News & Analysis as of

Tax Returns Filing Requirements

Foodman CPAs & Advisors

How To Amend A Tax Return?

The IRS released Tax Tip 2024-38, April 25, 2024, to explain to taxpayers how to amend a tax return. If a taxpayer discovers an error after filing their return, the taxpayer may need to amend a tax return. IRS states that...more

Allen Barron, Inc.

IRS Updated Streamlined Filing Compliance Procedures

Allen Barron, Inc. on

What do you need to know about the IRS updated Streamlined Filing Compliance Procedures or "Streamlined Procedures?" Are you concerned about unreported or under-reported offshore income or assets? Are there accounts you...more

BakerHostetler

D.C. Court of Appeals Strengthens IRS’ Ability to Collect Penalties for Not Reporting Foreign Company Ownership

BakerHostetler on

On April 3, 2023, the United States Tax Court issued its opinion in Farhy v. Commissioner of Internal Revenue, which upset long-standing views on how the IRS may assess and collect penalties for failure to file certain tax...more

Allen Barron, Inc.

When to Consider the IRS Streamlined Procedures

Allen Barron, Inc. on

What are the IRS streamlined filing compliance procedures (known more commonly as the “streamlined procedures”), and when should a US taxpayer consider the IRS streamlined procedures to come into compliance with IRS reporting...more

Venable LLP

Tennessee and Utah Amend Charitable Solicitation Laws: New Filing, Disclosure, and Other Obligations Affect Fundraising Compliance...

Venable LLP on

Tennessee and Utah have revised the scope of their charitable fundraising laws. These changes will affect how and what nonprofit organizations registered to solicit in those states must disclose to state charity regulators....more

Foodman CPAs & Advisors

Contribuyentes De Altos Ingresos Cuidado Que Las Acciones Del IRS Se Intensifican Si No Se Presentan Declaraciones De Impuestos

El 2/29/24, el IRS anunció un nuevo esfuerzo centrado en los contribuyentes de altos ingresos que no han presentado declaraciones de impuestos federales sobre la renta en más de 125,000 casos desde 2017. Los envíos por correo...more

Foodman CPAs & Advisors

High-Income Taxpayers Beware That IRS Actions Escalate If Tax Returns Aren’t Filed

On 2/29/24, the IRS announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The mailings include more than 25,000 to those with...more

McDermott Will & Emery

Weekly IRS Roundup February 26 – March 1, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 26, 2024 – March 1, 2024. ...more

Foodman CPAs & Advisors

Impuestos 2023: Lo Mejor Es Prepararse Ahora

La planificación fiscal le aplica a todos. El 1/22/24, el IRS le recordó a todos los contribuyentes que comenzaran a prepararse para presentar su declaración de impuestos federales sobre la renta. Planificar con anticipación...more

Foodman CPAs & Advisors

2023 Taxes: Best To Get Ready Now

Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow...more

Allen Barron, Inc.

IRS Provides 2023 Tax Return Preparation and Filing Tips

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Are you searching for 2023 tax return preparation and filing tips? The window officially opened to submit 2023 tax returns to the IRS on January 29, 2024. The following day the IRS released IR-2024-38, “Things to remember...more

DarrowEverett LLP

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

DarrowEverett LLP on

In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks...more

Holland & Knight LLP

Instructivo declaración impuesto al patrimonio 2023 en Colombia

Holland & Knight LLP on

Para el diligenciamiento y presentación de su declaración del impuesto al patrimonio del año 2023 en Colombia, sugerimos tener en cuenta las instrucciones que se encuentran en el sistema de la Dirección de Impuestos y Aduanas...more

Bricker Graydon LLP

Exempt Organizations: Deadline for Calendar Year 2022 Form 990

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The 2022 Form 990 due date is fast approaching for tax-exempt organizations that are calendar year filers. Exempt organizations with a filing obligation must submit the appropriate version of Form 990 or an extension request...more

Eversheds Sutherland (US) LLP

E-Filing threshold for information returns to be reduced starting with 2024 filings

On February 21, 2023, Treasury and the IRS issued T.D. 9972, finalizing regulations implementing the requirement to e-file certain information and tax returns. These regulations affect filers of partnership returns, corporate...more

Groom Law Group, Chartered

IRS Provides An “Electric Shock” By Lowering Mandatory Electronic Filing Threshold

On February 23, 2023, the IRS published final regulations (the “Final Rule”) that materially expand which reporting entities must file electronically rather than on paper.  These requirements apply to a number of tax returns,...more

Weber Gallagher Simpson Stapleton Fires &...

2022 Tax Season: What Families Need to Know

As the 2022 tax season kicks off, there are important issues that divorcing parties must consider. First, it is always more beneficial to the family unit for the parties to file taxes married filing jointly. Not only does...more

Freeman Law

Procedimiento simplificado ante el IRS para extranjeros fuera de EUA

Freeman Law on

Muchos ciudadanos americanos que viven en el extranjero no presentan su declaración de impuestos en Estados Unidos de América (“EUA”) por diversas cuestiones. Generalmente, esto sucede porque se tiene la creencia que no es...more

Dorsey & Whitney LLP

DSU Plans May Run Afoul of U.S. Deferral Election Timing Rules Resulting in Adverse U.S. Tax Treatment

Dorsey & Whitney LLP on

A Canadian company adopting a deferred share unit plan (DSU plan) for its directors must consider U.S. tax implications for U.S. taxpayers. It is important to remember that U.S. citizens and U.S. residents for tax purposes...more

Freeman Law

Is a Stiftung a Foreign Trust? Form 3520 Penalties?

Freeman Law on

In the recent case of Rost v. United States, the Fifth Circuit analyzed whether a foreign entity should be classified as a foreign trust subject to IRS Form 3520 penalties.  The case arose in the context of a Liechtenstein...more

McDermott Will & Emery

IRS Provides Tax Penalty Relief for Certain Late Filed Returns

McDermott Will & Emery on

In Notice 2022-36, the Internal Revenue Service (IRS) announced relief for taxpayers who failed to file certain tax and information returns with respect to tax years 2019 and 2020. The relief, which will be automatic, is...more

Freeman Law

How Do I Know if I Have an IRS Form 3520/3520-A Filing Obligation?

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Interests in or transactions with foreign trusts can cause headaches for federal income tax purposes. Depending on the interest or transactions at issue, U.S. citizens or residents may have to file a Form 3520, a Form...more

Freeman Law

How to Successfully Fight the Section 6721(e) Intentional Disregard Penalty

Freeman Law on

Section 6721 provides the IRS with authority to impose civil penalties against taxpayer-employers who fail to timely file correct information returns (e.g., Forms W-2/W-3 and Forms 940/941). Under section 6721’s three-tiered...more

Freeman Law

You Received an IRS Notice CP2000, Now What?

Freeman Law on

You might receive an IRS Notice CP2000 (“CP2000”) in the mail. The IRS issues these particular notices to taxpayers based on discrepancies between tax return reporting and third-party reporting. Taxpayers must pay attention...more

BCLP

Reminder to Tax-Exempt Organizations: May 16 Filing Deadline; Tax-Exempt Organization Complaint Process

BCLP on

The Internal Revenue Service reminds tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with...more

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