In June 2013, the IRS handed down Rev. Rul. 2013-14 which states that Mexican Land Trusts (MLTs), also known as “fideicomisos”, are not trusts for purposes of IRS tax law. Prior to the ruling, there was confusion over whether these MLTs were trusts subject to onerous tax reporting requirements involving foreign trusts. As a result […]
While millions of Americans were glued to their televisions to watch American athletes compete in this year’s Winter Olympics, the Internal Revenue Service was quietly getting ready to make sure that all our Olympic winners pay taxes on their victories. It’s true. The Internal Revenue Code mandates that If you win a prize in a […]
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 […]
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 […]
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