IRS

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 […]

U.S. companies and their oversea affiliates are prohibited from certain interactions with countries that are listed as boycotted. In some cases, the United States Government may sanction a request. An understanding of the potential tax implications of these dealings is beneficial for any business operating in qualifying countries. What exactly is a qualifying boycott activity? […]

If you are a United States taxpayer with interest in a foreign asset, odds are high you know that you must report this interest to the government. A failure to do so can result in serious penalties, ranging from steep monetary fines to potential imprisonment. The severity of the penalties often hinges on one thing: […]

Congress is considering a new tax proposal that would result in a minimum tax applied to the foreign earnings made by U.S. companies’. The effort is viewed as an attempt to keep funds here in the United States as opposed to sending them overseas. How do these taxes currently work?Current law applies a 35 percent […]

As its customer service budget has shrunk in recent years, the IRS has pushed hard to get people to go online with tax questions. Online resources do not take the place of a phone conversation with a tax compliance professional. But the IRS website, IRS.gov, does generally have a lot of information. Is the information […]