The Internal Revenue Service (IRS) has taken the failure to disclose foreign assets very seriously. Taxpayers that neglect to disclose this information can face serious fines and potential criminal charges.
Homeowners can view property ownership as an investment strategy. A homeowner can justify this investment a number of different ways. In the past, one of the motivating arguments in favor of owning property was the tax break. But is that still the case?
There have been many stories recently about how the Internal Revenue Service is losing resources to conduct audits and prosecute tax crimes. While it is true that the IRS may be running lean today, they still have the ability to enforce tax laws. With their resources dwindling, they continue to focus on high-profile criminal cases that will recoup large amounts of money and give the agency news coverage.
According to the Tax Foundation, the Tax Cuts and Jobs Act of 2017 (TCJA) will result in approximately one trillion dollars worth of federal revenue and economic growth. As a business owner, the potential for growth provides the incentive to maximize your company's earning potential within the new tax law. However, companies that want to take advantage of the new tax law are finding it difficult to estimate its impact because they are not prepared for the changes.