Current Tax Alerts

Issues Concerning Criminal Tax Evasion By John Alan Cohan, Attorney at Law For people in the farming and livestock industries the main worry in an IRS audit is the hobby loss rule and whether certain farm losses will be allowed as tax deductions. For some people, however, in all walks of life, a greater concern exists: the possibility of being indicted for tax evasion. Under Section 7201 of the Internal Revenue Code, it is a federal crime for anyone to willfully attempt to evade or defeat the payment of federal income taxes. By “attempt” the statute means that the individual knew or should have known that he had taxable income which he was required by law to report during the tax years involved, but failed to report the income... click for more

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