Practical guide to understanding criminal tax matters
Article Abstract:
Taxpayers and tax professionals must be aware of all tax crimes to avoid prosecution. The IRS Criminal Investigation Division investigates suspected tax crimes while the Dept of Justice decides whether to prosecute. One of the tax crimes with substantial convictions is tax evasion. The IRS characterizes tax evasion as a consistent pattern of behavior in which the taxpayer deliberately misstates income to avoid paying higher taxes. A taxpayer can be convicted of tax evasion only if the filing of a false tax return results in a tax deficiency. Other main tax crimes include failure to file a tax return on time, making false statements under penalty of perjury, willfully submitting a fraudulent or false IRS document and aiding or assisting in the preparation of a false tax return or other fraudulent document.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1998
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Nondischargeable taxes may argue against a bankruptcy
Article Abstract:
The IRS is exerting a more vigilant stand regarding tax on debt discharges in the light of the increasing number of bankruptcies. Tax advisors must prepare themselves for such an eventuality and be ready to counter any such assertions by the IRS. Planning prior to the filing of bankruptcy calls for an evaluation of the bankruptcy estate's size and nature. Possible claims by the IRS of fraud and willful evasion may be countered through the use of property transfers as contained in the Bankruptcy Code of 1978. The full documentation of all client communications and client contact serves as a self-protecting mechanism for the tax advisors.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1991
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