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The intentional omission of income from your tax return is tax evasion, and there is no statute of limitations on intentional omissions of income. The IRS can come back at any time, assess tax, interest, and penalties and pursue criminal charges.
Thank you. However if nobody does anything, it is very unlikely that the IRS takes any action against J.D. What kind of specialists can advise about making sure that actions are taken?
Well, you start with making the inquiry to the IRS. And, it would help if you actually call the IRS and speak with a person there.
Tax on $700K is no small change, and it's worth pursuing. A revenue agent will be very willing to investigate the claims.
Do you know of any specialists (or type of specialists) who can assist with this process (for hire)? I don't think regular tax preparers would do this kind of work.
I don't think an outside professional will help with this, I think it's just a matter of finding the right person at the IRS
You can certainly ask a tax preparer for help but as you said regular preparers may be reluctant to help with this sort of thing.
There's a link on how to report suspected tax fraud activity
Each count of tax evasion can bring up to 5 years in federal prison and a fine of $250,000
I know that page. I heard about companies who help with reporting mega-tax fraud (e.g. $2m). I was hoping that you could point me to somebody in the lower-amount range. I would like to hire somebody (e.g. ex-IRS) who can push this through. (You just answered my other question about consequences - thanks.)
You would have to call around and ask different firms, as I know of no such firms for smaller scale tax fraud
I can probably just contact an ex-IRS tax attorney, and see. Thanks for your help.
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