The Wall Street Journal quoted Caroline D. Ciraolo in an article titled “You Haven’t Filed Your Tax Returns in Years? The IRS is Coming,” published August 11, 2024. The article discusses the Internal Revenue Service’s focus on taxpayers earning more than $400,000 a year and discusses several best practices for those taxpayers who have failed to file required income tax returns, including the retention of competent tax professionals to navigate this difficult landscape.
From the article:
“This is the IRS’s gentle tap on the shoulder. The next tap could be much harder,” says Caroline D. Ciraolo, a partner with the Kostelanetz law firm in its Washington, D.C., office and a former acting assistant attorney general of the Justice Department’s tax division.
Before filing past-due returns, consider hiring a tax professional for advice on “the various compliance paths,” Ciraolo says. That can include the intricacies of how to seek penalty relief, which can be surprisingly complex. Hire an experienced lawyer if you might be facing “potential criminal exposure,” she adds.
The IRS “will look closely at the nature of the event, whether the taxpayer was able to manage other matters during this time, and how quickly the taxpayer addressed the failure to file after the event subsided,” Ciraolo says.
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To read the full article, click here.
