PENALTY AND INTEREST ABATEMENT: A LIGHT AT THE END OF THE TUNNEL OR A DEEP, DARK ABYSS?
The Internal Revenue Code contains a labyrinth of overlapping penalties designed to encourage taxpayers to file on time and to pay on time. Some of the more common penalties include: (1) the failure to file penalty; (2) the failure to pay penalty; (3) the civil fraud penalty for filing a frivolous tax return or for […]
LIENS AND LEVIES AND GARNISHMENTS, OH MY!
If you owe the IRS but do not pay your tax liability in full, the IRS will send you a tax bill demanding payment in full. If you do not pay in full or make other payment arrangements, the IRS will pursue collection of the taxes through liens, levies, or garnishments. I. Tax liens A […]
RETRIAL OF DAUGERDAS AND FIELD IN TAX SHELTER SCHEME IN FULL SWING
The retrial of former Jenkens & Gilchrist partner Paul Daugerdas in an illegal tax shelter prosecution is underway in the southern district of New York. Mr. Daugerdas and former BDO Seidman Chief Denis Field are accused of marketing and giving legal cover for tax shelters that had no economic purpose except to avoid taxes. Field, […]