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Showing posts from February, 2015

IRS Blasted for Seizing Assets of People who Deposit Cash Under $10,000

On February 11 Congress blasted the IRS Commissioner John Koskinen on the Service’s use of civil-asset forfeiture laws, demanding to know why innocent small business owners are being target when they have committed no crime. 

This issue is two fold: 1) whether IRS collection officers are under pressure to fill quotas on assets seizures, which is prohibited by law to reward these people based on the amount they have collected; and 2) the IRS practice of seizing the bank accounts of people suspected of "structuring," that is, of making cash deposits worth less than $10,000 to avoid reporting requirements, when in fact small business owners may make several deposits under $10,000 for a variety of reasons and none of them are illegal.
I can say with personal experience this is a real problem.  In fact, I was involved in case where the IRS/DOJ seized the funds of a small business owner from his bank account and prosecuted him for "structuring" when in fact that person p…

2015 Dirty Dozen Tax Scams

Each year the IRS posts the worst tax scams across America.   The IRS works with the Department of Justice and its criminal division to shut down these tax scams, but it’s a never ending saga and scammers steal billions of dollars each year of public funds.  Let’s take a look at this year's dirty dozen tax scam list:
Aggressive and threatening phone calls by criminals impersonating IRS agents. I have had numerous clients call me who received these phone calls.Hang up on these people and let them know you are sending their information to the FBI.
Fake emails or websites looking to steal personal information (phishing). If you get an email from what appears to be the IRS delete it and do not open it.Call a tax attorney or the IRS for assistance to determine if you have a real tax issue.
Identity theft continues to be a problem especially around tax time. File your tax return early, the IRS typically accepts the first return filed.So if you f…