by Michele Weiss | May 17, 2022 | Audit, Firm News, Internal Revenue Service, Offshore Income
On May 17, 2022, Michele Weiss, Senior Counsel at Holtz, Slavett & Drabkin, will present a CLE program on IRS and Pass-Throughs – New International Reporting Rules and Enforcement to the Women in Tax Committee of the California Lawyers Association, Tax Section.... 
by Igor Drabkin | Mar 14, 2022 | Audit, California Dep't of Tax & Fee Administration, Cannabis, Industry Focus, Internal Revenue Service
Cannabis industry is one of the fastest growing segments of the U.S. economy. At the beginning of this year, 36 states plus the District of Columbia have legalized marijuana for recreational or medicinal use, or both. However, marijuana is still considered a... 
by David J. Warner | Mar 4, 2022 | Audit, Criminal Tax, Internal Revenue Service
The Internal Revenue Service (IRS) has had an interest in virtual currencies, including cryptocurrencies like Bitcoin, for several years. The IRS is looking closely at these transactions. Taxpayers should ensure that they are properly reporting these transactions now,... 
by David J. Warner | Aug 6, 2021 | Audit, Internal Revenue Service
The Internal Revenue Service (IRS) is increasing audits (also called examinations) to close the “Tax Gap.” The Tax Gap equals the difference between the amount of tax that should be owed by taxpayers and the amounts actually paid by taxpayers. The Internal Revenue... 
by David J. Warner | Jul 30, 2021 | Audit, Internal Revenue Service
The Internal Revenue Service (IRS) has made auditing partnerships and S corporations one of its top priorities. In the past, the IRS audit rate for partnerships and S corporations has been very low—around 0.05% (or one out of every 200 returns). This audit rate is... 
by Igor Drabkin | Aug 31, 2020 | Audit, FBAR, Internal Revenue Service, Offshore Income, Tax Litigation, Uncategorized
Crackdown on the offshore accounts continues to be one of the top priority issues for the IRS. In the last few years, the DOJ and the IRS have taken aggressive positions in imposing and collecting huge penalties for taxpayers’ failure to report their foreign accounts...