Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: October 14, 2013
The Firm
201-896-4100 info@sh-law.comThe Internal Revenue Service is not immune to the far-reaching effects of the government shutdown, and many key services and responsibilities may be delayed or temporarily suspended.
Existing tax law requires that the federal agency continue to collect payments, interest, and penalties, regardless of whether the government is functioning at full capacity. However, those individuals or small businesses that are currently undergoing an audit will receive a reprieve until normal operations resume. Similar to other governing and regulatory bodies, many of the agency’s staff are now furloughed. Of the 94,516 active IRS employees, 87,764 were furloughed during the shutdown with a little more than 8,752 “essential” employees remaining to manage the critical operations, the Huffington Post reports. This is a staff reduction of roughly 90 percent.
However, auditors do not anticipate that the reprieve will last for a long period, so those facing inquiries from the IRS are encouraged to continue working with their certified public accountant, tax attorney, or other professionals to make progress on their case. In fact, Forbes noted that if the shutdown exceeds five days, the agency may be forced to reevaluate its needs to continue collection efforts.
The IRS has faced massive pressure as of late regarding the growing tax gap, which is estimated to be $450 billion. In response, collection efforts have been increased, namely in the form of audits, international agreements to curb offshore tax evasions, stricter reporting requirements, and an expansion of the Offshore Voluntary Disclosure Program. Several Swiss institutions, such as Wegelin & Co., have agreed to pay penalties and fines to the U.S. for helping American account holders skirt reporting requirements and evade tax law. Wegelin, Switzerland’s oldest private banking institution, paid $57 million to the IRS for its complicity in these crimes.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
NYC Real Estate and Litigation Attorney Ryan O. Miller and Team Join Scarinci Hollenbeck, LLC New York City, NY – August 13, 2025 – Scarinci Hollenbeck, LLC has strengthened its Real Estate and Litigation practices with the addition of four New York City-based attorneys. Ryan Miller, who joins as a partner, is well known for […]
Author: Scarinci Hollenbeck, LLC
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!