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NewsPosted in on April 30, 2020
On March 5, 2020, the Internal Revenue Service (IRS) announced the creation of a new Fraud Enforcement Office. According to a statement from the IRS, “the new office will reside in the IRS Small Business/Self Employed Division and work on agency-wide compliance issues.” Here, Washington D.C. business tax attorney Kevin E. Thorn explains what this means for small businesses.
Read MoreNewsPosted in on March 20, 2020
Treasury Secretary Steven Mnuchin has announced that the 2020 tax filing deadline will now be July 15 for both individual and corporate tax filers.
Read MoreOffshore Account UpdatePosted in on February 28, 2020
In January, we discussed the IRS’s announcement of the first major crackdown executed by the Joint Chiefs of Global Tax Enforcement (J5), a collaborative international law enforcement effort focused on combating the illegal use of offshore banks and shelter schemes for tax evasion. In February, the IRS released an update on the J5’s enforcement efforts in a News Release captioned, “J5 tax chiefs closing the net on global tax evasion.”
Read MoreOffshore Account UpdatePosted in on January 31, 2020
For years, individuals who inadvertently failed to report offshore assets to the federal government were able to do so under the IRS’s Offshore Voluntary Disclosure Program (OVDP). However, the IRS closed the OVDP in 2018. In 2019 and beyond, the primary option available to federal taxpayers is the IRS’s Streamlined Disclosure Program for Offshore Accounts.
Read MoreIn 2018, the Internal Revenue Service (IRS) formed the Joint Chiefs of Global Tax Enforcement, known as the J5, with tax authorities from Australia, Canada, the Netherlands and the United Kingdom. On January 23, 2020, the IRS announced the J5’s first major law enforcement initiative – a series of coordinated investigations that resulted in the takedown of a Central American bank suspected of “facilitating money laundering and tax evasion for customers across the globe.” According to the IRS, indictments of the bank’s clients are expected to follow.
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