Practices that can lead you to a Tax Crime Investigation

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
dont 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 dont
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
(No Transcript)
4
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 taxpayers 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 didnt 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? Dont
worry some great lawyers are operating there for
supporting the clients who dont prefer to take
an active part in tax related issues.
5
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, dont try to be over smart. Just go
and declare your foreign accounts. Remember, you
will not become subject to a tax crime
investigation.
6
GET IN TOUCH WITH US
Website https//www.chicagotaxlawyerfirm.c
om/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/ Fa
cebook https//www.facebook.com/Chicago-Tax-L
awyer-Firm-331942083676072/ Yelp
http//www.yelp.com/biz/chicago-tax-lawyer-firm-ch
icago