Bipartisan Bill Takes Up Taxpayer Advocate Recommendations to Streamline Filings 3 fixes to the US Tax code to streamline the filing process introduced. They include applying the mailbox rule to electronic submissions, updating the estimated tax payment schedule,...
Learn about the risks and consequences of paying employees under the table and how to stay compliant with the law to avoid legal trouble.
Learn about the potential consequences of failing to comply with offshore financial disclosure requirements, including FBAR penalties, and discover why understanding these regulations is crucial.
Court rulings provide guidance on the application of laws. This guidance can range from a need to make relatively minor adjustments in practices to remain in compliance with applicable rules and regulations to a major overhaul. The United States District Court of the...
Almost four years ago, the Department of Treasury called upon the Internal Revenue Service (IRS) to increase its federal tax audits of taxpayers with income of $10 million or more. Such audits were on the decline, likely, partly because audits of high earners are...
Federal tax obligations often perplex taxpayers, especially when dealing with the priority statute's legal implications. This statute determines the order in which taxpayers must pay their debts when the taxpayer’s assets are insufficient to meet all liabilities. It...
The U.S. government requires taxpayers with a foreign bank account that has $10,000 or more at any point during the tax year to report the account using the Report of Foreign Bank and Financial Accounts (FBAR). A failure to file can result in steep penalties,...
IR-2024-138, May 9, 2024 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024 Home Improvements & Previously Owned Clean Vehicle Energy Credits: IR-2024-137 —making certain energy...
When a taxpayer owes money to the Internal Revenue Service (IRS), the federal government has a powerful tool to collect that debt: the federal tax lien. This lien can potentially turn into a judgment, extending the IRS's window to collect for decades. Federal tax...
Serving as an executor to an estate or trustee to a trust is a serious commitment. Those who are serving in these roles are wise to move forward carefully. Various rules and regulations apply, and a misstep can mean more than a financial penalty to the estate or...
