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Some Basic Facts about Tax Crime investigation

The term, Tax Crime Investigation is a very specific one. Let us understand what does it means actually. It is the probing of an individual or company's tax related matters to check whether they have committed a tax fraud or they are not. Usually, a tax crime investigation is carried out by the fraud experts working for the IRS.

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Some Basic Facts about Tax Crime investigation

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  1. Practices that can lead you to a Tax Crime Investigation

  2. Tax Crime Investigation is something even more dangerous than routine audits. In fact, the IRS don’t initiate a thorough and comprehensive investigation without having their homework completed. Not many knows, but the apex tax collecting body in the country have a comprehensive anti-fraud mechanism that keeps its operations running but in the background. In most cases, only those taxpayers become a target of a tax crime investigation who fail to comply with the tax laws. Systematic frauds and willful avoidance in paying taxes are two most common reasons for which investigations are usually launched. Each year, more than three thousand taxpayers are persecuted – after they fail to prove their innocence during an inquiry. We don’t want to scare you, but it is better to learn and understand this hidden hazard and its possible backlashes. Let us name a few flaws and in more strict words some commonly committed tax crimes. Each one of these offenses is quite enough to trigger an interest and to draw the attention of the IRS.

  3. Avoidance of Returns Filing Filing of flawed returns can become a troublesome issue as we just mentioned above. Now let us talk about a complete failure in the submission of returns. Here, let us revise a vital fact. The timely filing of returns is a taxpayer’s duty by law. Whatever was the issue, IRS does not care. What they need the recovery of their money in the form of taxes. A failure in the filing of returns can draw their attention. In case if you didn’t earn a taxable income even then, you have to submit your details on an appropriately chosen form. In short, negligence and falling short in fulfilling this duty can lead you to a dangerous situation. Believe us such a failure makes the IRS fully entitled and empowered for initiating a tax crime investigation against you. Feeling anxious? Don’t worry; some great lawyers are operating there for supporting the clients who don’t prefer to take an active part in tax related issues.

  4. Maintaining Unreported Foreign Accounts and Assets Here comes something related to the big fishes. Well, it is fine when you invest in other countries. However, transferring of money and its routing to your foreign accounts in a covert manner is entirely illegal. In most cases, people used to move their money into some states which are known as tax havens. The IRS will not wait for starting a tax crime investigation in all such cases. In fact, a lot of earning potentials makes this kind of cases idea and more attractive to them. Well, those who are willing to bring their money bank in a legal and safer manner, do have some options. FBAR filing and OVDP are two good example to be mentioned here. Another similar method is that the filing of amended tax returns. So, don’t try to be over smart. Just go and declare your foreign accounts. Remember, you will not become subject to a tax crime investigation.

  5. GET IN TOUCH WITH US Website: https://www.chicagotaxlawyerfirm.com/tax-crimes/ Address: 180 N. LaSalle Street, Suite 3700, Chicago, IL 60603 Phone: 312-608-2772 You can also connect with our Social Media Site : Twitter: https://twitter.com/taxlawchicago Google Plus: https://plus.google.com/113665509788292401381/ Facebook: https://www.facebook.com/Chicago-Tax-Lawyer-Firm-331942083676072/ Yelp: http://www.yelp.com/biz/chicago-tax-lawyer-firm-chicago

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