John McAfee, the multi-millionaire antivirus software creator, said on Twitter that he has not filed a tax return in 8 years. Failure to file tax returns can result in criminal and civil liability and is not recommended.
No taxes! Well, not quite. The Federal government shutdown at the time when Taxpayers and practitioners are beginning to prepare for tax season. Here are 5 ways the government shutdown will impact Taxpayers.
Have you received a scam tax collection call? In most instances a caller threatens arrest or deportation unless money is paid toward past due taxes. The Department of Justice has attempted to crack down on these scams and even secured sentences of up to 20 years against members of a fraud ring.
A nurse anesthetist in Pennsylvania has pled guilty to one count of Evasion of Payment of Income Tax and one count of Evasion of Assessment of Income Tax. According to a Department of Justice press release her conduct resulted in tax losses of $766,625.
Beginning January 1, 2019, alimony will no longer be a tax deduction. Likewise, recipients of those payments will no longer pay income tax on alimony received. The charges are part of the larger Tax Cuts and Jobs Act of 2017.
The Internal Revenue Service (IRS) has confirmed plans to close their Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. Since 2009, OVDP has allowed Taxpayers holding undisclosed foreign accounts and assets to make a voluntary disclosures. In exchange for their disclosure, Taxpayers avoided substantial civil penalties and generally eliminated the risk of criminal prosecution.
The Internal Revenue Service and State Department anticipate revoking and denying passports to Taxpayers with "Seriously Delinquent Tax Debt" beginning in January 2018.