Tax evasion can be shown when the following three elements are present: The existence of a tax deficiency An attempt to evade or defeat tax Willfulness Tax evasion and tax fraud go beyond a mere mistake in filing or paying your taxes, and are considered a much more serious offense.…
The IRS reported 2,672 convictions for criminal tax violations in the 2016 fiscal year. While criminal tax charges are not common, the penalties —which can include jail time — are severe enough to cause any taxpayer to be concerned. Most criminal tax penalties can result in a five-year prison sentence…
If you have an interest in an offshore bank account or another type of foreign financial account, you may be required to file a yearly report for the account with the Department of Treasury. The penalties for not filing Form FinCEN 114 are costly, and if you have been putting…