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Tag: unreported income

What Prosecutors Must Prove in Tax Evasion Cases

tax evasion investigation

If a person deliberately avoids paying taxes, he or she can face federal tax evasion charges.  However, just failing to pay taxes does not necessarily mean a person will face jail time or stiff penalties from the IRS.  For these penalties to be assessed, the prosecution must prove to a judge or jury that the… Read more »

What Will Happen If I Fail to Report Bitcoin Income?

Unreported bitcoin income

The IRS can assess back taxes, interest, and penalties for the failure to report Bitcoin Income.  The IRS has made Bitcoin tax compliance a priority as part of its Virtual Currency Compliance campaign.

What is the IRS Streamlined Program?

SFOP vs SDOP

  U.S. law requires that all taxpayers pay taxes on any foreign income or assets they have. This extends to anyone who is required to file taxes in the United States; it is not limited to U.S. citizens. Many people are not aware of this and subsequently fail to file and pay taxes on their… Read more »

How Does The IRS Choose Which Cash Businesses To Audit?

Examining the Cash Business Audit Profile Profiles can be good or bad. They can be the “must love dogs” type or the “potential serial killer” ilk. IRS cash business profiles lean more towards the latter, and the Service doesn’t need much evidence to launch a full review. As mentioned in a previous post, marijuana dispensaries and… Read more »