New IRS Compliance Campaigns for large businesses and International taxpayers

Boston Tax Attorney IRS Audit
The Internal Revenue Service (IRS) Large Business and International (LB&I) division announced a new series of campaigns targeting fraud and tax evasion by businesses with assets over $10 million and wealthy individuals with international tax compliance obligations. The new strategy moves towards issue-based examinations and a compliance campaign process in which LB&I decides which compliance issues present significant risk to require a response. LB&I identified the 13 campaigns th...
More

Collection Agencies to Begin Collecting Old Tax Debts for IRS

Tax Evasion Boston Tax Attorney
IRS Hires Private Debt Collectors Starting in the Spring of 2017, the Internal Revenue Service (IRS) will use four private debt collection companies to recover old tax debts. Congress authorized the use of private collection agencies in the 2015 Fixing America’s Surface Transportation Act (FAST Act). If you owe money to the IRS, your tax debt may be handed over to one of four private collection agencies selected by the IRS to try to recover old tax debts. Don’t Fall Victim to a Tax Scam Ta...
More

Court Authorizes IRS to Seek the Identities of U.S. Taxpayers Who Have Used Virtual Currency

Boston Tax Attorney Blog Money
A federal court has granted the Internal Revenue Service (IRS) authority to serve a John Doe summons on Coinbase Inc., seeking information about U.S. taxpayers who conducted transactions in a convertible virtual currency during the years 2013 to 2015. IRS Definition of a John Doe Summons In the typical scenario, the IRS issue a summons to a third party to obtain information regarding a specific taxpayer whose identity is known. In contrast, a John Doe summons allows the IRS to obtain informati...
More

Justice Department Reaches Final Resolutions Under Swiss Bank Program

Tax investigation
In a press release, the Department of Justice announced that “it has reached final resolutions with banks that have met the requirements of the Swiss Bank Program.  The Program provided a path for Swiss banks to resolve potential criminal liabilities in the United States, and to cooperate in the Department’s ongoing investigations of the use of foreign bank accounts to commit tax evasion.  The Program also provided a path for those Swiss banks that were not engaged in wrongful acts but nonethele...
More

New IRS Fast Track Mediation Collection Program

Tax Mediation
The Internal Revenue Service (IRS) has created a new fast track medication program to resolve some offer-in-compromise (OIC) and trust fund recovery penalty (TFRP) disputes. The expedited process, SB/SE Fast Track Mediation–Collection (FTMC), will be heard by an Office of Appeals mediator. FTMC allows taxpayers in Collection an early and expedited opportunity to resolve their case. It will replace the fast track mediation (FTM) program. FTMC is optional. Fast Track Settlement (FTS) is stil...
More

IRS Warns Taxpayers of Numerous Tax Scams Nationwide

The Internal Revenue Service (IRS) is once again warning taxpayers of tax scams. “Whether it's during the holidays or the approach of tax season, scam artists look for ways to use tax agencies and the tax industry to trick and confuse people,” said IRS Commissioner John Koskinen. “There are warning signs to these scams people should watch out for, and simple steps to avoid being duped into giving these criminals money, sensitive financial information or access to computers." Here are some tips...
More
Posted in IRS

Lavish Holiday Shopping May Get You into Trouble with the IRS

Boston Tax Attorney Blog Money
Your lavish spending on Black Friday, Cyber Monday and the holidays could land you in trouble with the Internal Revenue Service (IRS). Extravagant purchases may indicate to the IRS that you have not fully reported all of your income on your tax returns. IRS agents can perform examinations to determine whether your extravagant lifestyle is inline with your reported income. If the IRS spots you driving that new Tesla you purchase for your wife as a gift, you could be subject to an IRS examinati...
More

33rd Annual National Institute on Criminal Tax Fraud and the Sixth Annual National Institute on Tax Controversy

Bill Lovett and Sean McMahon will be attending the 33rd Annual National Institute on Criminal Tax Fraud and the Sixth Annual National Institute on Tax Controversy. We hope to see you there! Date: December 7-9, 2016 Location: Las Vegas, NV Register Here This program brings together high-level government representatives, judges, corporate counsel, and private practitioners engaged in all aspects of tax controversy, tax litigation, and criminal tax defense. Curriculum topics include:...
More

William J. Lovett Named to Irish Legal 100 List

Bill Lovett and Frank Morrissey at the Irish Embassy
Congratulations to William J. Lovett for being recognized by the Irish Legal 100, the preeminent award for lawyers of Irish heritage in North America. Bill, whose paternal grandparents are from County Kerry, is the managing partner at Collora LLP, a Boston litigation boutique. Bill's practice focuses on complex civil and white collar criminal litigation, internal and government investigations, and enforcement actions related to sophisticated financial matters. Bill joined Collora LLP i...
More

Offshore Voluntary Disclosure and FATCA Stats

Boston Tax Attorney Blog FATCA
The Internal Revenue Service (IRS) has been actively targeting U.S. taxpayers with undisclosed foreign bank accounts for several years. It has promoted the Offshore Voluntary Disclosure Program (OVDP) and the streamlined version of the program to encourage U.S. taxpayers with previously undisclosed foreign bank accounts to come into compliance and pay back taxes while avoiding heavy fines and criminal prosecution. The U.S. government also has been cracking down on foreign financial institutio...
More