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
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
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
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
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
Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency taxed” depends on who you ask....more
11/17/2021
/ Bank Secrecy Act ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
FinCEN ,
Income Taxes ,
Investment ,
IRS ,
Money Services Business ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Trading Platforms ,
Virtual Currency
La diferencia entre el monto del impuesto adeudado por los Contribuyentes para un año determinado y el monto que realmente se paga oportunamente para ese mismo año se conoce como “Brecha Fiscal Bruta” (“Tax Gap”). El IRS...more
IRS is interested in U.S. Taxpayer financial accounts everywhere in the world. If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious...more
4/22/2021
/ FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
Income Taxes ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns
Tax Season is here. Tax Preparers have different levels of skills, education and expertise and Taxpayers ought to take a closer look at what constitutes a “Qualified” Tax Preparer. ...more
Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience. Because US International tax reporting is complicated and often overwhelming...more
On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are...more
Understanding how the IRS identifies cases that have audit potential can be learned from the CONGRESS OF THE UNITED STATES (CONGRESSIONAL BUDGET OFFICE) Report released on July, 2020: Trends in the Internal Revenue Service’s...more
According to the IRS Manual, reasonable cause for abating penalties is based on all the facts and circumstances of a Taxpayer’s situation. IRS will consider reasons which establish that a Taxpayer used all ordinary care and...more
On February 12,2020, the U.S. Government Accountability Office (GAO) published a Report on Virtual Currencies which discusses whether Taxpayers who use Virtual Currency (VC) are fully meeting their tax obligations. ...more
6/9/2020
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
IRS ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments to Income. Schedule 1 of the 2019 1040 Form presents the question to Taxpayers...more
When a Tax Professional files an electronic Return on behalf of a Taxpayer, the Tax Professional obtains Forms 8878 and 8879 as declaration documents required by the IRS on behalf of a Taxpayer. Forms 8878 and 8879 are...more
On September 6, 2019, IRS announced Relief Procedures for Certain Former Citizens. These are procedures for certain persons who have relinquished, or intend to relinquish, their United States citizenship, who wish to come...more
1/17/2020
/ Citizenship ,
Expatriates ,
FATCA ,
FFI ,
Filing Requirements ,
Income Taxes ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Code ,
Tax Liability ,
Tax Planning ,
Tax Relief
During the month of October 2019, IRS issued Revenue Ruling 2019-24, FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1, which, for the first time presents the question: “At any time during 2019, did you...more
11/15/2019
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
IRS Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations and must be attached to a covered Taxpayer’s Tax Return. On April 16, 2019, IRS announced the...more
9/6/2019
/ Controlled Foreign Corporations ,
Cooperative Compliance Regime ,
Corporate Officers ,
Directors ,
Filing Requirements ,
Foreign Corporations ,
Income Taxes ,
IRS ,
Shareholders ,
Stock Ownership ,
Tax Planning ,
Tax Returns
There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a Taxpayer Identification Number (TIN) to file certain tax forms and schedules...more
An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to identify a business entity such as a sole proprietorship, corporation, partnership, estate, trust, and other entities for tax filing and...more
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
The IRS might want to audit (also known as a review or an examination) an Individual Taxpayer’s accounts and financial information to verify that the information that the Individual Taxpayer is reporting is compliant with the...more
There is a reality that fraud can occur at every level of a business. Every day businesses provide to their employees, peers and partners with internal resources, currency, checks, access to accounting systems, clients and...more