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This article provides some general background to IRC Section 7201 criminal tax evasion charges and describes Section 7201 principal criminal penalties. As you will see, the penalties are severe, and you should immediately seek the advice of a tax attorney if you have any doubts as to whether you are complying with the law […]
With the Federal government searching for much-needed revenues, it is very likely that the IRS will be watching much more closely for unpaid payroll taxes, as it has been in recent years. This article will explain the purpose of Form 941 and when it needs to be filed. In a future article, we will cover […]
Some taxpayers may be tempted, especially in situations involving related parties, to arbitrarily shift the source of income or allocation of deductions, in order to avoid or lessen taxes. Congress, however, enacted IRC Section 482 to give the IRS wide power to prevent such actions. This article will give a brief overview of some aspects […]
This article offers an important strategic perspective on the foreign financial accounts disclosure in the year 2012. In particular, it appears that, this year, U.S. taxpayers who have not fully disclosed their foreign financial accounts and foreign assets should make the urgent decision to bring their tax affairs into full compliance. Three Trends Greatly Enhanced […]
In a previous article, we covered the basics of the IRS Form 5472. In this article we will explain the penalties that may apply for failure to comply with the form’s requirements. Main Failure to File and Failure to Maintain Records Penalties If a corporation fails to timely file the required Form 5472, a $10,000 […]