The IRS has various ways to find out about international or overseas bank accounts. The Foreign Account Tax Compliance Act (“FATCA”) which was passed by Congress in March 2010 requires foreign financial institutions to register with and report to the IRS certain information about their U.S. account holders. The foreign financial institutions include, but are […]
From time to time the IRS issues consumer warnings on the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. When identity theft takes place over the Internet, it is called phishing. Suspicious e-Mail/Phishing Phishing (as in “fishing […]
IRS debts require immediate attention. So keep these things in mind: 1. Make sure you really owe the money If you owe a lot more tax than you expected, find out why. Read your completed return carefully and look for errors. It’s easy to add the same income twice, or to forget an important deduction. […]
The IRS has various ways to find out about international or overseas bank accounts. The Foreign Account Tax Compliance Act (“FATCA”) which was passed by Congress in March 2010 requires foreign financial institutions to register with and report to the IRS certain information about their U.S. account holders. The foreign financial institutions include, but are […]
U.S. taxpayers, who include U.S. Citizens or resident aliens, must report worldwide income from whatever source, subject to the same income tax filing requirements that apply to U.S. Citizens or resident aliens living in the U.S. This worldwide income reporting requirement also applies to rental proceeds generated by real estate the taxpayer owns and rents […]
Amy and Bob Bosley were like local royalty — they owned a million-dollar roofing business and were active volunteers in their community. But a phone call one spring morning would devastate their Campbell County, Ky., domain. “Someone is breaking into my house,” Amy frantically told a 911 dispatcher. “Oh my God, he shot my husband!” […]
a. Garnish wages and levy bank accounts Tax levies are the way that the Internal Revenue Service gets your immediate attention. What they are saying is, We have tried to communicate with you but you have ignored us. Levies are used to seize your wages (commonly referred as garnishment) and whatever other assets you have: Checking […]
For foreign persons gambling in casinos in the United States and Indian Reservations, when it comes to taxes – “What happens in Vegas, doesn’t have to stay in Vegas”. Unlike other foreign countries, the United States considers winnings from gambling and lotteries to be taxable. Under the tax law jackpots of $600 or more will […]
Employment taxes make up two components: 1. The taxes withheld from each employee’s paycheck – FICA, Medicare, FWT and SWT – we call this component Trust Fund Liability. 2. The second category is the employer’s matching share of the FICA Medicare withheld by from each employee’s paycheck. Now any business will be liable for […]
It’s hard to think of a less romantic topic than tax planning but if you and your honey are considering to “tie the knot” here are some tax consequences that you should be aware. Marriage Penalty or Marriage Bonus? In particular, the test is geared toward telling you whether you’ll pay a marriage penalty or get a […]
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