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Category: Hot Topics

The IRS is Continuing to Target Micro-Captive Insurance Transactions

Articles/News, Hot Topics, Offshore Account Update

Posted in on February 12, 2021

In March of 2020, the Internal Revenue Service (IRS) began sending warning letters to micro-captive insurance companies and their clients. This initiative was based on information the IRS received from various sources indicating that some micro-captive insurance companies were engaging in abusive practices—with attendant tax fraud implications.

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Have You Underreported Your Cryptocurrency Taxes to the IRS?

Articles/News, Hot Topics

Posted in on November 30, 2020

Have you received a CP2000 tax notice from the Internal Revenue Service (IRS) pertaining to your income tax liability for cryptocurrency trades or investment activity? If so, you are not alone. The IRS is sending these notices to U.S. taxpayers who are suspected of underpaying their federal income tax liability, and there have been reports of large volumes of these notices being issues in recent weeks. Our New Jersey tax lawyers have been following these developments closely and are available to represent individuals and businesses that need help dealing with the IRS.

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New Jersey Companies Thriving During the COVID-19 Crisis May Be at Risk for Tax Fraud Investigations

Articles/News, Hot Topics

Posted in on October 30, 2020

While the COVID-19 crisis has had a substantial impact on New Jersey’s economy, and while many businesses have been forced to shut down, some companies are thriving. For those that are, the risk of facing a federal tax fraud investigation is a very real concern.

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IRS Fraud Enforcement Office Will Open in the Midst of the COVID-19 Crisis

Articles/News, Hot Topics

Posted in on August 31, 2020

On March 5, 2020, the Internal Revenue Service (IRS) announced the formation of a new Fraud Enforcement Office within its Small Business/Self-Employed Division. While the COVID-19 crisis has put many things on hold, the Fraud Enforcement Office’s director, Damon Rowe, recently told Law 360 that the office is on pace to open as scheduled:

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Tax Day Presents Unique Challenges for Cryptocurrency Investors in New Jersey

Articles/News, Hot Topics

Posted in on May 5, 2020

As 2020’s revised Tax Day approaches, New Jersey taxpayers who bought, sold or used cryptocurrency in 2019 are likely to find that complying with their income reporting and tax payment obligations presents a challenge. Even though the Internal Revenue Service (IRS) has acknowledged that its guidance on cryptocurrency reporting has been less than clear, it has also clearly signaled its intent to target individual and corporate taxpayers that fail to accurately report and pay what they owe.

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