Although being a constituent of your elected Congressman gives you reason to voice your concerns about agenda under your Congressman’s consideration, don’t think that just because you have personal tax problems that your Congressman will come to the rescue or be able to cut any bureaucratic tape. It is true that every elected official has […]
IRS Giving Taxpayers To April 18, 2017 To File 2016 Individual Income Tax Returns. The Internal Revenue Service announced that it can start accepting 2016 income tax returns onMonday, January 23, 2017. Returns filed before that date (by paper or electronically) will be held in suspense by the IRS. Since the IRS will begin processing […]
Until just recently, not much has come out of the Courts defining that line between nonwillful and willful when it comes to not filing Foreign Bank and Financial Accounts Reports (“FBAR”). But now we have a recent U.S. District Court case out of California which has vast repercussions on anyone who has undisclosed foreign bank […]
It is hard to believe that we are just two months away from the year of 2016 and as always towards the end of each calendar year the IRS announces next year’s annual inflation adjustments. You can check for more than 50 tax provisions, including the tax rate schedules, and other tax changes for tax year 2017 in Revenue Procedure 2016-55. The tax year 2017 adjustments generally are used on tax returns filed in 2018.
IRS Issues Fall 2016 Report Card On OVDP Milestones And FACTA Implementation Offshore Compliance Programs For Taxpayers With Undisclosed Foreign Bank Accounts Generate $10 Billion andMore Than 100,000 U.S. Taxpayers Come Back into Compliance In Reporting Foreign Accounts;IRS Urges People to Take Advantage of Voluntary Disclosure Programs The IRS announced on October 21, 2016 that […]
Go For The Gold And Pay Your Victory Tax – Olympic Medals Taxable While millions of Americans were glued to their televisions to watch American athletes compete in this year’s Summer Olympics, the Internal Revenue Service was getting ready to make sure that all our Olympic winners pay taxes on their victories. The Internal Revenue […]
Beware the Potential Tax Pitfalls of Investing in Offshore Mutual Funds or Owning Foreign Insurance Policies If you have never reported your foreign investments on your U.S. Tax Returns, the IRS has established the Offshore Voluntary Disclosure Program (OVDP) which allows taxpayers to come forward to avoid criminal prosecution and not have to bear the […]
IRS SEEKS TO ELIMINATE GIFT AND ESTATE TAX DISCOUNTS ON FAMILY-OWNED BUSINESSES AND ENTITIES On August 2, 2016, the Treasury Department issued proposed regulations under the authorization contained in Section 2704(b) of the Code, with a hearing scheduled on December 1, 2016. The proposed regulations will essentially take away all valuation discounts for interfamily transfers […]
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