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Tag: Penalties

Criminal Investigations and Penalties for IRS Offshore Disclosure

IRS criminal investigations

According to the IRS, the US loses several billions of dollars every year as a consequence of individuals who either hide or fail to report their offshore revenue or foreign earnings. Offshore tax fraud or tax evasion is a crime if it is determined to have been committed willfully and one can face certain penalties… Read more »

EITC Due Diligence Penalties Expand to Other Tax Credits

In February 2014, we published a blog detailing the IRS’s new campaign to up the ante when enforcing the Earned Income Tax Credit (EITC) duty of due diligence.  At that time, the Internal Revenue Service penalized tax preparers who failed to meet their duty of due diligence $50 per return.  Now, that penalty is a… Read more »