Washington D.C. Tax Law Blog

The United States Government Accountability Office (GAO) recently released a bulletin calling on the Internal Revenue Service (IRS), Congress, and other government agencies to make changes to better address foreign asset reporting. The bulletin notes that renunciation of United States citizenship approvals increased from 1,601 to 4,449 from 2011 to 2016. The agency suspects the […]

Detroit –The man charged with fixing Detroit’s faltering finances has been hit with four liens in four years from the state of Maryland for unpaid taxes, records show. State records show Kevyn D. Orr, who was appointed emergency manager on Thursday, has two outstanding liens on his $1 million home in Chevy Chase, Md., for […]

It may be tempting to attempt to reduce your tax burden by rounding some numbers up and rounding some numbers down when filing your tax returns. However, getting too loose with your numbers in your return can increase the risk of an audit. Common red flags that tend to increase the risk of an audit […]

In most cases, the government expects taxpayers to pay their taxes in April. Any resulting payment or refund the result of withholdings from paychecks throughout the year. In some cases, the Internal Revenue Service (IRS) may expect taxpayers to make quarterly payments. Who needs to pay on a quarterly basis? The IRS may require quarterly […]

The Internal Revenue Service (IRS) will likely increase its focus on taxpayers who work in the gig economy. Why the change? The agency is expected to increase its scrutiny of this market based on the results of a new report released by the Treasury Inspector General of Tax Administration (TIGTA). The report claims the IRS […]

Researchers are starting to analyze data for 2018 tax returns. This tax year is the first that used the new tax law, the Tax Cuts and Jobs Act (TCJA) — a tax law that was supposed to result in a reduced tax obligation for the majority of Americans. Are taxpayers seeing more savings under the […]

Many people with financial means, including many retirees, escape northern climes this time of year for sunnier vistas in Florida, Arizona, or elsewhere. It’s a great way to avoid the hassle of snow and ice while working on your golf game or enjoying other amenities allowed by warmer weather. But what state tax obligations are […]

A successful art dealer recently faced sentencing for allegations of tax evasion. The allegations are the result of a six-year investigation which led to evidence to support the following crimes: Failure to file. During the investigation, it became apparent the accused had failed to file taxes in 2009 and 2010. Wrongful use of business expense […]

2018 is the first tax filing year to apply the changes implemented with the Tax Cuts and Jobs Act (TCJA). The following could impact small and medium-sized business owners: Pass-through deductions. Business owners of pass-through entities can now deduct up to 20 percent of qualified business income. This tax break was not available in the […]

Taxpayers may be aware of some of the common triggers that lead to an audit by the Internal Revenue Service (IRS). These can include a large amount of wealth, having foreign assets, and small business ownership. In addition to these common triggers, the agency has also put technology to use with its new CP200 program. […]