Know Your Enemy, Part 1: What Exactly Is The IRS?

Know Your Enemy, Part 1: What Exactly Is The IRS?

"It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; 
If you do not know your enemies but do know yourself, you will win one and lose one; 
If you do not know your enemies nor yourself, you will be imperiled in every single battle."
- Sun Tzu, The Art of War

 
20 Factors That Distinguish Contractors From Employees

20 Factors that Distinguish Contractors from Employees.

Nearly every business needs to hire or contract with other businesses or individuals to provide services in the course of running the business. In doing so, the owners and managers have a duty to determine if the individuals are employees or independent contractors. This decision-making process can often be ongoing.

Employee or Independent Contractor

Your “Independent Contractor”...Are They Really an Employee?

What Every Business Needs to Know

The distinction between “employees” and “independent contractor” is significant when it comes to the responsibilities of the business towards that person. Employers must withhold income taxes from employees paychecks, Social Security and Medicare taxes, and unemployment taxes on wages paid to an employee, and generally do not have these responsibilities towards independent contractors.

The Criminalization of Payroll Tax Violations. Are You at Risk?

The Criminalization of Payroll Tax Violations. Are You at Risk?

By federal law, employers are required to withhold certain funds from their employees’ wages and pay them to the IRS in the form of income and payroll taxes. 26 US Code Sec. 6672(a) provides that “any person required to collect, truthfully account for, and pay over any tax,” who willfully fails to do so, is liable “to a penalty equal to the total amount of the tax” not paid over.

What you need to know if you have foreign bank accounts

The Rules Have Changed!   What you need to know if you have foreign bank accounts.

Over the past few years, the IRS has instituted aggressive rules to force Foreign Financial Institutions (FFIs) and Non-Financial Foreign Entities (NFFEs) to enter into FATCA (Foreign Account Tax Compliance Act) agreements which require compliance with strict reporting requirements on the assets and financial accounts of all US taxpayers.  Owners of offshore accounts, thinking their assets are safe, might be at risk of heavy penalties.

tax law mistakes made by al capone

5 Mistakes Al Capone Made Part II

This is part II in the series "Downfall of a Kingpin - 5 Mistakes Al Capone Made". Part I in this series can be found here: http://thetaxlawyer.com/tax-evasion/information/al-capone-conviction-tax...

Al Capone Conviction of Tax Evasion

5 Mistakes that Led to Al Capone's Conviction for Tax Evasion: Part 1

The Downfall of a Kingpin 5 Mistakes Al Capone Made that Led to His Conviction of Tax Evasion

Part I

1. He waited too long to start planning for his tax troubles.

2. He spent more lavishly than he could justify.

3. He thought his money was safe in unregistered offshore bank accounts.

 

Part II

4. He caught the ire of people in high places.

5. He hired the wrong attorneys for his case.

 

Part I

 

IRS Notice CP81

It is critically important to know your rights before interacting with the IRS. offers this advice.

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