Filing for bankruptcy, in some cases, may be a way for you to discharge some of your tax debt on state and federal levels. But there are aspects that need to be considered in order to determine if the tax debt is dischargeable or not. For example, in most cases federal tax debt can be discharged if the returns need to be filed on time and the debt needs to be at least three years old.
The corporate transparency act is a new federal disclosure requirement for companies requiring companies to be identify their beneficial owners. The act is to assist law enforcement and local agencies discover who are beneficial owners of corporations to prevent them from disguising any illegal acts made by the corporation.
Because foreign trusts have different taxation requirement, it is important to note the difference between a U.S. domestic trust and a foreign trust. There are a couple tests you can use to make this distinction, one is by determining if a U.S. court has jurisdiction over the trust and another is by determining who holds the decision making powers for the trust. Knowing the difference helps to comply with tax requirements for foreign trusts.
Recently we have seen an increase in IRS Letter 4523, informing tax preparers they intend to conduct a comprehensive interview regarding concerns about returns they've prepared within the last three years. The preparer may face a penalty depending on the IRS's determinations. It is important to understand your options should you receive an IRS Letter 4523.
Knowing what to disclose and why you are disclosing certain information on your tax returns is important, as these disclosures have the potential to result in penalties if reported incorrectly.
With the passing of the Corporate Transparency Act (CTA) in 2019, the Financial Crimes Enforcement Network has begun constructing new regulations to enforce the CTA's rule. This may now mean, that businesses will be required to report the "beneficial owner" of the companies.
The IRS is increasingly going after cryptocurrency owners for failure to report their crypto income, and they are doing so with new methods of investigation for tracking cryptocurrency exchanges.
If you have received an IRS audit notice, you may feel alone, but you're not. Consider having an account to help prepare and review your returns to help you understand potential catalysts for error. Hiring a tax attorney will better assist you in protecting yourself from any liability.
If you have foreign investments or accounts, you nay be responsible for filing a Report of Foreign Bank and Financial Accounts (FBAR). Failure to file may result in civil and criminal penalties.
The IRS has begun to use "John Doe summons" in order to find out customer information for those who have cryptocurrency-related earnings. But what does this mean for crypto investors?
Criminal enforcement is up, and increasingly on the rise.
The IRS has announced that they will now be sending employees to bankruptcy proceedings to represent the IRS's interest.
Th IRS thinks of cryptocurrency as another kind of property you may own, such as a stock or a car. Therefore, you will need to report any gains or losses on your returns.
Don't wait for the IRS to tell you if you are considered a cryptocurrency broker. Waiting and failure to file the required forms can result in penalties.
Learn about the options you have for selling or refinancing your home when you have a Tax Lien on your home.
Cryptocurrency increases in popularity each day. Stay up to date with how your crypto currency holdings could potentially be used against you if you have an outstanding balance due to the IRS.
Have you received an IRS Notice of Intent to Levy? Though it seems easiest to ignore the notice, it is not recommended. By responding to the notice and seeking help, you will be able to go over the other options you have to resolve your situation.
CP 523 Notice from the IRS is to inform you that the IRs intends to terminate your Installment Agreement and Levy your assets.
CP91/CP298 Notice is the IRS alerting you to an unpaid balance due and to collect payment for that balance, the IRS intends to levy part of your Social Security benefits.
What Taxpayers Need to Know About the New IRS Memo Requiring Use of FATCA Data in Certain Collection Cases
Learn about how the Foreign Account Tax Compliance Act prevents U.S. tax payers from evading taxes.