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September 2019 Archives

Health aids and tax deductions: IRS provides guidance

Recent tax reform resulted in an increase in the standardized reduction. As a result, taxpayers need to carefully review potential deductions before deciding if itemization is in their best interest. One item taxpayers may not take into consideration which could result in deductions: health aids.  

IRS cryptocurrency mailings fuel confusion on tax requirements

The Internal Revenue Service (IRS) is not known for providing clear and easy to follow information. Unfortunately, the agency’s recent mailings to those who hold digital currencies provides yet another example of the confusing and misleading information the agency can provide.

How does SALT cap impact CA residents?

A provision within the Tax Cuts and Jobs Act (TCJA) limited the State and Local Tax (SALT) deduction. This limit had a disproportionate impact on high tax states like California and New York. As a result, tax professionals expect residents in these high tax states to consider moving to other, lower tax states.

Two steps to bring foreign accounts into compliance with the IRS

Keeping up with tax obligations can be difficult. It can be confusing to know exactly what to report and which forms to file. However, a failure to keep up with one’s tax obligations can result in serious financial penalties and even, depending on the details of the allegations, the potential for prison time.

IRS offers expatriates opportunity to come into compliance

People choose to revoke their United States citizenship for any number of reasons. Regardless of the reason, it is important to note that expatriates do not automatically rid themselves of their tax obligations. Those with tax debt will still need to pay their bill with the Internal Revenue Service (IRS). However, the IRS recently announced procedures that may help certain individuals come into compliance.

Tax evasion could mean prison time for college admission scandal

How does the government build a case against alleged criminals who would otherwise be free from criminal charges? Tax evasion. Tax evasion has been a major tool in the government’s tool belt to prosecute criminals for decades. The use of tax evasion charges to go after criminals that may otherwise be difficult to catch may have become most well-known during the prosecution of those involved in the mafia.

Taxpayer takes on IRS over tax deduction, and wins

It is not uncommon for the Internal Revenue Service (IRS) to question your tax filings. In some cases, the questions can result in an audit and allegations of wrongful deductions. Depending on the magnitude of the allegations, it is wise to fight back.