IRS Says It Found Millions in Tax Credit Fraud on Electric Vehicles

According to research conducted by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits were wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. In general, the credit is limited to plug in electric vehicles, and is subject to a phase out. Forbes found … Read more

Under Audit for Micro-Captive Insurance Issues? The IRS Wants to Settle.

On September 16, 2019, the United States Internal Revenue Service (IRS) announced the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions. The settlement requires substantial concession of the income tax benefits claimed by the taxpayer together with appropriate penalties (unless the taxpayer can demonstrate good … Read more

Bitcoin In The Crosshairs

Don’t think that just because the currency is virtual, that the tax man doesn’t know you have it. Bitcoin and other virtual currencies are squarely in the crosshairs of the IRS and other agencies. The combination for potential for tax evasion, money laundering and illegal payments is just too enticing for the government to ignore. For … Read more

Retiring Overseas? Don’t Forget About Your Taxes…

lady justice

Lower cost of living. Adventure. Wonderful weather. Beautiful beaches. Many Americans are looking to other countries to spend their retirement years. This can be a rewarding and cost effective retirement strategy. However, before you move to Costa Rica, you need to make sure you have your financial affairs in order – including taxes. Moving overseas … Read more