IRS Plans New Taxpayer Warning Letters
Washington, D.C. (Aug. 22, 2008)
By WebCPA staff, WebCPA.com
The Internal Revenue Service is planning to increase its enforcement efforts by sending out warning letters to a larger group of taxpayers who may be underreporting their income.
The new warning letter, the CP2057, will differ from the CP2000 letter that the IRS has been sending out for years, […]
Permanent Subcommittee on Investigations Issues Report On Tax Haven Banks Hiding Billions from the IRS
7/17/08 Press Release from Michigan Senator Carl Levin’s office-
WASHINGTON – At a Thursday hearing entitled, Tax Haven Banks and U.S. Tax Compliance, the latest in a series of hearings with insider information about the workings of the offshore industry, the Senate Permanent Subcommittee on Investigations will examine how tax haven banks facilitate tax evasion by U.S. […]
UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says
UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says (Update2)
By David Voreacos and Carlyn Kolker, Bloomberg.com
UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.
UBS, the world’s largest wealth manager, hid as much as $17.9 […]
IRC §7201. Attempt to Evade or Defeat Tax
From IRS Website:
9.1.3.3.2 (08-11-2003)
IRC §7201. Attempt to Evade or Defeat Tax 1. IRC §7201 states in its entirety:Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction […]
Feds to judge: Give Snipes maximum penalty
WASHINGTON (CNN) — Federal prosecutors Tuesday urged a Florida judge to sentence actor Wesley Snipes to three years in prison and fine him $5 million to demonstrate to taxpayers that refusal to pay income taxes carries severe penalties.
Snipes is scheduled to be sentenced April 24 by U.S. District Judge William Hodges in Ocala, Florida, on […]
European Tax Scandal Reaches U.S.
Dozens of Germans have confessed to massive tax fraud via Lichtenstein as the affair widens to other countries, including the United States.
Besides Washington, the governments of Australia, Britain and France have announced they are checking whether their citizens were involved in the tax scandal, which got under way when Germany last week arrested Deutsche Post […]
Inflated art appraisals cost U.S. government untold millions
An alleged tax-fraud scheme involving donations of overvalued art to four local museums is part of a larger, unchecked problem with inflated art appraisals that has cost the federal government untold millions, a Times analysis has found.
Each year, the Internal Revenue Service audits donations claimed on only a handful of the 100,000 or more tax […]
Tax Preparers Unreported Income Criminal Penalties and Fines
For my upcoming seminar May 2008 on IRS and Unreported Income I have prepared the following summary: Tax Preparers Unreported Income: Criminal Penalties and Fines (Imprisonment up to 18 Years)
Felonies
1) IRC §7201: Tax Evasion (Willful Evasion of Tax)
Felony: Up to 5 years in prison
Fine: $100,000 (individual), $500,000 (corporation)
2) IRC §7206: Fraudulent Tax Return (Preparation)
Felony: Up […]
Tax Payers Unreported Income Criminal Penalties and Fines
For my upcoming seminar May 2008 on IRS and Unreported Income I have prepared the following summary:
Tax Payers Unreported Income: Criminal Penalties and Fines
Imprisonment (Up to 14 Years)
Felonies
1) IRC §7201: Tax Evasion (Willful Evasion of Tax)
Felony: Up to 5 years in prison
Fine: $100,000 (individual) $500,000 (corporation)
2. Additional Felonies
IRC §7212: Obstruct (Impede) Tax Collection
18 U.S.C. 371: […]
IRS reports increase in audits and taxpayer services for 2007
AccountingWeb.com has recently posted the following:
During 2007 the IRS audited 84 percent more returns of individuals with incomes of $1 million or more than during 2006. Overall, enforcement revenue reached $59.2 billion, up from $48.7 billion in 2006 and nearly $34.1 billion in 2002.
Highlights of the enforcement and services numbers for fiscal year 2007, which […]
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