Unreported Income: IRS Criminal and Civil Tax Issues - Part 1
UNREPORTED INCOME (IRS Criminal Tax Issues)
1. IRC § 7201: Acts to Evade or Defeat Collection of Tax“It is a crime to evade or defeat any tax” (it is a felony to willfully attempt in any manner to evade or defeat the collection of a federal tax).
2. IRC § 7206: […]
PE shops escape tax man this year, but he’s coming
PE shops escape tax man this year, but he’s coming.
“Rangel’s $1 trillion ‘mother of all tax reform bills’ is close to seeing light of day so that long battle for next year can begin.All indications are that a controversial bill to tax private equity carried interest as regular income will have to wait until 2008. […]
IRS Looks at Mortgage Securities
The Internal Revenue Service is checking out dozens of participants in a financial arrangement to see if they are reaping illegal tax benefits by underreporting income on mortgage-backed securities, which make up the bulk of the multitrillion-dollar market for asset-backed securities.
The inquiry, which an I.R.S. official said yesterday was in its early stages, concerns the […]
IRS Moves to Reduce Tax Evasion
Starting in October, hundreds of Americans will be getting “Dear Taxpayer” letters telling them they’ve been selected for a special audit by the Internal Revenue Service.
The 13,000 chosen at random this year — and similar numbers in subsequent years — are part of the tax agency’s National Research Program, which is designed to give […]
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