IRS

In recent posts, we’ve explored how maintaining compliance with rules for offshore accounts has become increasingly burdensome in recent years. These burdens include stepped-up enforcement of existing requirements and the implementation of a complicated new law, the Foreign Account Tax Compliance Act (FATCA). There is another aspect to foreign income reporting, however, that also merits […]

The majority of people put preparing for next year’s tax season at the bottom of their to do list once their tax return is filed. If you’re one of the many people who have been struggling the last few weeks before the deadline, you can save yourself a huge headache and a lot of time […]

This is the first year that the deadline to file an annual Report of Foreign Bank and Financial Accounts (FBAR or FinCEN Form 114) is April 18th. In the past, it was a June 30 due date with no extension. Who needs to file an FBAR? The triggering threshold is $10,000 in foreign financial accounts. […]

Small businesses and people who work for themselves now have access to an expedited procedure to resolve tax disputes with the IRS. In this post, we will use a Q & A format to update you on the availability of this procedure, which is formally called the Small Business/Self Employed Fast Track Settlement program (SB/SE […]

Being a business owner may involve time warps. When business is good the days fly and there is never enough time to complete everything. When a busy season coincides with tax season, the filing deadline can slip by without you having a chance to get your personal or business return completed. As we approach the […]

“Fudge” is a peculiar word. As a noun, it refers to a soft, creamy candy or, more generally, to foolish nonsense. As a verb, it means to fake or falsify something, or to bend the rules. When filing taxes, what does it mean to fudge and what can happen if you do? Fudging is hardly […]

If you get behind on your taxes, the IRS could try to go after your paycheck to collect the debt. In this post, we’ll address frequently asked questions about this process. What does “garnishment” mean exactly? Garnishment is an old legal term for the procedure used to take property to pay a debt. In the […]

Even if you do everything right, there’s no guarantee your tax return won’t be audited. After all, the IRS does choose some returns at random for auditing. There are, however, certain red flags that can increase your risk of an audit. What are the most common red flags? One is taking overly large tax deductions. […]

Immigrants and refugees aren’t the only people whose travel plans can be affected by changes in federal policy. Under legislation passed by Congress late in 2015, if you have unpaid taxes that exceed a certain threshold, you could have your passport revoked or have an application for one denied. In this post, we will use […]

Tax-filing season is officially underway. It’s an annual rite of passage that stretches to mid-April or (with a six-month extension) beyond. Here are three reasons why it often makes sense to file sooner rather than later. Waiting to file can make you more vulnerable to tax refund fraud. The sooner you file your tax return, […]