News from tax law offices of david w. klasing, pc A wide array of domestic and global news stories; news topics include politics/government, business, technology, religion, sports/entertainment, science/nature, and health/lifestyle.

Latest

From the Tax Law Offices of David W. Klasing - Here Are All of the Countries Where Foreign Banks Will Share Information with The U.S. Regarding Your Offshore Bank or Brokerage or Other Financial Account Balance

Jan 25, 2023, 06:37 ET From the Tax Law Offices of David W. Klasing - Here Are All of the Countries Where Foreign Banks Will Share Information with The U.S. Regarding Your Offshore Bank or Brokerage or Other Financial Account Balance

The Foreign Account Taxation Compliance Act (FACTA) is a U.S. law that forces foreign banks to share information regarding American customers'...
From the Tax Law Offices of David W. Klasing - Department of Justice and IRS Victorious in Circle Crypto-Finance John Doe Summons Authorization

Jan 17, 2023, 06:37 ET From the Tax Law Offices of David W. Klasing - Department of Justice and IRS Victorious in Circle Crypto-Finance John Doe Summons Authorization

According to a Department of Justice press release, a federal court in Massachusetts authorized the service of a John Doe summons against Circle, a...
From the Tax Law Offices of David W. Klasing - Do I have to file and pay federal & state income taxes & will I go to jail if I simply refuse?

Jan 10, 2023, 06:37 ET From the Tax Law Offices of David W. Klasing - Do I have to file and pay federal & state income taxes & will I go to jail if I simply refuse?

Generally, the rule of thumb is that if you have income from any source derived, then you are required to file and pay taxes. However, at the federal ...
From the Tax Law Offices of David W. Klasing - IRS Issues Guidance on FBAR Definitions and Reporting Requirements

Jan 04, 2023, 06:37 ET From the Tax Law Offices of David W. Klasing - IRS Issues Guidance on FBAR Definitions and Reporting Requirements

A Report of Foreign Bank and Financial Accounts (FBAR) is a yearly report submitted to the Financial Crimes Enforcement Network (FinCEN), according...
From the Tax Law Offices of David W. Klasing - Can You Be Charged with Money Laundering and Tax Evasion at the Same Time?

Nov 30, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Can You Be Charged with Money Laundering and Tax Evasion at the Same Time?

Money laundering and tax evasion are separate criminal offenses that both involve fraud, deception, and money. These offenses are often done...
From the Tax Law Offices of David W. Klasing - The Senate & IRS are Going After Offshore Shell Banking and Tax Evasion

Oct 25, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - The Senate & IRS are Going After Offshore Shell Banking and Tax Evasion

The U.S. Senate has its eyes on foreign banking and "shell banking" being used to dodge FATCA reporting. Reporting under FATCA is required for any...
From the Tax Law Offices of David W. Klasing - Former IRS Chiefs Suggest New Funding Will Lead to More Enforcement Against the Wealthy

Sep 20, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Former IRS Chiefs Suggest New Funding Will Lead to More Enforcement Against the Wealthy

Recent legislation passed by the Biden administration has garnered the support of many former federal officials, particularly those from the Treasury ...
From the Tax Law Offices of David W. Klasing - What can be Gleamed from the IRS's Recent Release of a Five-Year Strategy for Civil and Criminal Tax Enforcement Practices?

Aug 18, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - What can be Gleamed from the IRS's Recent Release of a Five-Year Strategy for Civil and Criminal Tax Enforcement Practices?

In July 2022, the IRS published a report on its Strategic Plan for the years 2022 through 2026. The report features many lofty goals, including...
From the Tax Law Offices of David W. Klasing - New Federal Corporate Transparency Act Legislation Will Affect How Small Businesses File their Taxes

Jul 26, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - New Federal Corporate Transparency Act Legislation Will Affect How Small Businesses File their Taxes

The Federal Government is taking new steps to attack suspected tax evasion and fraud schemes. The most recent of these efforts is expected to take...
From the Tax Law Offices of David W. Klasing - Red Flags that Make IRS Audits More Likely

Jul 12, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Red Flags that Make IRS Audits More Likely

Whenever the IRS has questions about the information contained (or not contained) on a tax return, the tool that they use to get answers is an audit. ...
From the Tax Law Offices of David W. Klasing - Do You Have to Report Your Foreign Accounts? What if You Are Living Abroad?

Jul 06, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Do You Have to Report Your Foreign Accounts? What if You Are Living Abroad?

Regardless of whether you reside in the U.S. or not, if you are a U.S. taxpayer, you may be required to disclose the nature and amount of the assets...
From the Tax Law Offices of David W. Klasing - What are the Basic Federal Tax Crimes?

Jun 28, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - What are the Basic Federal Tax Crimes?

The federal tax code is a complex and contains an ever-changing set of traps and pitfalls that many taxpayers find themselves tripping over every...
From the Tax Law Offices of David W. Klasing - Cryptocurrency Tax Enforcement Could Soon Reward Whistleblowers

Jun 22, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Cryptocurrency Tax Enforcement Could Soon Reward Whistleblowers

If a taxpayer underreports or fails to pay income tax from cryptocurrency income sources, they could face criminal and civil liability. While federal ...
From the Tax Law Offices of David W. Klasing - The IRS is Targeting Crypto Coin Tax Evasion with "Operation Hidden Treasure"

Jun 16, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - The IRS is Targeting Crypto Coin Tax Evasion with "Operation Hidden Treasure"

With the ever-rising popularity of cryptocurrencies in today's world, it is expected that the Internal Revenue Service (IRS) would implement new...
From the Tax Law Offices of David W. Klasing - How to Survive a Tax Audit as a Retail Business

Jun 15, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - How to Survive a Tax Audit as a Retail Business

On August 9, 2010, the Office of the Attorney General of California posted the following press release on its website: Investigation Leads to Arrests ...
From the Tax Law Offices of David W. Klasing - Do American Business Owners Have to Report Their Businesses Registered in a Foreign Country?

Jun 14, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Do American Business Owners Have to Report Their Businesses Registered in a Foreign Country?

Even if your business is registered in another country, the U.S. government still wants information– and most likely income taxes even if the foreign ...
From the Tax Law Offices of David W. Klasing - How to Survive a State or Federal Audit as a Cash-Intensive Business

Apr 27, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - How to Survive a State or Federal Audit as a Cash-Intensive Business

It should come as no surprise that the accurate reporting of income and expenses by cash-intensive businesses is among the areas that have gotten...
From the Tax Law Offices of David W. Klasing - How to Avoid Draconian Penalties & Criminal Tax Exposure on Your Foreign Bank Accounts and Offshore Income Generating Assets and Businesses

Apr 13, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - How to Avoid Draconian Penalties & Criminal Tax Exposure on Your Foreign Bank Accounts and Offshore Income Generating Assets and Businesses

If you have any type of ownership or interest in income generating assets or businesses that are located overseas, you may be subject to the IRS'...
How difficult is it for the IRS to prove you willfully failed to meet your Foreign Bank Account Reporting (FBAR) requirements?

Mar 10, 2022, 06:37 ET How difficult is it for the IRS to prove you willfully failed to meet your Foreign Bank Account Reporting (FBAR) requirements?

Under federal tax law, U.S. citizens with a financial interest in or signature authority over a foreign bank account with a combined highest one time ...
From the Tax Law Offices of David W. Klasing - Should You Amend Your Tax Returns or Make a Voluntary Disclosure if You Have a History of Intentionally Underreporting Your Taxable Income?

Feb 23, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Should You Amend Your Tax Returns or Make a Voluntary Disclosure if You Have a History of Intentionally Underreporting Your Taxable Income?

If you can no longer live with the potential criminal tax exposure that results from filing one or more fraudulent tax returns, you have a few...
From the Tax Law Offices of David W. Klasing - HOW TO AVOID CRIMINAL PROSECUTION FOR FAILURE TO DISCLOSE OFFSHORE ASSETS AND FAILURE TO REPORT OFFSHORE TAXABLE INCOME

Feb 17, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - HOW TO AVOID CRIMINAL PROSECUTION FOR FAILURE TO DISCLOSE OFFSHORE ASSETS AND FAILURE TO REPORT OFFSHORE TAXABLE INCOME

The IRS continues to aggressively target taxpayers that have failed to disclose offshore financial assets and accounts and failed to report offshore...
From the Tax Law Offices of David W. Klasing - How To Survive a Tax Audit When You Have a History of Blatantly Cheating

Feb 10, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - How To Survive a Tax Audit When You Have a History of Blatantly Cheating

Receiving a notice that you're being audited by the IRS, or another state tax agency is daunting under any circumstances. However, the worry and...
From the Tax Law Offices of David W. Klasing - Does Biden's 2021 $1.2T Budget Mean That the IRS Is Going to Increase Audits and Enforcement?

Feb 03, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - Does Biden's 2021 $1.2T Budget Mean That the IRS Is Going to Increase Audits and Enforcement?

While it is true that the build back better plan did not pass, it is undeniable that for a while now, the Biden Administration has been talking about ...
From the Tax Law Offices of David W. Klasing - When Should you Hire a Tax Lawyer to Represent You in Your Audit?

Jan 27, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - When Should you Hire a Tax Lawyer to Represent You in Your Audit?

You may feel like you are a brave person who has a handle on fear. Then you receive an official letter, notifying you of an IRS audit of your income...
From the Tax Law Offices of David W. Klasing - IRS Report Shows that the IRS Is Going After Tax and COVID-Related Fraud, Money Laundering, and Cybercrime

Jan 18, 2022, 06:37 ET From the Tax Law Offices of David W. Klasing - IRS Report Shows that the IRS Is Going After Tax and COVID-Related Fraud, Money Laundering, and Cybercrime

The IRS is ramping up its investigative and prosecutorial efforts against tax evaders using previously unknown or unavailable measures to defraud the ...