Category: Tax Compliance

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If you are considering the New IRS Voluntary Disclosure Program, what questions should you be asking of yourself and your Legal Counsel?

On November 20, 2018, the U.S. Internal Revenue Service, (IRS) issued its Memorandum that addresses the process for all domestic and offshore voluntary disclosures following the IRS’s official closing of the Offshore Voluntary Disclosure Program just this September 28, 2018.

The new voluntary disclosure practice enables U.S. taxpayers, which are:

S. Citizen worldwide; S. Tax Residents in the U.S. Green-Card Holders

whether residing in the U.S. or abroad, with exposure to criminal liability or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due thereon, a way to comply w

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As income tax filing season approaches, the U.S. Commodity Futures Trading Commission (CFTC) is warning investors to be cautious of sales pitches touting “IRS approved” or “IRA approved” virtual currency retirement accounts. BACKGROUND: IRAs are retirement accounts that provide investors wit
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With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, you should plan ahead, understand the options and avoid the huge penalty when filing 2018 Tax Return! And time is moving so quickly you may already be in the unfortunate penalty provisions.

Those of us who fall into the following categories are very susceptible to these penalties:

1. Self-employed 2. Receiving other income, such as a. Interest, b. Dividends, c. Self-employment, d. Capital gains, e. Prizes and awards or f. Too little tax withheld from wages. You probably need to either: 1. Immediately begin making Estimate Tax Payment, 2. Immediately make a Lump Sum Tax Payment for 2018 3. Increase your withholding on Earnings 4. Increase withholding on Royalties, Capital Gai

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Is it possible at this late date? The new tax act of the Trump Administration, The Tax Cuts and Jobs Act, made significant changes for individuals, but the biggest were the loss of Itemized Deductions for high tax States, like California and New York, where Sales Tax, Real Estate Tax, State Income T
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The Internal Revenue Service has listed the percentage of tax returns filed and examined by the amount of Adjusted Gross Income, see below. The returns showing Adjusted Gross Income, AGI, for 2016 of $10,000,000 or more were the highest audit at 14.52%. The returns with AGI of $75,000 to under $100,000 were the lowest audited returns for tax year 2016.

The IRS can audit your tax returns for returns filed up to 3 years from the date of the returns being filed. So, if you filed your 2016 tax return with an extension from April 15, 2017 to October 15, 2017, then the IRS has 3 years from October 15, 2017 to examine your 2016 tax return. This means the IRS can send you an audit notification letter up to October 15, 2020. So, be sure to keep all of your receipts, checks, bank statement

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Today, September 4, 2018, t he Internal Revenue Service, IRS, provided a notice that Americans have until September 28, 2018, just over 3 weeks, to apply for the Offshore Voluntary Disclosure Program (OVDP). I know there are may Americans that have not come forward under one of the many alternatives
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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all taxpayers filing the form a six-month extension every year to Oct. 15 (which will be Oct. 16, 2017, because Oct. 15 is a Sunday). FinCEN explained that this six-month extension will be automatic each year and that taxpayers do not have to request extensions.

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date of FBARs to April 15 to coincide with the due date for individual income tax returns. Before the change, the form was due on June 30th, a date that did not coincid