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Posts tagged "tax returns"

Former IRS Employee Sentenced to Prison Time and Restitution for Filing False Tax Returns

On March 5, 2018, a former Internal Revenue Service (IRS) employee, Pamela Pringle, was sentenced in the Eastern District of California for "making opportunities for persons to defraud the United States and for making and subscribing false returns." While employed by the IRS, Pringle prepared and filed income tax returns for other individuals that included false deductions, and in several years she also filed fraudulent tax returns for herself, claiming deductions to which she was not entitled. Pringle entered a guilty plea in November 2017 and will spend 5 months in prison, then 36 months under supervised release, including 5 months of home confinement; she was also ordered to pay $56,857 in restitution.

Employment Tax Crimes Can Lead to Significant Prison Time

The Department of Justice recently reminded taxpayers that evading personal or business-related tax obligations can lead to "substantial fines and penalties, and even long prison sentences." Last month, the husband-and-wife owners of a Tennessee staffing company were sentenced to 75 months and one year, respectively, of prison time for failure to pay over $2.8 million in employment-related taxes and withholdings, and for filing false employment tax returns.

Californians Reminded That Paid Tax Preparers Should Sign Their Work

The California Tax Education Council (CTEC) began a public awareness campaign for the 2018 tax filing season targeting "ghost tax preparers," meaning paid tax professionals who do not sign the returns they prepare. The Council reminds taxpayers that "tax preparers who charge a fee to do your taxes, but never sign your tax return are breaking the law." Hiring a ghost preparer could lead to tax refund fraud, penalties, or additional taxes. For more information from CTEC on this issue, click here.

2018 Federal Tax Filing Season Opens January 29

The Internal Revenue Service (IRS) announced that the federal tax filing season will begin on Monday, January 29, 2018.  The deadline for individual tax returns will be Tuesday, April 17, 2018. 

Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Partnerships and Pass-Through Entities to Come Under Greater IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Mid-Market Related Party Transactions May Lead to Audit

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Micro-Captive Insurance Transactions to Come Under IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

FTB Releases Data On 2017 Filing Season

The California Franchise Tax Board (FTB) released highlights from the 2017 filing season in its most recent newsletter. The number of personal income tax returns filed has increased 1 percent since the last filing year, and business entity returns filed has increased by 3.4 percent. The FTB issued over 12 million personal refunds for the 2017 season, totaling $12.6 billion, and over 165,000 business refunds, totaling $837 million.

IRS Announces 2018 Tax Rate Schedules and Retirement Plan Limitations

The Internal Revenue Service (IRS) released its annual inflation adjustments for many tax benefits applicable for tax year 2018 (returns filed in 2019). The standard deduction for taxpayers who are married filing jointly will increase slightly to $13,000; for single and separately filing married taxpayers, the standard deduction will also increase slightly, to $6,500. For tax year 2018, the foreign earned income exclusion is $104,100, up from $102,100 for tax year 2017. The annual exclusion for gifts increased to $15,000, an increase of $1,000 from the exclusion for tax year 2017.

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