IRS

The Internal Revenue Service (IRS) provides some tax benefits to small businesses. Many of these benefits are in the form of tax deductions. When it comes to pass-through entities like sole proprietors, partnerships, and limited liability companies (LLC), two examples include: Tax deduction #1: Business losses The IRS allows small business owners to claim certain […]

The Duke and Duchess of Sussex, Prince Harry, and his wife Meghan Markle, recently welcomed a baby boy into the royal family. Amidst the joy and celebrations that often come with welcoming a new family member, this little one may require some proactive tax planning. Although born in England, the infant could find himself subject […]

The Internal Revenue Service (IRS) can review taxpayers’ returns. But, like most things in the legal world, this ability is generally limited. How is the IRS’ limited? In most cases, a statute of limitations, or time limit, applies. This means the agency has a set amount of time it can look back into your tax […]

Snitches. It is a word that brings back memories of plot lines from popular mobster movies like The Godfather or the mega-hit HBO show The Sopranos. There are many names for those who provide information to another party in exchange for gain or immunity. The term “snitch” has a more negative connotation, other, less sinister […]

The time, World War II. Although not the first time the United States government attempted to implement an income tax, this was the time it stuck. Not the first time? Congress had passed previous income tax regulations. Lawmakers were pressured to find funds to pay for war efforts and the income tax provided a relatively […]

It is finally here — today is Tax Day. Some of us have filed our returns while others are scrambling. For those of us rushing to get their returns in order, the following can help: Mail wisely. Taxpayers that choose to mail their returns to the Internal Revenue Service (IRS) should double-check postage and address. […]

The Internal Revenue Service (IRS) recently reminded taxpayers that even those living abroad likely need to file paperwork this tax season. In some cases, the government may require taxpayers to file additional paperwork. What else does the Treasury Department need? The agency may also require an additional form, the Report of Foreign Bank and Financial […]

The Internal Revenue Service (IRS) is working through tax filings and anticipates many more as the April 15tax deadline quickly approaches. The agency recently released a publication aimed at dispelling many myths about tax refunds that are getting circulated through social media platforms. The publication included several facts about the refund process. Three of the […]

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 […]

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 […]