IRC 2056: Estate granted 120-day extension to make Sec. 2056(b)(7) QTIP election with respect to marital trust where taxpayer acted reasonably and in good faith and granting relief would not prejudice Gov.'s interests. (PLR 202249006) IRC 6330 (CDPH & no face to...
Year: 2022
Foreign Investment in Real Property Tax Act (FIRPTA) compliance
Extra precautions are necessary when buying property in the United States from a foreign seller. This is because the Foreign Investment in Real Property Tax Act (FIRPTA) places certain tax withholding burdens on the buyer if the seller is considered a “foreign person”...
How much of my overseas income should I report?
Uncle Sam, the posterchild for the U.S. government and its agencies, brings visions of a strong and demanding force. The Internal Revenue Service (IRS) projects much the same image. This federal agency expects all taxpayers — individuals and businesses alike — to meet...
Tax Attorney Chaya Kundra Speaks at Webinar – Foreign Late Filing Notices: Effective Responses for Penalty Abatement
Reasonable Cause, First Time Abatement, Reliance on a Professional, Exercising Ordinary Care and Prudence A live 110-minute CPE webinar with interactive Q&A Thursday, December 1, 2022 (in 2 days) 1:00pm-2:50pm EST, 10:00am-11:50am PST (Alert: Event date has...
Employment Taxes & Protecting The Business Owner From Liability With Chaya Kundra – December 2, 2022 – 9:00 – 10:00 AM ON Zoom
Employment Taxes & Protecting the Business Owner from Personal Liability. We will discuss best practices, speak about increased IRS scrutiny on both the civil and criminal sides, how to avoid paying your company’s taxes personally and what to do when you are over...
Benefits of making a voluntary disclosure to the IRS
President Joseph Biden recently signed the Inflation Reduction Act into law, which, along with many other changes, led to an influx of funding for the Internal Revenue Service (IRS). Treasury Secretary Janet Yellen states that the agency is set to get almost $80...
CCM and PPP forgiveness
In (IR 2022-162, 9/21/2022; Chief Counsel Advice 202237010) the IRS noted that many PPP loan recipients who received loan forgiveness were qualified and used the loan proceeds properly to pay eligible expenses. However, the IRS has discovered that some recipients who...
2022 Tax Updates – Tax Attorney Chaya Kundra To Speak At Webinar On Oct 19
Expansion of Membership Permissible: IRC 501: The IRS accepts the Voluntary Employees’ Beneficiary Association Plan (“VEBA”)'s proposal to expand its eligible membership to include all former employees. It does not matter if said former employees was a member of VEBA...
Do I qualify for the IRS’ new penalty relief program?
The Internal Revenue Service (IRS) recently announced that it will provide penalty relief to qualifying taxpayers who filed late taxes for the 2019 and 2020 tax years. The agency explained that the move is part of the agency’s broader plan to use recent funding to...
Owe more than $250,000 to the IRS? You have more options.
No one wants to find themselves in arrears with the government, let alone for a significant amount. Thankfully, those who find themselves owing a large sum to the Internal Revenue Service (IRS) may find that they have more options to pay their bill than those who owe...