An Internal Revenue Service crackdown on real estate fraud and tax evasion has resulted in a doubling of investigations by the IRS Criminal Investigation Division between 2001 and 2003, according to a new fact sheet. Similarly, the average prison term handed out by federal judges to defendants in these schemes nearly doubled over the same period. The IRS said that it is focusing on real estate fraud because the income earned from it is often laundered to hide the proceeds, and is often inseparable from tax evasion. Currently, the IRS has thousands of returns under audit involving individuals and entities associated with the real-estate business. "Every year, these fraudulent schemes victimize individuals and businesses from many walks of life, including struggling low-income families lured into home loans they can't afford, legitimate lenders saddled with over-inflated mortgages, and honest real estate investors fleeced out of their investment dollars," the IRS stated.
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The impending end of support for Windows 10 has been delayed, giving accounting firms a little more time to make upgrades before it is officially obsolete.
July 7 -
The Internal Revenue Service has declared 83 pieces of old guidance in the Internal Revenue Bulletin to be obsolete in accordance with Trump executive orders.
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The Public Company Accounting Oversight Board gave reminders for auditors who audit smaller public companies in its latest staff publication.
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The IRS's Criminal Investigation division needs to do a better job of keeping track of the billions of dollars in cryptocurrency, says TIGTA.
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The American Institute of CPAs hopes to smooth the Trump administration's move away from paper tax refunds at the Internal Revenue Service.
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Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
July 3