What are the Possible Penalties for a Charge of Healthcare Fraud and Abuse?

With the rising cost of healthcare, it should come as no surprise that fraud and abuse are significant problems. The government has a vested interest in rooting out this fraud since it runs one of the largest healthcare insurance companies in the country, providing healthcare to 74 million individuals. You know it as Medicaid. Private insurers are just as attuned to fraud and abuse because they take extra care of Read More

4 Benefits of Participating in the IRS Voluntary Disclosure Program

For as connected as our world has become, it is still possible for one hand (i.e. the IRS) not to know what another hand (i.e. your offshore account) is doing. However, this scenario is becoming less and less common, particularly since the enactment of the Foreign Account Tax Compliance Act (FATCA) and the signing of numerous intragovernmental agreements between the United States and other countries. To be clear, Read More

5 Things to Keep in Mind if You’re Being Audited by the IRS

You have received the dreaded audit notice from the IRS. Before you enter full-blown panic, take a deep breath and read the following tips to get you through the process.   1) Remember it’s not personal. One of your first reactions to an audit notice may very well be to take offense. Why am I being audited? My shady neighbor down the street is way more deserving! Just remember, it’s not personal. The IRS knows you Read More

4 IRS Myths, Uncovered

Many myths and horror stories have been spun about the IRS. It is to be expected given that every single American will interact with the agency in some way at some point (or many points) in their life. While the IRS sometimes seems to work in a fog of mystery, we can reliably bust at least four IRS-related myths. 1) Deductions are the way to an auditor’s heart. It’s not surprising that audits play a huge role in Read More

An Overview of Money Laundering

For as long as there has been money, there has been some form of money laundering. Essentially, money laundering is the process whereby “dirty” money (i.e. money that should be going to someone or somewhere else) is actually hidden elsewhere, sometimes in investments or other places so that it cannot be found. Over 4,000 years ago, Chinese merchants would hide their money from their rulers by investing it in Read More

5 Tips and Tricks on How to Keep Your Taxes Organized

You have emerged from the tax fog of April and the mad rush to get everything filed with the IRS by the ominous deadline of April 15 (give or take). In that mad rush, you promised yourself that next year will be different. Next year you will be organized in your tax preparation so that your home will not look like a paper bomb went off and you will not need to beg and plead with the mailman to wait another five Read More

Understanding the Ruckus Behind Racketeering

If you’ve ever found yourself grousing that a fee or a cost is a racket, then congratulations—you have just accused the seller of racketeering. Racketeering is the process of conducting a racket. A racket is a criminal enterprise whereby victims are made to pay for solutions to problems that do not exist or that will not be put into effect. The diversity of rackets is truly a wonder of criminal enterprise. Read More

How to Reduce IRS Penalties

Paying taxes can be hard enough, but what if you’re hit with penalties on top of them? The IRS has over 100 different possible penalties that they can assess. Most of these penalties fit into one of two categories: collections and accuracy. Collections refers to late filing while accuracy refers to people providing incorrect information. While the best course is to avoid paying penalties at all by filing on time Read More

What Exactly Does It Mean to be Charged with Mortgage Fraud?

Mortgage fraud is, according to the definition from the FBI, “any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan.” This type of fraud can be committed either by a borrower, by lending institutions, or even by other parties involved in the mortgage process like title agencies and mortgage brokers. Mortgage fraud can occur at any time, Read More

Understanding Currency Transaction Violations

There are many laws governing how currency can be deposited, withdrawn, and moved around. Most of these laws are put in place to attempt to stop money laundering, drug dealing, organized crime, and terrorism. For example, you are only allowed to make withdrawals or transfers from saving accounts a certain number of times per month. Violations of this regulation typically just require that the savings account be Read More