Americans with Israeli bank or other financial accounts could face a tough tax season in 2014 if they do not come forward and disclose their assets to the IRS. Recently, Israeli banks have come under increased scrutiny by the IRS in regards to disclosing the accounts of their American clients. In particular, three Israeli banks- […]
Bitcoin has been in the news frequently lately, particularly since the collapse of the Japanese-based Bitcoin exchange, Mt. Gox. Bitcoin is a digital currency and peer-to-peer payment system created in 2009. Since 2009, the use of bitcoins has expanded significantly. Bitcoins can be bought and sold for various currencies, generally through a series of online […]
Last week, IRS Commissioner, John Koskinen, announced that the agency is right on track in implementing the non-discretionary legislative mandates of the Foreign Account Tax Compliance Act, which is more commonly known as FATCA. The significance of this law enacted as part of the Hiring Incentives to Restore Employment Act of 2010, P.L. 111-147, requires […]
As expats begin the task of gathering documents for their U.S. tax return preparation, here are some important updates to keep in mind. Foreign Earned Income Exclusion (“FEIE”) The Foreign Earned Income Exclusion is a valuable tax benefit that adjusts for inflation each year. For tax year 2013 the FEIE was $95,100 and for tax […]
From time to time the IRS issues consumer warnings on the fraudulent use of the IRS name or logo by scammers 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 for […]
Topics Covered: 1. Protect yourself: Scammers targeting taxpayers, including recent immigrants, throughout the country. 2. Types of audits that the IRS conducts and deadline to finish an audit. 3. Top 10 “red flags” that could increase the chance you’ll be targeted for an audit. 4. Will the IRS punish me if I hire a tax […]
The IRS randomly selects tax returns for audit each year. What sets off alarms at the IRS? Well for one thing it pays to keep in mind these 10 “red flags” that could increase the chance you’ll be targeted for an audit. 1. High income. The audit rate for 2011 tax returns, which was about […]
Many people have approached me with questions on IRS audits and so I have taken the most popular questions and laid them out in this blog with my response. 1. I received an IRS Notice informing you that your return has been selected for examination. What should I do? The fact that your return has […]
Before adjustments from an audit can be finally assessed, a taxpayer must be given the right to appeal to the United States Tax Court if the taxpayer should disagree with the findings of the IRS audit. The Appeals Office (or in certain cases the IRS agent) will issue a “90-day Letter” to a taxpayer, which […]
When taxpayers disagree with the findings of their IRS audits, they may usually appeal to the IRS Office Of Appeals. The IRS agent will issue a “30-day Letter” to a taxpayer, which essentially provides the taxpayer with up to 30 days to file a Tax Protest requesting his or her case be heard by an […]
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