Al Capone | Leona Helmsley (AKA the Queen of Mean) | Spiro Agnew | Wesley Snipes (He thought he was Blade)
The list of deplorable characters brought down for tax fraud may get another famous name… Uber. The notoriously culture-challenged ride-sharing service is being investigated by IRS for tax evasion in the years 2013 and 2014.
While Uber can’t and won’t comment on the case, here’s what we know… and why it’s important to have a tax attorney on your side when IRS calls.
Uber recently went public on the NYStock exchange and, as a publicly traded company, had to disclose that “the IRS is examining the tax years for 2013 and 2014. …and that its tax benefits are to be cut due to the company’s transfer pricing positions.” Transfer pricing is a way to shift money to lower tax areas.
Big or small, IRS does not stand for companies who deliberately engage in tax evasion. While we don’t know the details of the case against Uber it does highlight that businesses should set aside money to cover tax discrepancies and review all filings thoroughly before submitting to IRS.
If you think you may have mis-filed taxes it is always better to talk to a tax attorney, go over the questionable year(s) and formulate a plan should IRS open an investigation into that time period.
Unlike a CPA, tax attorneys have the protection of attorney-client privilege so businesses can lay all questions, transactions, and concerns on the table without fear that their advisor might be subpoenaed by IRS in an investigation.
At Milikowsky Tax law we are dedicated to reducing your tax liability while keeping your business compliant with current tax laws. Our proprietary system of review will uncover any red flags and allow us to address any tax mis-steps proactively.
If you think your company may have mis-filed a tax return in years past, please reach out to one of our experienced tax attorneys today to schedule a free consultation.