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Category: News - Page 8

Virginia Tax Lawyer Takes a Look at the IRS Wealth Squad

Posted in News on October 31, 2016

Last year, the Internal Revenue Service was able to collect $6.3 billion in unreported income, fines, and penalties from taxpayers who did not pay all taxes due. Much of the unreported income came from audits of wealthy individuals. As of 2013, close to 25 percent of taxpayers with adjusted gross income above $10 million are audited annually.  Targeting the wealthiest individuals for investigations tends to result in the IRS being able to collect large sums of money from taxpayers who underpaid significantly.

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IRS Audits: Small Companies Are Being Targeted

Posted in News on October 24, 2016

Recently, a report in the Washington Examiner warned that the Internal Revenue Service is targeting small businesses with unnecessary tax audits. In September, the U.S. House of Representatives Small Business Committee held a hearing to look at how the IRS is treating small business owners. One tax preparer who testified before the audit indicated the actions of the IRS essentially involve putting small businesses “through the wringer.”

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International Tax Law: What You Need to Know About How the Laws Are Changing

Posted in News on October 7, 2016

Countries throughout the world are making increased efforts to collect revenue.  Leaks such as the Panama Papers and concerns about income inequality are driving countries to work harder than ever to make sure that wealthy people cannot evade tax obligations by moving money offshore. An increasing number of multinational corporations that can keep money in jurisdictions with favorable tax rules have also resulted in concerns about tax avoidance, as well as tax evasion.

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Tax Ruling Against Apple Demonstrates Need for Tax Reform

Posted in News on September 30, 2016

In today's world, big companies are often global companies -- which can create tax issues. Corporate tax avoidance is a concern of taxing authorities who want to make sure that businesses do not make strategic decisions on where to declare and keep income that deprives countries of needed revenue. Companies also need more certainty on tax laws across different jurisdictions, especially if there is a threat of retroactive penalties being imposed. Read More

Foreign Financial Institutions or Facilitators

Posted in News on March 15, 2016

Seventy-two banks have reached an agreement with the IRS.

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