Some Things Some of Us That's Actually Tax Fraud

     Professionals in the Naperville tax arena are used to assisting clients file their taxes in a reputable fashion.  There are of course instances of fraud, whether intentional or non intentional.  Every American citizen is required to file their tax return through a voluntary compliance.  The majority of Americans fulfill the requirement by filing and paying the correct amount of taxes to the government.  There is a portion of the population that will intentionally violate the rules of the IRS and fail to report the actual amount of income, or excise taxes.

Don’t panic.  Some of us live in fear of the IRS because we owe them back taxes.  There is a big difference between owing a few hundred dollars because of mistakes on previous returns and committing tax fraud.  In a tax fraud situation, you have intentionally and willfully violated the Internal Revenue Service laws.  A few of the tax break laws are:

    Under-reporting income
    Omitting income
    Bookkeeping (two sets of books)
    Over stating your deductions
    False entries in records
    Personal expenses claimed as business expenses
    Hiding assets or income
    False deductions
    Transferring income or assets.

The government has a Tax Fraud Program and is the Criminal Investigation Division’s biggest enforcement program.  It covers a variety of tax fraud and money laundering crimes.  Can you believe that over 1800 investigations were initiated by this program? Over 700 of those investigated were sentenced and imprisoned for breaking tax laws. Money launderers are using different schemes and deals that conceal any income or assets.  Detailed currency manipulation occurs and layering of transactions happens.  Don’t delay in having a Naperville tax professional assist you.