Foreign bank accounts have long been synonymous with the ultra-wealthy in the United States. For decades, those with the most resources used reporting and tax loopholes as a way to diminish their personal taxable holdings. However, the Internal Revenue Service (IRS)...
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Tax Law and Updates
CONGRESS AND IRS IMPLEMENT HISTORIC CHANGES TO ASSIST TAXPAYERS
As Congress has enacted legislative measures to address the economic impact of COVID-19, the Internal Revenue Service has established procedures to assist taxpayers. In addition to compliance activities and examinations, the IRS encourages taxpayers to respond to any...
THREE KEY 2020 TAX CHANGES TO KNOW
2020 brings a new tax year and, as usual, a new year also brings changes in federal tax law. Some cases deduction amounts remain unchanged for 2019, such as medical and dental expenses, state and local sales tax, and the percentage limit for charitable cash donations...
WHAT IS THE IRS WHISTLEBLOWER PROGRAM?
The IRS Whistleblower Program provides a significant for individuals to report large-scale tax underpayments. The whistleblower may able to receive up to 30% of the amount recovered by the IRS if certain conditions are met. IRS Whistleblower Awards The IRS may...
TAX PROBLEMS FROM UNTAXED FOREIGN EARNINGS
Changes made under the Tax Cuts and Jobs Act (TCJA) have changed the way foreign companies may be taxed on foreign earnings. There are basically three different scenarios you need to understand when it comes to earnings of certain foreign companies: The law before the...
IS VIRTUAL CURRENCY TAXABLE?
The IRS considers virtual currencies such as Bitcoin as property for tax purposes. If you receive Bitcoin as compensation, it would be considered taxable income by the IRS. A failure to report virtual currency income could result in back taxes, penalties, interest,...
Tax Law Changes That Could Affect Your Return
The 2019 tax season (for 2018 tax returns) brings several important tax law changes. Whether you’re single or married, an employer or employee, your tax return will almost certainly be different than it was last year. Here are some of the key changes to look for on...