Taking your audit to tax court
Like many in New York and across the country, after you submit your tax returns, you may expect not to be dealing with the IRS until next year. Therefore, if you receive notice that the IRS is auditing your returns,…
Selected for an audit? Here is what you can expect
If you have never had problems with your taxes before, getting a notice from the Internal Revenue Service that they are auditing you can be a bit alarming. The word audit is scary to a lot of people, simply because…
Going somewhere? Not if the IRS has its way
Did you get your letter yet? No, not the announcement that you have won a million dollar sweepstakes. The Internal Revenue Service plans to send letters soon notifying certain taxpayers that the agency has certified their delinquent debt. If you…
Take the fast track to resolving your IRS tax dispute
Most people deal with the IRS once a year when they file their tax returns. However, if you are like many taxpayers here in New York, you continue to deal with the IRS because the agency claims you owe more…
Four tips to avoid a tax audit in 2017
Getting mail from the Internal Revenue Service (IRS) is enough to give anyone heart palpitations. If this letter is sent to inform the recipient of a potential tax audit, those heart palpitations can turn serious. All joking aside, dealing with the…
Foreign accounts and required reporting: FBAR update for 2017
Those who hold foreign financial accounts may not understand the tax implications. In some cases, the presence of the account must be disclosed by filing certain forms. Depending on the amount, anyone holding foreign accounts may need to file a…
IRS reports success with foreign account reporting
Think you don’t need to report that offshore account to the IRS? Think again. A recent article in Forbes reports that the Internal Revenue Service (IRS) is hardly done with searching for unreported offshore accounts. “As we continue to receive more…
Offshore Voluntary Compliance Efforts Top $10 Billion; More Than 100,000 Taxpayers Come Back into Compliance
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…
Want to travel? You may have to pay the IRS first.
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? Three tax tips for entrepreneurs.
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…
