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July 2019 Archives

IRS changes focus, three targets to watch

Every once in a while, the Internal Revenue Service (IRS) will issue campaigns. These campaigns are certain areas of tax compliance the agency intends to focus on in coming years. This year, the agency has publicly announced over 50 campaigns. Three specific efforts to watch include:

Tax experts voice concern business audits are poised to increase

President Donald Trump’s administration touted the Tax Cuts and Jobs Act (TCJA) as a major break for taxpayers. The administration stated the law, the biggest reform to the tax code in decades, would lead to big tax savings. For some individuals and businesses, it did. For others, not so much. Regardless of the impact, one concern connected to the TCJA and the many changes it resulted in within the tax code could soon become a reality: audits may increase.

IRS clarifies transition tax for untaxed foreign earnings

The Tax Cuts and Jobs Act (TCJA) led to major tax reform that likely impacted every taxpayer. Provisions throughout the law change everything from the basic to the complex. One of the more complex matters changed by this law: taxation of foreign assets.

Changes coming for the IRS

The United States government tasks the Internal Revenue Service (IRS) with managing the country’s tax obligations. This agency helps those who pay their taxes and works to hold those who attempt to avoid these obligations accountable. The numbers of agents who work with this agency to achieve this goal has decreased over the last ten years, leaving this agency short staffed.

IRS reminds taxpayers: Report foreign assets or face consequences

The Internal Revenue Service (IRS) recently sent a representative to a meeting of legal professionals from throughout the country. At the meeting, held by the tax section of the American Bar Association, the agency’s representative stated the IRS will continue to review taxpayers’ foreign accounts and would continue to look for evidence of United States taxpayers’ holding and failing to report such accounts.