The IRS announced today in IR-2016-137- “As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax…
Legislation quietly passed last year in Congress may prevent you from traveling abroad if you owe a significant amount of tax debt. The law, initially proposed in 2012, did not gain overwhelming support from Congress and the President until 2015.…
Doing business abroad can be beneficial, but entrepreneurs that are considering expanding abroad or who currently do so should be aware of tax implications. The Internal Revenue Service (IRS) has increased efforts to find and prosecute those who use foreign markets as…
The Internal Revenue Service (IRS) is continuing its crackdown on foreign accounts. Those who have assets in accounts in countries other than the United States, or even signatory authority of such accounts, are required to report the accounts to the…
Generally getting a knock on the door, phone call or letter in the mail is a pleasant experience. Maybe a friend or family member is checking in to say hello, or that pizza you ordered is getting delivered. However, this…
The Internal Revenue Service (IRS) has some pretty strict rules. Some of the more severe revolve around foreign accounts and reporting requirements, such as the FBAR. The Report of Foreign Bank and Financial Accounts (FBAR) is a tax document that…
The deadline for the Foreign Bank and Financial Account Report (FBAR) is fast approaching. The FBAR, referred to in some financial circles as the “F” word, is the form required by the Internal Revenue Service (IRS) to claim certain foreign…
Filing taxes can be stressful, particularly for small business owners and self-employed individuals. Yet nothing compares to the anxiety and hassle often induced from an IRS audit. Fortunately, the IRS audits relatively few taxpayers. Your particular odds of getting audited…
The IRS reminded U.S. taxpayers today that with more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, U.S. taxpayers with undisclosed offshore accounts should strongly consider existing paths established to come into full compliance with…
“The Internal Revenue Service has reminded people with home-based businesses filling out their 2014 federal income tax returns that they can choose a simplified method for claiming the deduction for business use of a home. Introduced in the tax year…