The U.S. government has become increasingly concerned about, and focused on, offshore tax evasion. One tool the government has to combat tax evasion is the Report of Foreign Bank and Financial Accounts (FinCEN Report 114, ...
Category Archive: Tax
The IRS announced last week that criminals had attempted to access about 200,000 accounts in its Get Transcript online application and successfully obtained information from about 100,000 of those accounts. About 23 million taxpayers used ...
Today, the Centers for Medicare and Medicaid Services (“CMS”) announced that approximately 800,000 taxpayers who received health care coverage through theHealthcare.gov were sent wrong information on their Forms 1095-A. The “second lowest cost Silver plan” ...
On the afternoon of Friday, February 13, 2015, the Internal Revenue Service (“IRS”) made it easier for small business owners to comply with the final tangible property “repair” regulations (“Regulations”). Revenue Procedure 2015-20 allows small ...
New Tangible Property Regulations May Require More Time and Expense to File 2014 Income Tax Returns of Many Taxpayers The Internal Revenue Service recently issued final tangible property “repair” regulations and disposition regulations (“Regulations”). These ...
The Internal Revenue Service recently unveiled its annual “dirty dozen” of top tax scams for 2015. The twelfth scam made public was frivolous tax arguments. The IRS takes such frivolity seriously. Last month, the IRS ...
Okay. I understand that most of President Obama’s tax proposals are just positioning for the 2016 presidential election on behalf of the progressive wing of the Democratic Party. Rest assured that most of his proposals ...
On December 16, the Senate approved HR 5771 – the Tax Increase Prevention Act of 2014 (“TIPA”). President Obama has indicated that he will sign TIPA as soon as the bill hits his desk. TIPA ...
The Internal Revenue Service announced yesterday contribution limitations for 2015 – some higher – for retirement plans and other updated information related to retirement planning. Key items include the following: The elective deferral (contribution) limit ...
Hiring your kids can save you taxes. If you hire your children, they are under 18 years old and your business is unincorporated, neither the business nor the kids have to pay Social Security or ...
Oh boy, oh boy! Last week the IRS released the 2012 individual statistics of income, known to us tax nerds as Pub 1304. Once again, I curled up on the couch with this 340 page ...
Today’s Accounting Today has an article entitled “Obama Blames Accountants for Inversion Trend.” During a press conference yesterday, President Obama said the following: “You have accountants going to some big corporations – multinational corporations but ...