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Goldburd McCone LLP
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Posts tagged "tax collection"

Unpaid Tax Debts Could Put Your Passport in Jeopardy

The IRS has many tools at its disposal to enforce the collection of unpaid tax debts, among them liens, levies, and even asset seizure. Beginning in late March, the IRS, in conjunction with the State Department, will have yet other weapon in its arsenal. Very shortly, the IRS will be forwarding the State Department information regarding individuals who have substantial tax deficiencies. Upon receipt of this information, the State Department can deny a taxpayer's passport application or renewal or place other restrictions on the taxpayer's passport.

The Many Ways Same-Sex Couples Can Benefit From a Tax Lawyer's Counsel

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 present, approximately one million Americans are wed in same-sex unions.

The IRS Wants to Take a Bite Out of Bitcoin

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. This is roughly twice the number of Bitcoin transactions that took place in 2015.

Major Changes to Partnership Tax Audit Rules Are On the Way

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 partnerships, the IRS found significant lack of compliance among partnerships. Furthermore, the IRS was auditing fewer partnerships relative to other types of business entities.

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