...the COVID-19 pandemic. This change reflects the IRS’s commitment to modernizing its processes and reducing administrative burdens for taxpayers. Key Details: Electronic Signatures: The IRS allows taxpayers to use various...
...all residents and some nonresidents to file a U.S. federal tax return if their income exceeds certain thresholds. Tax Forms for Residents: U.S. tax residents generally file Form 1040 to...
The IRS’s Voluntary Disclosure Practice (VDP) allows noncompliant taxpayers who have failed to meet their tax obligations to come into compliance and avoid criminal prosecution. Financially, the VDP offers the...
Last week, the owner of a local construction company in New Jersey admitted he cheated the IRS out of about $1.35 million in taxes. Alain Rodrigues, 49, of Old Bridge...
...payroll taxes that the employer is required to withhold—individual income tax and the employee’s share of Social Security and Medicare tax. The IRS has not clarified how the ERC credit,...
...tax laws. As a result, taxpayers could be more aggressive in challenging IRS decisions. It particularly could allow taxpayers to challenge IRS penalty determinations based on reasonable cause more effectively....
...penalty procedures in an area rife with controversy. We responded to a request by the IRS for comments on proposed regulations for Transactions with Foreign Trusts and Information Reporting on...
...IRS Scrutiny: The IRS has intensified its focus on international tax compliance. The absence of Form 8621 could raise red flags and trigger an audit, particularly for taxpayers with PFIC...
...business dealings, this could signal a broadening of the investigation. Audit Notification with Known Understatements or Overstatements: If the IRS notifies you of an audit for a tax year with...
...throughout the investigative process. There are several compelling reasons to decline an interview with IRS-CI agents without legal representation: Lack of Legal Expertise: Taxpayers may not possess a comprehensive understanding...
...on TCJA: The ruling solidifies the TCJA’s framework for taxing foreign earnings, providing much-needed certainty for taxpayers and tax professionals. Planning Considerations for Foreign Corporations: Assess Prior Tax Positions: Companies...
...owned by entities like corporations. Inheritance Tax: While the TOD process avoids probate, it may not eliminate potential inheritance tax implications, depending on the beneficiary’s relationship to the deceased. In...
