The latest chapter in a years-long legal saga between the IRS, the SEC, and once-prominent businessman Sam Wyly (and the estate of his late brother Charles) came this week in the form of a 459-page verdict from U.S. Bankruptcy Judge Barbara Houser. The Court found that there is "clear and convincing evidence" that Sam and Charles Wyly knew that their extremely complex and convoluted system of offshore trusts and shell corporations was designed for the sole purpose of hiding profits and other business transactions from the IRS to avoid paying taxes.
The Internal Revenue Service issued an alert this week directed at payroll and HR professionals. An emerging phishing scam seeks personal information of employees by "spoofing" the email of a company CEO.
Recently, a judge sentenced a San Jose medical device inventor to six months in prison following an October 2013 jury conviction. He will spend another six months and a day confined to his home.
In many ways, doctors have a good life.
As the always-busy tax season comes to an end for American taxpayers, preparers, CPAs and other financial experts, it's "business as usual" for the federal Internal Revenue Service. This year, the IRS's focus won't just be on the typical processing of individual, joint and business tax returns, though, since the agency is, through branches in several states, currently investigating nearly 300 instances of tax-related identity theft.
To a degree, it's only natural to enjoy touting one's own accomplishments. And our contemporary culture certainly tilts toward self-congratulatory shout-outs.
Investigations by the Internal Revenue Service into tax related-identity theft have been on the increase. These tax fraud cases numbered 1,492 in 2013, which was an increase of approximately 66 percent from 2012 and more than 400 percent from 2011.
In the medical profession, the phrase is "physician, heal thyself." But a doctor is not always a good patient. And, in the field of tax law, a professional tax preparer is not immune from compliance problems with his or her own taxes.
Individual tax filing season gets a lot of media attention. Historically, TV stations have run footage of taxpayers rushing to the post office in order to file. Even with more and more people filing online, filing day - usually on or around April 15 - remains etched in the popular consciousness.
The problem of tax-return fraud involving identity theft is so large that there are many different aspects to it. Last week, we wrote about the issue of how the IRS is responding to the challenge of processing returns without undue delays.