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January 2016 Archives

Looking at tax fraud vs. tax negligence, and some factors that impact penalties, P.2

In our last post, we spoke briefly about some of the general factors tax authorities will look out for when determining the nature of taxpayer noncompliance—whether it is due to negligence or fraud. As we noted, the penalties are different depending on whether the noncompliance is based on fraud or negligence.

Looking at tax fraud vs. tax negligence, and some factors that impact penalties, P.1

When significant discrepancies are noticed in a tax return, the Internal Revenue Service will take notice and reserves the right to conduct an audit to determine the reason for noncompliance. In the audit process, the IRS is particularly concerned about determining whether noncompliance is due to negligence or fraud.

IRS offers a glimmer of relief to Corinthian students p2

We have been discussing the problems facing the students left holding the bag when for-profit Corinthian Colleges Inc. closed all of its schools last year. The problem wasn't just that Corinthian closed its schools; it was that the company had defrauded the students by, among other things, misrepresenting job placement figures. These students were crime victims, but they were still liable for their school loans.

IRS offers a glimmer of relief to Corinthian students

In the summer of 2014, the Minnesota Office of Higher Education ordered Corinthian Colleges Inc. to stop enrolling students from this state. At that point, though, about 300 students from Minnesota were enrolled in traditional and on-line programs operated by the for-profit college system. (Corinthian's sole Minnesota campus was the Everest Institute in Eagan.)

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