Three things that increase your risk of getting audited

July 20, 2016
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

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…

FBAR update: Change is on the horizon

June 21, 2016
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

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…

Warning: Deadline for FBAR filing just around the corner

May 25, 2016
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

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…

The odds of an IRS tax audit, according to income

April 4, 2016
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

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…

IRS has collected more than $8 billion from offshore voluntary disclosure program

October 21, 2015
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

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…

SIMPLIED METHOD FOR HOME OFFICE DEDUCTION

March 16, 2015
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

“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…

IRS ANNOUNCES INTEREST RATES REMAIN THE SAME

March 16, 2015
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

“The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2015. The rates will be: • three (3) percent for overpayments [two (2) percent in the case of a corporation];…

New standard mileage rates now available; business rate to rise in 2015

December 16, 2014
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the…

IRS clarifies application of one-per-year limit on IRA rollovers, allows owners of multiple IRAs a fresh start in 2015

November 13, 2014
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

The IRS today issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced earlier this year, in…

In 2015, various tax benefits increase due to inflation adjustments

October 30, 2014
On Behalf of Jeffrey M. Rosenblum, P.C.
IRS

For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items…