News and Events

The Internal Revenue Service (IRS) recently published an online resource titled, “How to Report Foreign Bank and Financial Accounts”. Importantly, while this resource provides some useful guidance, taxpayers must be careful to make their own decisions independent of the IRS’ recommendations—as US International Tax Advisors, explains below:

On July 1, 2021, a federal jury convicted a Maryland tax preparer of preparing false returns for three clients resulting in more than $1.1 million in fraudulent refunds. She is scheduled to be sentenced in September and faces up to three years in prison for each count. Notably, this is just one of several recent cases targeting tax preparers on the East Coast. With this in mind, local tax preparers who are concerned about facing scrutiny from the Internal Revenue Service (IRS) should consult with a Maryland criminal tax attorney promptly.