IRS

One of the leading resources for public accountants, Accounting Today, recently released a report analyzing some of the top trends when it comes to tax audits. According to the report, the Internal Revenue Service (IRS) conducted 991,168 tax audits in 2018. Three of the more important takeaways from the report include: The IRS will likely […]

On November 20, 2019, the IRS posted a series of Frequently Asked Questions (FAQs) which includes much needed guidance regarding rental real estate in the context of the Qualified Business Income (QBI) deduction under Internal Revenue Code (IRC) §199A.1A few of the particularly noteworthy FAQs include: (1) when rental real estate is treated as a […]

On November 6, 2019, the United States Department of Justice (DOJ) announced the capture of a tax fugitive.1 According to the DOJ announcement, the fugitive was a tax fraud promoter who had been on the run since the date he was supposed to start serving a 10-year prison sentence. The agency labeled him a fugitive […]

The Department of Justice (DOJ) recently announced the arrest, conviction and sentencing of a former Internal Revenue Service (IRS) employee. The crime: tax evasion. What is tax evasion? Tax evasion is more than just a simple mistake on one’s tax returns. When the government accuses a taxpayer of this crime, they are accusing the person […]

The Internal Revenue Service (IRS) recently announced a new tax payment option for those who have fallen behind on their tax obligations. Although the agency states the option is meant to make it easier for taxpayers to pay their bill, tax professionals have voiced concerns it could lead to abuse. What is this new tax […]

The Internal Revenue Service (IRS) has struggled with the best way to manage cryptocurrency. Cryptocurrency, also known as virtual currency or digital assets and include example like Bitcoin, KlickEx, and Ethereum, are gaining in popularity. The government is trying to figure out the best way to include these assets in tax reporting. The most recent […]

The Internal Revenue Service (IRS) recently announced changes to its per diem rates. Per diem rates apply to the reimbursements given to employees to cover traveling expenses like meals, lodges and incidentals during business trips. It is important to stress the reimbursement component because the Tax Cuts and Jobs Act (TCJA) that went into effect […]

The Tax Cuts and Jobs Act (TCJA) led to major changes to federal tax law. One example of the changes that impact taxpayers is the creation of a cap on the state and local tax (SALT) deduction taxpayers could claim on their federal tax returns. The limit, now set at $10,000, was a blow to […]

It may seem like an innocuous crime that would come with, at most, a financial penalty. Unfortunately, this is not always the case. The Internal Revenue Service (IRS) does not take lightly to information a tax payer may be committing tax crimes. When are tax crimes serious? One key distinction: Negligence vs Tax Fraud. Negligence […]

A billionaire recently told his New York staff that he was closing shop and relocating to Florida. Although warmer winters may have played a role in the decision, the move was more likely motivated by an attempt to reduce the entrepreneur’s tax obligations. Why would tax obligations fuel a move across the country? The Tax […]