest income from the accounts on his tax returns. Desai, a sixty-four year old born in Mumbai, India, was sentenced last week to six months of imprisonment in his criminal trial.
- Can My Student Loan Be Discharged if I Become Disabled?
When someone has become disabled through injury, illness or other means, it is possible that student loans may be discharged completely.
- Warning Signs that a Criminal Investigation Is Pending in IRS Cases
There are various signs that a criminal investigation is on the horizon. These are not the same as civil inquiries. The Internal Revenue Service initiates these from the recommendation of the auditor assigned to the person or company. Tax returns or fraudulent activity that includes illegal acts are analyzed by the Criminal Investigation Division of the IRS.
- Ways to Avoid Problems with the IRS
Because criminal investigations initiated by the Internal Revenue Service require resources and time that may be better utilized elsewhere, starting a case for possible tax crimes is not sought after by this agency. Audits are often routine for various reasons based on data collected during and after tax season.
- IRS Criminal Investigations
The Internal Revenue Service is called when both businesses and individuals are suspected of illegal income, revenue and wage activity. Anyone may be subject to an audit, but these are especially harmful when there are actual illegal processes occurring within the company.
- Federal Tax Fraud Explained
Fraud comes in many shapes and sizes. The amount that is taken during fraud crimes is one factor considered when charges are filed and when a case initiates. Tax fraud is different than these other types as only the Internal Revenue Service is permitted to pursue suspected tax offenders.
- FBAR and FATCA and their Involvement with the IRS
Foreign Bank and Financial Accounts Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA) are both important acronyms to know when dealing with potential issues with the Internal Revenue Service.
- FATCA Issues
The Foreign Account Tax Compliance Act was issued by the IRS in response to the Hiring Incentives to Restore Employment Act signed by President Obama in 2010. This was implemented to ensure foreign accounts with taxable income are reported and adherence to guidelines issues was followed by individuals with income in accounts in overseas banks.
- Extent that a Financial Institution Can Outsource AML Compliance
Anti-money laundering compliance is very important to banks and financial institutions per the United States government. Without adherence to these regulations, a company is open to potential prosecution for various internal activities.