I am a tax attorney named Parag Patel, and today I wanted to discuss the IRS's 2019 Dirty Dozen list of tax scams. This list, which was published last month, contains twelve different tax schemes that people should be aware of. Some examples include identity theft, tax return preparer fraud, and offshore tax avoidance. In particular, I want to focus on the issue of offshore tax avoidance. The IRS has been successful in enforcing actions against individuals who try to hide their income offshore. Many people who were involved in offshore taxable interest have voluntarily come forward after realizing the consequences of not fulfilling their tax filing responsibilities. The IRS has released a notice specifically addressing this issue and has stated that tax avoidance remains a top priority in their overall enforcement efforts. They are working closely with the Justice Department to ensure that tax laws are being properly followed. The IRS has highlighted the problem of hiding income offshore, and over the years, they have identified numerous individuals who have evaded US taxes by using offshore banks, brokerage accounts, nominee entities, and other methods. Some individuals have even used debit cards, credit cards, wire transfers, and private annuities or insurance plans to hide their assets overseas. The IRS is using information gained from investigations to pursue taxpayers with undeclared accounts, as well as individuals suspected of helping clients hide their assets. While there may be legitimate reasons for maintaining financial accounts abroad, it is important to fulfill reporting requirements. US taxpayers who fail to comply with these requirements are breaking the law and face significant fines and the possibility of criminal prosecution. The IRS is urging taxpayers who have not reported their foreign investments to come forward and pay their taxes. The IRS offers several options for individuals to address non-compliance depending on their...
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Irs notice of potential third party contact Form: What You Should Know
Third-Party Contacts | Internal Revenue Service Jan 12, 2024 — This “TPC” (Third-Party Contact) form provides information for IRS employees about making contacts with third parties (including taxpayers) about abusive tax avoidance schemes with respect to any applicable tax year beginning after Jan 1, 2008. 5.21.0 IRM 5.21.0 Special Events in Collection Agencies 5.21.1 Notice of All Specials in Collection Agencies We consider an “IRM Special Event” to be any event, in a particular tax year, beyond the normal collection operations of an IRS program, that is of such general interest to collections officers in that specific year, the number of events per tax year, the overall complexity of collection efforts for that particular year and the impact of such events on IRS operations, which would cause the IRS to have reasonable grounds to expect that the following collection activities (and the services provided for such activities), could generate significant revenue: 5.21.2 Notice of All Specials in Collection Agencies When a notice of all special events in collection agencies is issued (e.g. an IRM Special Event notice or an IRM Standard Notice) by the Internal Revenue Service with respect to any taxpayer for any taxable year, the notice generally also includes an IRS notice in the Collection Program section (i.e. the “IRS Section”) of the Notice of Assessment. For most events, in the past, we have considered a notice to be issued for an IRM Special Event only if the notice (i) specifically identifies the IRS Special Event and (ii) states that we have been directed to provide these additional services. (See IRM 5.21.3 Additional Services Required for Special Events.) IRM 5.21.0 Special Events in Collection Agencies When the above conditions are met, a Special Event notice may be issued. IRM 5.21.2 Additional Services Required for Special Events A Special Event notice in the Collection Program section also states that the following additional services are also required for the Special Event. When the above IRM Special Event notice refers to “Special Events,” the IRM Special Event (or Standard Issue) notice is the notification that identifies the specific special event (or special event) for which we are issuing the IRM Special Event notice. IRM 5.21.2.1 Notice of All Specials in Collection The notice under IRM 5.
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