IRS examines jewelry, precious stones and metals businesses for compliance

The IRS is conducting Anti-Money Laundering examinations (similar to tax audits) of jewelry, precious stones (including colored gems, diamonds, etc.), and precious metals businesses. The IRS is now in charge of compliance with the Anti-Money Laundering Rules. The Anti-Money Laundering

Post IRS Audit Strategic Options: The IRS’ 30 Day Letter

If, after conducting the audit, a taxpayer and revenue agent cannot come to an agreement, the agent will prepare and submit to the taxpayer a preliminary notice of deficiency, or “30-day letter.” The 30-day letter is a form letter that sets

New Jersey Division of Taxation Now Issuing Letter Rulings

The New Jersey Division of Taxation recently announced that it will implement new procedures for taxpayers to obtain letter rulings. Similar to letter rulings issued by the Internal Revenue Service with regard to federal tax issues, letter rulings issued by