The tax administrations from the United States, Australia, and the United Kingdom announced on May 9th a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.…
IRS Criminal Investigation (CI) today released its Annual Report for fiscal 2012, highlighting strong gains in enforcement actions and penalties imposed on convicted tax criminals. The 28-page report summarizes a wide variety of IRS CI activity on a range of…
The IRS has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods. The…
As reported by the Bankruptcy Law Network, the numbers are out for the April 1 inflation adjustment in dollar amounts in the bankruptcy code. The numbers increase 6.3%. Every three years, the bankruptcy numbers are automatically adjusted for the change…
In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses. The IRS today is further extending tax deadlines of that relief until April 1 for the following localities: In New Jersey (starting…
The IRS today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure out their deductions for the business use of their homes. The new simplified option is available starting with the…
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the IRS announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS…
The Internal Revenue Service released updated income-tax withholding guidance tables for 2013 reflecting the changes by Congress to avoid the fiscal cliff. The updated withholding guidance tables, issued today after President Obama signed the changes into law, show the new…
The net investment income tax will affect estates and trusts by creating planning opportunities and by imposing new income-tracking rules for the benefit of beneficiaries who may receive distributions with net investment income. The tax was created by the Health…
The IRS announced today that “Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations. Rules…
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