TaxConnections


 

Tag Archive for tax evasion

How To Avoid Tax Evasion Penalties In Michigan

Tax evasion penalties in Michigan are no laughing matter. It’s easier than you might expect to get yourself into trouble with the Internal Revenue Service (IRS). The main thing is not to be negligent, because legally speaking, it’s no excuse. Stay on top of your taxes.

Don’t procrastinate and don’t avoid opening the mail for fear of what you might find. If you live in Michigan and find yourself in tax trouble, call Ayar Law today at (248) 262-3400 for a free and confidential consultation.

Read more

Can Tax Really Be Avoided?

What do they mean when they say avoid tax? Can it really be avoided or is tax just a zero sum game like accounting?

The Income Tax Act has options for calculating and paying income tax. Tax is not a zero sum game. There are options to what rates are used. There are options to what number is used to calculate the tax. These options can reduce your taxes paid.

Read more

Virtual Currency Transactions Must Be Properly Reported For Tax Purposes

Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.

In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000. Read more

UK Tax: Get Up To Speed With The New Corporate Criminal Offences Legislation

Graham Purvis, Tax Advisor, Tax Blog, Newcastle, United Kingdom, TaxConnections

As of the end of September 2017 the government’s new Corporate Criminal Offences legislation has been in effect. Adding responsibilities with regards to facilitating tax evasion, it is important that all businesses are aware of what their responsibilities are, and how far-reaching the legislation is.

As stated in the introduction to the official government guidance, ‘The Government believes that relevant bodies should be criminally liable where they fail to prevent those who act for, or on their behalf from criminally facilitating tax evasion.’ The legislation aims to make it easier to link businesses facilitating tax evasion to the associated persons committing the actual offences. Read more

Higher Court Decision Confirms – FATCA Is Here To Stay

The linchpin legislation of the U.S. government in its effort to combat tax evasion abroad over recent years has been the Foreign Account Tax Compliance Act (FATCA). Last week, the latest legal challenge to FATCA was thwarted when the United States Court of Appeals for the Sixth Circuit affirmed a lower court’s decision to dismiss the case against FATCA.

Quick FATCA Background Read more

Is That Gift Taxable? – IRS Form 709

John Dundon

The IRS instructions to Form 709 Gift Tax Return spell out the general rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000 to as many different people as you want as a gift without being subject to gift tax rules. Read more

IRS Targeting Foreign Corporations Which Do Not File!

Ron Marini

Tax practitioners will face new questions from examination teams as the IRS selects compliance risks based on data, in the Large Business and International Division’s (LB&I) move from individual audits of multinationals to broader considerations involving risk assessment. Read more

Offshore Tax Suit Switch From OVDP Doesn’t Block Collection

Ron Marini

Three taxpayers seeking to switch over to the IRS’ new “streamlined” compliance program for unreported offshore income argued to a D.C. Circuit panel Tuesday that their lawsuit is not foreclosed by the Anti-Injunction Act’s bar on pre-enforcement tax challenges, attacking the government’s key defense in the case. The case is Maze et al. v. Internal Revenue Service et al., case number 16-5265, in the U.S. Court of Appeals for the District of Columbia Circuit.

Read more

Tax Justice Network Finds The Necessary $70 Billion

William Byrnes

Forgive the alarmist headline. But I just read Tax Justice Network (TJN)/ITEP defending FATCA again because it can raise $40 billion to $70 billion tax revenue a year for the U.S. Enough already. I hope that Tax Justice/ITEP are correct and that $70 billion a year remains to be recovered by the IRS from non-reported foreign income.

Read more

Argentina Signs Information-Sharing Agreement With The U.S.

Ron Marini

The agreement, in which Argentine officials said they were pursuing in September, is part of a government crackdown on alleged tax evasion by individuals. Argentina also has implemented a tax amnesty plan to recover an estimated $500 million in assets held abroad.

Read more

A Holiday Summons A Tale Of Grinches, Princes, Bankers, Toymakers, And Offshore Tax Evasion

Ron Marini

Dave Breen’s, the acting Director of Villanova’s Low Income Taxpayer Clinic, view regarding the case of Greenfield v U.S., which focuses on a recent IRS setback in a summons enforcement case out of the Second Circuit.

Read more

Consultation For Advisors For Potentially Aggressive Tax Planning Schemes

William Byrnes

This consultation aims to gather views on whether there is a need for EU action aimed at introducing more effective disincentives for intermediaries engaged in operations that facilitate tax evasion and tax avoidance and in case there is, how it should be designed.

Read more

Meet Tax Experts At TaxConnections...