Becoming the subject of a tax crime investigation is the last thing a taxpayer can think off. Well, is nothing but kind of a big headache? We all should try our level best to play safe as far as our tax matters are concerned. The IRS and other tax collecting authorities have extraordinary powers and a mandate for initiating a tax crime investigations against anyone. Believe us, and it can bring a lot of disgrace and other disturbing conclusions. After the completion of an investigation, the IRs can proceed with legal proceedings against people with a bad tax history. However, we still can avoid by acting smartly. Numerous good tax practices and preventive strategies can help you. In fact, a vast majority of taxpayers is using these strategies for maintaining a safe existence. Today, we have decided to bring this important subject to discussion. So let us move ahead and see, whether we are doing the right thing or not.
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2. Tax Crime Investigation is something even more dangerous than routine audits. In fact,
the IRS don’t 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 don’t 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.
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 taxpayer’s 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 didn’t 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? Don’t worry; some great lawyers are
operating there for supporting the clients who don’t 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, don’t 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
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