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Posted on August 19, 2021 in IRS

Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. […]

Posted on June 24, 2021 in IRS

Kinston, North Carolina: Former tax preparer Hildares Kinkesha Parker-Greene has been sentenced to 30 months in prison for conspiring to file false returns. In early 2016, Parker-Greene managed a tax prep business in Kinston, where she conspired with another preparer to fraudulently inflate clients’ refunds by claiming false wages, federal income tax withholdings and dependents. Parker-Greene […]

Posted on June 10, 2021 in IRS

Many people are afraid of IRS audits — and maybe even going to jail if they make a major mistake. In fact, fear of an IRS audit is one of the main reasons that people strive to file timely and accurate tax returns each year. But here’s the reality: Very few taxpayers go to jail […]

Posted on May 5, 2021 in IRS

Tax practitioners are facing an increase in compliance efforts and controversies not only in the U.S. but worldwide, according to observers. “It started several years ago, and then slowed down because of COVID,” said Sharon Katz-Pearlman, head of global tax dispute resolution and controversy at KPMG International, and the national principal-in-charge of its Tax Dispute […]

Posted on March 16, 2021 in IRS

The Internal Revenue Service has failed to collect more than $2.4 billion from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report. Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with […]