A new revenue procedure makes it easier for taxpayers who hold interests in certain Canadian retirement plans to get favorable U.S. tax treatment. On October 7, 2014, the IRS made it easier for taxpayers who hold interests in certain popular Canadian retirement plans to get favorable U.S. tax treatment. Rev. Proc. 2014-55. As a result […]
From travel expenses to paying wages to family members, there’s no limit to what people will try to write off at tax time for the sake of their business. But where do you draw the line? Which write-offs you’re trying to write off go too far? Tax Write-Off: Personal Expenses This is a category business […]
From travel expenses to paying wages to family members, there’s no limit to what people will try to write off at tax time for the sake of their business. But where do you draw the line? Which write-offs you’re trying to write off go too far? Tax Write-Off: Travel Expenses Here’s a write-off that sometimes is […]
If you receive a notice from the IRS regarding small mistakes and omissions with your income tax return, you can probably deal with the IRS directly or by giving your tax preparer a quick call. However, if there is any chance your case could go sour, you need to call a qualified and experienced tax […]
Identity theft cost the Internal Revenue Service $5.2 billion in tax year 2013, according to an analysis from the U.S. Government Accountability Office. While the IRS estimates it prevented $24.2 billion in fraudulent refunds, there are still thousands of taxpayers whose tax refunds were delayed because a criminal beat them to the joyous task of […]
The United States is one of the few large countries that taxes citizens, permanent residents and corporations on income earned anywhere in the world. U.S. corporations have a nifty way to avoid tax on their foreign income and reduce their U.S. tax without really leaving home. It’s called tax inversion, and due to some recent […]
Topics Covered: 1. The IRS And Big Data. 2. Four Ways That Returns Are Selected for Examination 3. How the IRS is matching Big Data to your tax return and selecting you for audit. 4. Questions from our listeners: a. Is It True That Taxpayers with Legal Counsel are Treated Better By The IRS? b. But […]
With another tax filing and estimated tax payment deadline coming up, you may have spent the last few days thinking hard about your taxes, but the IRS has been doing so for years – positioning itself as a leader in using Big Data. Each year, April 15th is a memorable date for those of us […]
I must say that the overwhelming majority of taxpayers file returns and make tax payments timely and accurately. As such taxpayers have a right to expect fair and efficient tax administration from the IRS, including verification that taxes are correctly reported and paid with enforcement actions against those who fail to comply voluntarily. Four Ways […]
According to IRS estimates, in a calendar year employers, businesses, financial institutions, credit card companies and other third party payers will file 2.3 billion information statements. These information statements report income and financial transactions, and can help individuals and businesses prepare accurate tax returns. Using information-matching programs, the IRS compares third-party information statements with taxpayer […]
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