Jeffrey M. Rosenblum, P.C.
A Fresh Start

IRS Archives

Going somewhere? Not if the IRS has its way

Did you get your letter yet? No, not the announcement that you have won a million dollar sweepstakes. The Internal Revenue Service plans to send letters soon notifying certain taxpayers that the agency has certified their delinquent debt. If you are seriously behind on your taxes, this may not be a surprise to you. However, you may not realize that a recently passed law allows the IRS to take drastic measures to claim the money it says you owe.

Take the fast track to resolving your IRS tax dispute

Most people deal with the IRS once a year when they file their tax returns. However, if you are like many taxpayers here in New York, you continue to deal with the IRS because the agency claims you owe more money than you believe you do. The IRS launches an investigation into your financial life looking for sources of payment, and you disagree with its assessment. So what do you do next?

Four tips to avoid a tax audit in 2017

Getting mail from the Internal Revenue Service (IRS) is enough to give anyone heart palpitations. If this letter is sent to inform the recipient of a potential audit, those heart palpitations can turn serious.

Foreign accounts and required reporting: FBAR update for 2017

Those who hold foreign financial accounts may not understand the tax implications. In some cases, the presence of the account must be disclosed by filing certain forms. Depending on the amount, anyone holding a foreign account may need to file a Report of Foreign Bank and Financial Accounts (FBAR). This document is required by the Treasure Department's Financial Crimes Enforcement Network (FinCEN).

Want to travel? You may have to pay the IRS first.

Legislation quietly passed last year in Congress may prevent you from traveling abroad if you owe a significant amount of tax debt. The law, initially proposed in 2012, did not gain overwhelming support from Congress and the President until 2015. The enactment, part of H.R.22, adds "Revocation or Denial of Passports In Case of Certain Tax Delinquencies" (Section 7345) to the tax code. It grants the State Department the power to revoke, limit, or deny a passport to anyone with a considerably delinquent tax debt exceeding $50,000. That amount includes penalties and interest, which add up quickly. The IRS compiles the list of offenders and gives the State Department the green light to cancel or deny passports. 

Doing business abroad? Three tax tips for entrepreneurs.

Doing business abroad can be beneficial, but entrepreneurs that are considering expanding abroad or who currently do so should be aware of tax implications. The Internal Revenue Service (IRS) has increased efforts to find and prosecute those who use foreign markets as a means of avoiding tax obligations.

More countries agree to comply with IRS tax reporting: FAQs

The Internal Revenue Service (IRS) is continuing its crackdown on foreign accounts. Those who have assets in accounts in countries other than the United States, or even signatory authority of such accounts, are required to report the accounts to the IRS. A failure to do so can result in serious penalties, including steep fines and potential imprisonment.

Three things that increase your risk of getting audited

Generally getting a knock on the door, phone call or letter in the mail is a pleasant experience. Maybe a friend or family member is checking in to say hello, or that pizza you ordered is getting delivered. However, this pleasant feeling quickly fades when you open the door, pick up the phone or open that letter and find the Internal Revenue Service (IRS) is asking questions about your taxes.