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In recent years, the IRS has devoted vast resources to compel taxpayers to report and pay taxes on offshore assets. As a result of these efforts, the IRS has recovered billions in unpaid taxes. Perhaps the most widely-known tool the IRS uses is the Offshore Voluntary...
The universal right of same-sex couples to marry their partners has been the law of the land since June 26, 2015. Even before the Supreme Court ruled in favor of marriage equality, hundreds of thousands of same-sex couples were legally married in many states. In the...
Increasing numbers of businesses and individuals across the world are using Bitcoin, a form of digital currency. Coindesk, a company that analyzes digital and virtual currency, states that on average, there are more than 200,000 Bitcoin transactions each day in 2016....
Spouses can be more than life partners. Spouses can also be business partners, or have an employer-employee relationship. Spouses involved in business together must be mindful of the various tax considerations. Spouses who are in business together and have not...
For more than a year now, marriage equality has been the law of the land. While some states had recognized same-sex marriages, the 2015 Supreme Court case of Obergefell v. Hodges struck down the federal Defense of Marriage Act (DOMA) and recognized same-sex marriage...
Currently, partnerships are considered pass-through entities for taxation purposes. As a result, when a partnership is audited, the partners themselves are responsible for any unpaid tax liabilities, penalties and interest. However, with the rise of multi-tiered...
Every tax-exempt and nonprofit organization must place a high priority on complying with applicable federal and state tax laws. The IRS devotes substantial resources examining nonprofits to ensure tax compliance. The IRS recently released its Tax Exempt and Government...
In recent years, the IRS has devoted increasing resources to scrutinizing the tax returns of the very rich. In fact, in a given year, the IRS audits roughly one in four taxpayers with earnings or assets in excess of $10 million. The IRS has its own team of specialists...
The IRS recently announced it will begin using private debt collectors to collect certain types of tax debts. The IRS has contracted with four private collection agencies that will focus their efforts on the following types of tax debts: Older tax debts on which more...
Half of all states and the District of Columbia have legalized the use or sale of marijuana, either for medicinal purposes or in some cases recreational and medicinal purposes. Despite these changes to state laws, marijuana is still classified as a Schedule I drug...