Is the IRS Finally Receiving Increased Funding?
After months of back and forth, it appears that additional funding is on its way to the Internal Revenue Service (IRS) with the Inflation Reduction Act of 2022 (Act). The...
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IRS Extends Late Portability Election Automatic Relief from 2 to 5 Years
On July, 8, 2022, the Internal Revenue Service released Revenue Procedure 2022-32, which provides a simplified method for certain estates to make a late portability election to allow the surviving...
Maryland Retail Store Owner Guilty of Tax Fraud and Tax Evasion
...(Company 1) operated by his son, defendant Saurabh Chawla (“Saurabh”), age 36, of Aurora, Colorado, from 2009 to August 2019. Chawla’s duties at Company 1 included receiving electronics and other...
The IRS’s 2022 Dirty Dozen tax scams
...top priority of the IRS. New patterns and trends emerging in complex international tax avoidance schemes and cross-border transactions have heightened concerns regarding the lack of tax compliance by individuals...
New Webinar: An Introduction to the Taxation of Passive Foreign Investment Companies
...in PFICs Practical solutions to address non-compliance or missed elections in this area *Attendees will be able to earn 1.5 hours of NJ CPE credits in Taxation To sign up: https://www.wgcpas.com/eventer/an-introduction-to-the-taxation-of-passive-foreign-investment-companies/?utm_medium=email&_hsenc=p2ANqtz-_yFC3M20p2g4uUDJsqyQ-QXpBu5H7x8yIlJaq5sfZv-dnGpV2HIgMepf4wmhuEQEsp8XYUwTKrgHOVBbbI5Ahj-TLtyg&_hsmi=2&utm_content=2&utm_source=hs_email&hsCtaTracking=eb78e0f1-a18d-4520-8d97-e17185c3e55a%7Cd4d444ed-9ef2-4a10-82e1-2038e7ee2c4d...
New Webinar: Resolving International Tax Compliance Disputes: FBAR Controversy, Penalties, Appeals, Form 3520/3520-A, Form 5471
...and manage international tax compliance disputes thoroughly. Listen as our panel explains the most complex aspects of international tax compliance, including FBAR filing and reporting requirements, navigating assessments and litigation, the...
IRS Releases New IRS 2022 FBAR Fact Sheet
The IRS released its new 2022 FBAR Fact Sheet last month, which comprehensively provides all information related to the FinCEN FBAR Form 114. Interestingly, it fails to include the Delinquent...
Payment Apps like Venmo and Paypal Now Subject to Tax Reporting
...problems for entrepreneurs who use one or more of these apps to conduct business. Starting January 1, 2022, the new tax provision went into effect that now requires payment services...
IRS announces an update to its Voluntary Disclosure Practice Preclearance Request and Application
...domestic and foreign, under the taxpayer’s control. For more information on the Voluntary Disclosure Practice, as well as other options to come into compliance with the law please visit: IRS...
Upcoming live video webinar: “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets”
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets” scheduled for Wednesday,...
How to Avoid Criminal Prosecution Through Voluntary Disclosure
...failed to submit tax information reports may willingly submit a voluntary disclosure letting the IRS know of this noncompliance in order to resolve their non-compliance and limit exposure to criminal...
All the Many FBAR Late Filing Procedures
...become noncompliant and delinquent. However there are a number of different delinquent FBAR late-filing procedures U.S. taxpayers can go through to become compliant. Delinquent FBAR Submission Procedures or DFSP A...