IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to help Taxpayers resolve their tax disputes through an informal, administrative process, and through...more
There are Taxpayers that understate income, overstate expenses and present fraudulent claims on their tax returns for credits and deductions. These Taxpayers run the risk of being identified by the IRS and having IRS...more
Under Internal Revenue Code (IRC), Subtitle F - Income Taxes, Chapter 78 - Discovery of Liability and Enforcement of Title, Subchapter A - Examination and Inspection – Section 7602, the IRS has the authority to contact a...more
Los Contribuyentes Estadounidenses con facturas de impuestos vencidas que han sido identificados por el IRS corren el riesgo de perder los privilegios de pasaporte de los EE. UU. ...more
Certain US Taxpayers that have been identified by IRS with overdue tax bills maybe at risk of losing US passport privileges. IRS has been trying to encourage US Taxpayers that are seriously behind on their taxes to pay what...more
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....more
4/15/2019
/ Beneficiaries ,
Decedent Protection ,
Equitable Distribution ,
Estate Planning ,
Estate Tax ,
Executors ,
Fiduciary Duty ,
Income Taxes ,
Personal Representatives ,
Tax Liability ,
Tax Planning ,
Tax Preparers ,
Tax Returns ,
Transfer Taxes
The IRS might want to audit (also known as a review or an examination) an Individual Taxpayer’s accounts and financial information to verify that the information that the Individual Taxpayer is reporting is compliant with the...more
Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more
4/8/2019
/ 1099s ,
Bitcoin ,
Capital Gains ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
There will be Taxpayers whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for Tax Year 2018. ...more
The National Taxpayer Advocate 2017 Report to Congress states that the Accuracy-Related Penalty under Internal Revenue Code Section 6662 remains the number one most litigated tax issue and has been over the last four years. ...more
For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040. Although the IRS’s sentiment is that many Taxpayers will only need to file Form 1040 and none of the NEW NUMBERED SCHEDULES, there will be Taxpayers...more
1/25/2019
/ Alternative Minimum Tax ,
Child Tax Credit ,
Filing Requirements ,
GILTI tax ,
Income Taxes ,
IRS ,
Required Forms ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Returns
The Global Forum and the Organization for Economic Cooperation and Development (OECD) oversee the internationally agreed standards of tax transparency and exchange of information via the Common Reporting Standard (CRS). ...more
1/24/2019
/ Anti-Corruption ,
Common Reporting Standard (CRS) ,
Financial Crimes ,
Foreign Financial Accounts ,
Latin America ,
OECD ,
Regulatory Oversight ,
Regulatory Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Transparency ,
White Collar Crimes
El 30 de octubre del 2018, la división Internacional y de Grandes Empresas del IRS (“LBI”) anunció la aprobación de una campaña de cumplimiento que incluye cómo las Instituciones Financieras Extranjeras (“FFIs)) y ciertas...more
On October 30, 2018, the IRS Large Business and International division (LBI) announced the approval of a compliance campaign regarding Foreign Financial Institution (FFI) and certain Non-Financial Foreign Entity reporting of...more
The IRS Automated Underreporter Matching Process matches Tax Returns against Information Returns. IRS states that there were approximately 150 million individual tax returns filed in 2017 and about 25 million of them (17%)...more
On November 11, 2018, the IRS released its Criminal Investigation Annual Report as it begins its 2019 fiscal year and its 100th anniversary as a law enforcement agency. IRS-Criminal Investigation (IRS-CI) is a federal agency...more
12/26/2018
/ Criminal Investigations ,
Criminal Prosecution ,
Cyber Crimes ,
Enforcement Actions ,
Identity Theft ,
IRS ,
Tax Crimes ,
Tax Evasion ,
Tax Fraud ,
Tax Liability ,
Tax Returns
The IRS TAX CRIMES HANDBOOK states that there are two kinds of tax evasion: (a) the willful attempt to evade or defeat the ASSESSMENT of a tax, and (b) the willful attempt to evade or defeat the PAYMENT of a tax. ...more
The guidelines for determining an Individual’s tax residency are as follows:
- An Individual Taxpayer is a resident based on the laws of one treaty-partner country and is considered to be a resident of that country for...more
In the US, Taxpayers “self-assess and voluntarily” pay taxes. The IRS position is that Voluntary Compliance occurs when a Taxpayer makes a “good faith” effort to meet the Taxpayer’s tax obligations as defined in the Internal...more
Rental income is reportable on a Taxpayer’s tax return. Certain expenses such as mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation may be deducted from a Taxpayer’s...more
The Tax Cut and Jobs Act (TCJA) amended Section 274 of the Internal Revenue Code (IRC) created a confusion for Taxpayers by disallowing a deduction for expenses with respect to “entertainment”, amusement, or recreation and...more
11/29/2018
/ Accounting Controls ,
Corporate Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Meal and Entertainment Expenditures ,
Reimbursements ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Reform
On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging the IRS to “issue updated guidance, providing additional clarity for Taxpayers seeking to better understand and comply with their tax...more
11/20/2018
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Although only .2% of US Taxpayers actually pay Estate Taxes (Congress's Joint Committee on Taxation), it is important to understand how Estate Tax works in conjunction with gifting....more