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TAXAID COM
Tax Attorney & Tax Litigators
Tax Attorney & Tax Litigators
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Qualified Opportunity Fund Benefits Foreign Investors Also.
IRS has
issued proposed regs that describe and clarify the requirements that must be
met by a taxpayer in order to defer the recognition of gains by investing in a
qualified opportunity fund (QOF) under Code Sec. 1400Z-2, as added by the Tax
Cuts and Jobs A...
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OVDP Ended Sept. 28 - So Now What?
We originally posted on March 13, 2018  IRS to End OVDP Sept. 28 - Last Chance for Taxpayers With Undisclosed Foreign Assets! where we discussed that the Internal Revenue Service announced in IR-2018-52 that it will begin to ramp down the 2014 Offshore Volu...
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The IRS Whistleblower Reward Program
The IRS estimates that the United States loses $450 billion per year to tax evasion. In 2006, Congress enacted legislation providing robust incentives for whistleblowers to report tax fraud.  Under 26 USC § 7623(b), the IRS is required to issue an award to ...
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US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's - We Can Help!
On June 21, 2016 we posted  US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's - We Can Help! where we discussed that w e have been receiving a lot of calls from businesses who have recently received penalty...
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Former Colorado Resort Owner, Race Car Driver, Sentenced To Prison Again
According to DoJ , a Scottsdale, Arizona man, who formerly resided in Pagosa Springs, Colorado, was sentenced on October 9, 2018 in the U.S. District Court for the District of Colorado to 18 months in prison for filing a false tax return. According to court...
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Wealthy People Pay Enought Taxes - Top 3% Paid Majority of Taxes in 2016
Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the C...
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Skin Care Owner May Need "Frownies" Cream After 2nd Conviction for Tax Fraud
According to  DoJ . a Germantown, Ohio businessman who controlled the operation of an anti-aging skincare business in Dayton, Ohio was sentenced to 33 months in prison  following his November 2017 conviction by a federal jury on seven counts of filing false...
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IRS' Collection Upheld Even Though Taxpayer Issued Check Directing Application of Payment
The majority
of the Tax Court has determined that IRS didn't abuse its discretion in
declining to apply proceeds of a levy as the taxpayers requested because the
payment via levy wasn't voluntary.   While the taxpayers had submitted a check to
IRS, which wo...
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Tax Return Business Owner Not Penalized for Returns He Did Not Sign
A district
court has determined on summary judgment in LOWERY v. U.S.   that a return preparer who owned a tax
preparation business was not liable for Code Sec. 6694 penalties with respect
to returns that he didn't sign or help prepare. The court found that...
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Panama has Commenced Automatic Exchange of Information
Panama has commenced its automatic exchanges of information in order to meet OECD global standards, the government has announced. The country will be exchanging information with 33 countries.    Panama’s CFO, David
Hidalgo, Said That It Was Important for th...
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