Currency Transaction Records (CTR) and Suspicious Activity Reports (SAR) are financial reporting forms that track activity in the financial system for the purposes of criminal investigation and enforcement. The Internal Revenue Service (IRS) has access to such resources for Title 26 civil income tax purposes. Fink, Faris R., Memorandum for Services and Enforcement Compliance Operating
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Chapter 11 Bankruptcy
Chapter 11 Bankruptcy. The filing of a personal bankruptcy petition creates what is known as the bankruptcy estate. This is a separate taxable entity for IRS purposes. As a result, a person’s tax obligations do not end with the filing of a bankruptcy petition. Rather, those obligations vary depending upon the type of bankruptcy filing,
Circular 230 – An Overview
Like many federal government organizations, the IRS has many different regulations. One of the most important regulations is known as Circular 230. This set of regulations deals with the practice of representation before the IRS. Representation before the IRS involves the ability of those who are engaged in certain tax-related professions to represent others to
Credit Rating Agencies: What is a Credit Rating Agency
What is a Credit Rating Agency In today’s society, credit scores and credit ratings have a major impact in determining an individual’s quality of life. The ability to purchase a home, purchase a car, and even obtaining a job can all be impacted by the credit scores given by one of the credit rating agencies.
Tax Payment Plan Criteria: How to Get Approved
When a taxpayer falls behind in their tax payment obligations, figuring how to get back on track can be a difficult prospect. Between the limitations of a taxpayer’s capability to meet their past due taxes, and the purpose of the IRS to collect as much as possible of those same taxes, it can be a
IRS Innocent Spouse Relief Requirements
Scenario: You have just received an envelope addressed to you and your spouse from the IRS. Upon opening the envelope, you are shocked to see that the IRS has adjusted a previously filed joint tax return due to income that was not declared on your original income tax return. Due to the adjustment, you and
Going Solo: How to Represent Yourself in an IRS Audit
Being audited by the IRS is one of the greatest fears that the average American taxpayer can think of. However, most people don’t realize that many audits can be easily resolved, and can result in no additional taxes. In the event your tax return is audited, it is important to realize that you do have
Bank Fraud
Bank fraud, or defrauding a federally insured bank, is a federal offense that can carry a state prison sentence of up to 20 years and/or fines of up to $250,000.[1] This form of fraud can refer to any beguiling or providing false information to a bank, credit union, or savings and loan association. Common types
Mail Fraud
As correspondence increasingly becomes more electronic throughout the years, it may seem as if traditional mail is becoming more obsolete; yet, this is hardly the case, especially in regard to the topic of mail fraud. Mail fraud, which is similar to wire fraud, is a federal crime that the government continues to take very seriously
What is Tax Fraud
We have all heard or seen the term “tax fraud” before, yet how much do we really know about the meaning of this phrase? The definition of fraud includes, but is not limited to, “an act or instance of deception, deceit, something false or spurious.”[1] For many, seeing the denotation of the word fraud is