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Category: Tax Laws

What Penalties You May Face for Criminal Tax Evasion

criminal tax evasion and penalties

Failing to file your tax returns and paying the IRS what you owe can result in tax evasion.  This is considered a serious crime and come with severe consequences. Take a closer look at what is considered tax evasion, what penalties the IRS can assess to offenders, and why you need a tax attorney to… Read more »

Know Your Legal Options for When You Discover Unfiled Tax Returns

IRS tax returns

Every year you are required to file a tax return with the IRS.  Failing to do so can have numerous consequences, from penalties to criminal charges. Learn more about what you can expect if you have unfiled taxes, what options you have, and how a tax attorney can help. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Key Insights We Will Discuss What… Read more »

All You Need to Know About The Tax Evasion Statute

tax evasion statute

  But what exactly is tax evasion? As defined within the 26 United States Code section 7201 by the Internal Revenue Code, failure to report taxes accurately, failure to report taxes and failure to pay taxes are all forms of tax evasion. In order to establish a case of tax evasion against you the government… Read more »

Tips to Avoid an Underpayment of Estimated Tax Bill

Underpayment of Estimated Tax

  What Are Estimated Taxes and Who Must Pay Them? According to the Internal Revenue Service (IRS), estimated tax is “a method of paying tax on income that is not subject to withholding tax. This type of tax can include income from self-employment, business earnings, interest, rent, dividends, and other sources.” The IRS states that… Read more »

How Divorce Affects Your Taxes

How Divorce Affects Your Taxes

What You Need To Know About How Divorce Impacts Your Taxes Tax time is never the most fun, but some years it’s even worse than others. If you’ve recently gotten a divorce or separate from your spouse there are a whole host of issues that you’re going to have to face which you may not… Read more »

The Foreign Asset Reporting Requirements That You Need To Know

money

U.S. citizens and resident aliens are taxed not just on all of the money they keep in domestically, but also on their worldwide income. Anyone with a financial interest in (or signature of power over) a financial account which exists outside of the United States must file a TD F 90-22.1 form. For those unfamiliar… Read more »