Tax controversy is a term that involves a contested matter with the Internal Revenue Service. The matter can be a civil or criminal matter and administrative or judicial. When dealing with the IRS there are a few truths, one being that CPAs are adept at preparing tax returns and are trained in auditing a company or business's financial statements with an eye toward benefitting the business owners. But if you are a taxpayer involved in a tax controversy you need qualified representation from a tax attorney.
Our economic and social world is full of systems which balance themselves either naturally or with a little help. As interest rates go down, the housing market tends to up. When bond prices rise, stock prices usually fall. For every plus, there seems to be a minus.
Our Minnesota readers are no doubt aware that the Internal Revenue Service is looking for money. The agency is looking to collect uncollected taxes, trying to find and stop tax fraud, conducting audits and offering amnesty for those with offshore bank accounts. The IRS also has a whistleblower program with millions ready to give to those with the right kind of information.
Like shelters in a storm, tax havens have helped people tuck money away and protect it from outside threats. Some may wonder how this works, but according to financial experts, it isn't actually that hard. A person would simply set up a foreign corporation and open an account in that corporation's name. The Internal Revenue Service has a hard time tracking the money from the corporation back to an individual. Current estimates are that $31 trillion in American assets are sitting in offshore bank accounts.