With the 2016 tax deadline officially in the rearview mirror, the focus of the Internal Revenue Service will now shift to identifying and investigating those returns that have raised red flags among reviewers whether due to omissions, inconsistencies or other issues.
Now that the April 18 deadline for filing taxes is getting closer, more Americans are finally sitting down to tackle their returns, leafing through piles of papers and carefully following the instructions on their computer screen or the Internal Revenue Service's various publications.
In domestic business, an incorporator is someone who helps entrepreneurs create corporations, filing articles of incorporation and other documents the state of Florida requires. Another version of this common business facilitator exists to help people set up offshore corporations designed in many cases to evade taxes or launder money.
The very first internal tax imposed on American citizens was an excise tax on liquor and tobacco during the presidency of George Washington. Since then, a few other taxes have made their ways onto the backs of taxpayers.
Everyone has heard the term "tax fraud," but sometimes its meaning is scrambled in South Florida media stories about tax crime allegations. So what is tax fraud? It can be a number of things, including intentionally failing to file an income tax return or intentionally failing to pay owed taxes.
It is often nice to get attention, but few people would argue getting attention from the Internal Revenue Service and law enforcement qualifies as the kind of notice people crave. But here in South Florida, we are getting plenty of attention from federal agents targeting people who commit tax fraud and identity theft.
Outside the modest Florida church is a hand-painted, fading sign to let visitors know when Sunday morning worship services are held and at what time Thursday night Bible study convenes. The Bible Church of God sits about 300 miles northwest of Miami in Clearwater, Florida.
The calendar turns a page. We're all one day older and one day closer to April 15. And according to statements from the Department of Justice and IRS, those of us with unreported overseas accounts are one day closer to big trouble.
Here on our blog, we try to help folks stay current with what's happening in South Florida and around the U.S. regarding tax controversies, the Internal Revenue Service and alleged tax crimes.
HSBC is one of the world's very biggest banks, with branches in South Florida connected to the home office in London, England, and operations in Switzerland, China, and dozens of other nations around the globe. It is also the focus of years-old accusations that its Swiss unit helped clients hide assets from the IRS and other tax authorities.