In recent IRS Revenue Procedure 2020-17, the IRS has created a procedure where certain U.S. persons having an interest in tax-favored foreign trusts established and operated exclusively or almost exclusively...
...diminished penalties following a recent ruling from a federal trial court, where the taxpayer’s number of unreported accounts ranged from 41 to 51 for 4 different tax years. Facts: Alexandru...
...penalties and possible jail time for criminal tax evasion. Few tax professionals are aware of an Internal Revenue Service program that can help taxpayers clean up past troublesome tax issues...
...in 2018 or previous years.” 3. Offshore Tax Evasion. The IRS Commissioner last month again verified that offshore tax reporting enforcement remains one of the IRS’s absolute top priorities. He...
...examination (audit) of the tax return at issue; IRS contact with any person regarding a tax shelter examination under IRC section 6700 for a tax shelter in which the taxpayer...
...IRS impersonation scam where a taxpayer receives a telephone call threatening jail time, deportation or revocation of a driver’s license from someone claiming to be with the IRS. Taxpayers who...
We have completed over 1,000 estate plans for clients over the years. Recently, however, we have unfortunately probated a disproportionate number of clients’ wills after death. Through estate planning, many...
...advisors should know: 1. Not all taxes are dischargeable in bankruptcy. Only income taxes are dischargeable. Taxes such as payroll taxes, trust fund taxes, or sales taxes cannot be eliminated...
...affairs. In general, a POA is a document that allows you to appoint an agent to transact business on your behalf. The agent does not have to be an attorney,...
...our clients. While estate planning cannot prevent a healthcare crisis, it will ensure that you control who makes decisions. During these uneasy times, sometimes estate planning can offer clients the...
...to prepare and execute our client’s estate planning documents remotely. There is no need to meet in person, and we can safely have your estate planning documents remotely prepared and...
...tax law: Section 139 of the Internal Revenue Code. Section 139 allows employers to assist employees during a federally declared disaster with “qualified disaster relief payments” that are tax-free to...
