The Internal Revenue Service (IRS) has doubled down on small business owners that it claims took illegal advantage of a potential tax savings opportunity. The federal agency states that businesses throughout the country fraudulently claimed the Employee Retention...
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U.S. Tax Law Blog
Living abroad? You may still need to file taxes with the IRS.
Taxes are never easy — but add in a move abroad and an already cumbersome necessity can become especially frustrating. That’s right, United States Tax Code still requires citizens that live abroad to file tax returns with the Internal Revenue Service (IRS). Do I still...
Three things to know as the IRS prepares to ramp up ERC audits
Lawmakers passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help get businesses through the worst of the pandemic. The Employee Retention Credit (ERC), part of this law, was aimed to do just what the name says — help small businesses keep their...
Residency audit: Does where you vote matter?
The remote work environment has facilitated the ability for workers to take advantage of newfound freedom. Instead of finding themselves stuck in one location near an office, they can now work from virtually any place in the world. Some are choosing destinations based...
What do I need to know about IRS collection efforts?
Media outlets and taxpayer watchdogs alike have dogged the Internal Revenue Service (IRS) for its struggles to deal with a backlog of millions of unprocessed tax returns. This makes recent news the federal agency has caught up with its backlog noteworthy. This is...
Tax evasion: not just for the Regular Joe. Four examples of celebrities convicted of tax evasion
The Internal Revenue Service (IRS) and local state taxing authorities can claim many high-profile cases. These federal and state agencies will go after taxpayers who have not met their obligations, ranging from the regular guy next door to mega-stars. Tax crime...
I have not filed taxes for years. What are my options?
A failure to file tax returns is a serious issue. The Internal Revenue Service (IRS) takes the matter seriously and, depending on the situation, could move forward with allegations of criminal wrongdoing. Is it really a crime to fail to file taxes? If the IRS can...
Make more than $400,000? You may be at higher risk for an audit.
Tax law is an area that is evolving. We saw changes a couple of years ago with the Tax Cuts and Jobs Act (TCJA) back in 2017. This law made changes that included adjustments to tax rates and the thresholds for income tax brackets. More recently, the Inflation...
What do I need to know about the IRS crack down on fraudulent ERC claims?
Filing tax returns is never easy. Add in business ownership and the rules get even more complex. Throw in a pandemic that led to tax changes to help businesses running and businessowners were left with a mess of tax laws that even some tax filing professionals were...
What does FBAR compliance look like — and why does it matter?
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has increased enforcement efforts for the Report of Foreign Bank and Financial Account (FBAR). The penalties for a failure to file are harsh and the Supreme Court of the United States (SCOTUS)...