Contact Office of Strategic Communications, [email protected] Immediate Release December 16, 2021 WASHINGTONâThe Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed an $8 million civil penalty on Community Bank of Texas, N.A. (CBOT) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, CBOT admitted that it willfully failed to […]
Issue Number: Tax Tip 2021-95 Itâs important for all taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists, and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service: Taxpayers have the right […]
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Happy 4th of July 2021 Everyone.
Source: IRS WASHINGTON â The Internal Revenue Service today continued its âDirty Dozenâ tax scams with a warning for people to watch out for predators using tax-related schemes ranging from fake charities to scams targeting seniors and immigrants. The IRS continues to see a group of ruses by dishonest people who trick others into doing […]
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IRS Processing Backlog
Source: IRS Although most taxpayers successfully filed their 2020 returns and received their refunds, a historically high number did not. At the conclusion of the 2020 filing season, the IRS faced a backlog of over 35 million individual and business income tax returns that require manual processing â meaning that employee involvement is generally needed […]
Taxation of Persian Americans Living in Iran If you are a U.S. green card holder or a U.S. citizen (a US person under the Internal Revenue Code 7701(b)) and live in Iran, you are taxed on your worldwide income regardless of where you earned it. Additionally, you are subject to U.S. international tax laws, […]
Source: VIENNA (AP). June 15, 2021. A top European diplomat said Tuesday he believes international negotiations with Iran will ultimately succeed in re-imposing limits on its nuclear program but indicated that more time may be needed. Enrique Mora, who is coordinating the talks in Vienna, said progress had been made on overcoming key obstacles at […]
By Damon Rowe, IRS Office of Fraud Enforcement, CL-21-18, June 17, 2021 In my role overseeing the IRS Office of Fraud Enforcement and having spent my early career in IRS Criminal Investigation, Iâve seen firsthand that criminals can be exceptionally good at playing on our emotions to lure us into a scam. Itâs easy for […]
Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Thursday, April 1, 2021 Court Authorizes Service of John Doe Summons Seeking Identities of U.S. Taxpayers Who Have Used Cryptocurrency A federal court in the District of Massachusetts entered an order today authorizing the IRS to serve a John Doe summons on Circle Internet Financial […]
Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE, Wednesday, May 5, 2021 A federal court in the Northern District of California entered an order today authorizing the IRS to serve a John Doe summons on Payward Ventures Inc., and Subsidiaries d/b/a Kraken (Kraken) seeking information about U.S. taxpayers who conducted at least the […]