Tax Law Blog

A “card room” is a seemingly quaint term for a place where people mix, mingle, and play cards. One California card room got a fast lesson in financial reporting that resulted in a Consent Order and a $900,000 fine.

Around and around it goes. A Florida financial advisor rolled the dice on fraudulent tax shelters, filing false income tax returns, and money laundering—and he appears to be heading for a reckoning.

There is an expectation by the Internal Revenue Service (IRS) that U.S. persons are aware that their income is taxed on a global basis—although the U.S. is one of very few countries that do so. Failure to file required reporting on assets outside of...

Offshore tax havens, foreign bank accounts, and shell companies are legitimate tools often used for wealth management, asset protection, and tax planning. For many, these strategies provide essential support in navigating complex global financial...

The application period for the Compliance Assurance Process (CAP) program is now open—how can it assist your company?

The Internal Revenue Service (IRS) is synonymous with tax collection and tax enforcement. The enforcement unit within the IRS that investigates and pursues tax crime is called Criminal Investigation (IRS:CI).

Each year, the Internal Revenue Service (IRS) compiles a list of prominent tax schemes that scammers use to exploit individuals and businesses. These schemes can arrive through email, text messages, and even traditional mail. This year, the IRS has...

If you have a foreign bank account, hold assets or have an interest in an offshore tax account, you are required to file a Report of Foreign Bank and Financial Accounts (FBAR). If you failed to file in the last year, the Internal Revenue Service...

To the dismay of those with foreign business holdings, the Supreme Court of the United States (SCOTUS) upheld a transition tax on the unrealized profits of foreign business entities owned by American taxpayers.

Saving the best for last, the top two IRS:CI tax fraud matters of 2023 take a broad swipe at a multitude of IRS regulations from failure to file an FBAR report to money laundering, and tax fraud based on biofuel tax credits.