In 2010 Congress passed the Foreign Account Tax Compliance Act (FATCA) in an effort to identify U.S. taxpayers with foreign accounts and assets shielded by the secrecy laws of foreign banks. FATCA focuses primarily on reporting: By U.S. taxpayers about certain foreign financial accounts and offshore accounts By [...]
Please remember that the IRS does not initiate contact with taxpayers by email to request personal or financial information; they also do not use text messages or social media channels. The IRS will never: Call to demand immediate payment, nor will the agency call about taxes owed without first [...]
The IRS has established a more stringent set of rules for deducting meals & entertainment, travel, mileage, etc. These deductions take extra effort on the part of the taxpayer, but are well worth the peace of mind knowing you have retained adequate records should you be audited. General Rules [...]
New IRS regulations have made some changes to how taxpayers record and report tangible property. The final regulations must be followed by all taxpayers starting in tax years beginning on or after January 1, 2014. The regulations make changes within five main areas: Materials and supplies; repairs and maintenance; [...]
Tax Increase Prevention Act of 2014 – Passed On Tuesday, December 16th, Congress passed the Tax Increase Prevention Act of 2014 (TIPA). The Tax Increase Prevention Act renews various individual and business extenders retroactively for one year to January 1, 2014. Below is a list of some of the [...]
As of 2015, there is a new limit on the number of times a taxpayer can rollover money from one IRA to another. Previously, taxpayers could rollover once a year from each of their IRA accounts regardless of how many IRA accounts they held. As of January 1, 2015, [...]
The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them. Some of the calls come from a 202 Washington DC exchange where they claim [...]
Form 114 (FBAR) is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. Financial accounts include bank accounts, brokerage accounts, mutual funds, trusts, and retirement accounts among other types of accounts. You are required to file this form if the [...]
Dear Client: We would like to make you aware of the following: 1) Please remember that the IRS does not initiate contact with taxpayers by email to request personal or financial information; they also do not use text messages or social media channels. If you do get an email [...]
Below, we have included some helpful information relative to your estimated tax responsibilities and how to avoid underpayment penalties. The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you [...]
