IRS

The Foreign Account Tax Compliance Act (FATCA) went into effect in 2010. This law requires all foreign institutions outside of the United States to report assets and identities of account holders that are United States citizens. Failure to comply can result in serious ramifications, including steep financial penalties. How has this law impacted the industry? […]

The pre-holiday crunch is often a busy time. This holds true for everyone that works at any level of employment. Retail, clerical, legal, financial, medical, or politics. In fact, this truth holds even for the person who holds the highest office in the country. President Donald Trump felt the crunch and encouraged Congress to get […]

Retirement is a time to reap the rewards of years of hard work and planning. For some, this may mean leaving the country to be closer to family, friends, or to simply take more time to explore the world. This can be a rewarding endeavor when done wisely. However, a failure to properly account for […]

The Internal Revenue Service (IRS) has taken an interest in Coinbase. Coinbase is a cryptocurrency company, specializing in this form of digital currency. The federal agency has requested the company release the names of its customers. Why is the IRS interested in Coinbase’s customers? The agency contends that cryptocurrency users may not report their proceeds […]

The second wave of leaks about the use of offshore accounts is making its way through the media. The first was dubbed the Panama Papers; the latest, the Paradise Papers. What exactly are the Paradise Papers? The term refers to over 13.4 million documents connected primarily to a law firm that aids the wealthy with […]

The Foreign Account Tax Compliance Act (FATCA) requires certain United States taxpayers to report foreign assets to the Internal Revenue Service (IRS). This is in addition to other requirements, such as filing the Report of Foreign Bank and Financial Accounts (FBAR) form. So how do you know if you must comply with FATCA requirements? Ask […]

The Internal Revenue Service (IRS) is keeping a close eye on what is referred to as the “gig” economy. This term refers to a new job market that involves the shift from typical nine to five jobs to short-term, flexible positions. These positions are often self-managed, allowing a great deal of autonomy for those who […]

There are a number of legal ways to reduce tax obligations. Some of these methods are common, known to anyone that has filed taxes. Basic deductions like charitable donations are a common example. Other maneuvers are more specialized. One such method, referred to as a corporate inversion, is under scrutiny by the federal government. What […]

The fact that the Internal Revenue Service (IRS) is cracking down on offshore accounts and foreign tax compliance issues is not a new one. Media outlets have been covering this story for months. However, the agency recently took a big step that will push these efforts to the next level. What was the big step? […]

When a joint return is filed and only one spouse owes a past-due amount, the other spouse can be considered an injured spouse. An injured spouse claim is different from an innocent spouse claim, since it uses Form 8379 to request an allocation of the tax overpayment attributed to each spouse, whereas an innocent spouse […]