Owner of Iberia Restaurants in Newark Found Guilty of Tax Crimes
...a painful reminder that the failure to file and pay payroll taxes has been a major focus of the IRS. All clients and taxpayers should be careful in this area....
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IRS Has Ended Unannounced Visits to Collect
...with a revenue officer. The IRS has ended most unannounced visits to taxpayers by revenue officers. Ending unannounced visits to taxpayers will increase confidence in IRS’s tax administration work and...
The Unknown Tax: New Jersey Inheritance Tax
While the New Jersey Estate Tax was abolished 5 years ago and the Federal Estate Tax applies to taxpayers with estates over $12 million, the NJ Inheritance tax is relatively...
Parag Patel Esq. speaks at NJCPA Tax Seminar: “Under the IRS Microscope: International Tax Reporting Update” and “What Tax Professionals Should Know About Trusts and Estates”
...and “What Tax Professionals Should Know About Trusts and Estates”. The Webinar description is below: With new funding, the IRS will aggressively scrutinize taxpayers with foreign accounts and income. Tax...
Watch Out: IRS Audits of ERC Claims Expected
...IRS assesses on returns that understated tax liability due to negligence or disregard of the tax code. This penalty is 20% of the understated tax. When you’re dealing with credits...
New Mandatory E-filing Form 8300 for Reporting of Large Cash Currency Transactions
...one or more types other than Form 8300 in 2024. Over 400,000 Forms 8300 were filed in the calendar year 2022. An IRS representative said the Service could not immediately...
IRS Uses New Funding to Target US Persons with Malta Accounts
...Act’s passage. The IRS has been investigating the Malta alleged loophole and has pledged a crackdown on such tax evasion schemes. The Treasury said, “As part of the IRS’ efforts...
NJ Contractor Charged with Criminal Tax Evasion for Unreported Checks
...four counts of corporate tax evasion, two counts of filing false corporate tax returns, and two counts of failing to file corporate tax returns. According to documents filed in this...
Beware the New 2023 Form 1099-K
...therefore should not be reported on Form 1099-K. How to Prevent Non-taxable Items From Being Reported on Form 1099-K The IRS advises taxpayers using payment apps for the above non-taxable...
IRS FBAR Penalties Are Now Unmitigated
...to recent Internal Revenue Service (IRS) internal guidance. The IRS will no longer routinely reduce the penalty for non-willful failure to file Reports of Foreign Bank and Financial Accounts (FBAR)...
IRS Targets Puerto Rican Residency Transactions
...campaigns and added it to the IRS annual “Dirty Dozen” list. We expect the IRS to criminally and civilly target taxpayers who claimed the Puerto Rico Act 2022 benefits and...
IRS Aggressively Starts New Criminal Investigations
...taken up by the Criminal Investigation division. The IRS is also escalating enforcement efforts around unlawful offshore tactics, specifically targeting Maltese personal pension plan schemes. In June, the IRS and...