A new IRS proposed regulation brings welcome news to beneficiaries of estates and non-grantor trusts. Beneficiaries will now be able to deduct expenses in excess of income in the final year of the trust or estate. The deductibility of these expenses had been...
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...
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...
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. All joking aside, dealing with the IRS is a serious...
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...
Think you don't need to report that offshore account to the IRS? Think again. A recent article in Forbes reports that the Internal Revenue Service (IRS) is hardly done with searching for unreported offshore accounts. "As we continue to receive more information on...
The IRS announced today in IR-2016-137- "As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their...
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...
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...
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...
