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”...
Tax Law
What Business Owners Need To Do When Closing Their Doors For Good And The IRS
When Your Client is Closing its Doors for Good & the IRS: File a final tax return and related forms are Required for the year everything is closed. Employees Must be paid their final wages/compensation and federal tax deposits must be made in the year of last...
TOP 10 IRS CRIMINAL INVESTIGATION CASES FOR 2021
1. San Fernando Valley family members sentenced to years in prison for fraudulently obtaining tens of millions of dollars in COVID relief: The Ayvazyan family received sentences ranging from 17.5 years in prison to 10 months of probation for crimes including bank and...
What options do you have if you owe the IRS a debt you cannot pay?
Sometimes people forget to file their tax returns. As a result, they start receiving notices from the International Revenue Service (IRS). In this case, the IRS starts sending penalty assessments, bills and letters of enforced collection to taxpayers. The worst you...
Understanding alter ego liability
Partnerships and sole proprietorships are not separate legal entities from their owners. Therefore, the IRS treats the business and the owner as the same person for tax purposes. On the other hand, corporations are separate entities from their owners. However, the IRS...
2021 Tax Season Updates
2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...
Aggressive tax collection for top earners
Tax evasion has been a prevalent problem for the Internal Revenue Service, leading to limited revenue collection in the United States. As a result, the IRS has resulted in aggressive tax collection measures to ensure maximum tax compliance among all high-value...
Understanding IRS tax audits
The IRS may decide to audit your small business to check whether the reported taxable loss, income, deductions, and expenses comply with the federal tax laws. If there was a mistake, your business could be liable for interest or penalty. Most business owners and...
Tax liability for child support and alimony payments in D.C.
Divorce is a challenging process and can quickly turn ugly for the involved parties. According to the American Psychology Association, first-time marriages have a 50% chance of ending in divorce. Divorcing couples experience major challenges in matters concerning...
Tax liability for online businesses in D.C.
The internet has created massive opportunities for businesses to thrive. Interaction between businesses and customers has never been easier, and as a result, online companies have become very lucrative. As expected, high yields and return on investment attract some...