The suggestions highlighted below will help you communicate more effectively with the IRS on behalf of your client. Be Prepared With the Proper Documents Prior to calling, gather relevant tax documents from your client to ensure that you’re fully prepared to answer any questions IRS agents may pose. The more organized and in charge you […]
While most taxpayers have natural concerns about how the shutdown of the federal government will affect their tax returns, the IRS workers themselves face perhaps an even greater concern: How will they survive financially until the government reopens? More than 800,000 federal employees across all branches of government are truly feeling the pinch for the […]
You face a challenging financial situation. You want a reprieve—a clean slate. Both streamlined programs and the Offshore Voluntary Disclosure Program (OVDP) may be able to help. What are these options? How do they compare to one another? Which should you choose? The Pros and Cons of OVDP Are you worried about criminal prosecution because […]
Do you understand the differences between the Financial Crimes Enforcement Network (FinCEN) and the IRS? If not, you’re not alone. Let’s clear up your confusion about these two very closely associated components of the U.S. Department of the Treasury. FinCEN The primary function of FinCEN is to protect the U.S. financial system from any improper […]
Is the Offshore Voluntary Disclosure Program (OVDP) right for you? Here’s a crash course to help you make sense of your options. Purpose The OVDP offers a reprieve for taxpayers with foreign financial accounts who have been willfully noncompliant in reporting. Those who qualify can avoid criminal prosecution and civil penalties. Eligibility According to the […]
Do you have overseas financial interest or assets worth $10,000 or more? If the answer is yes, you probably need to file an annual report of Foreign Bank and Financial Accounts (FBAR). Fail to do this, and you may face serious civil and even criminal penalties. The late filing doesn’t mean the IRS will immediately […]
Payroll taxes are taxes paid on the wages and salaries of a business’s employees. The Internal Revenue Service (IRS) applies harsh penalties to employers who attempt to shirk payroll tax obligations, from fines or outright business closure to a criminal investigation and prison time for tax evasion. Why does the IRS care so much about […]
Tax season beckons. Like too many Americans, you’re worried and confused. Do you need to file an FBAR in addition to your standard state and federal income taxes? Let’s clear this up, so you can relax and avoid trouble. According to the IRS, the United States “persons” are obligated to file an FBAR if: You […]
If you’ve just found out your small business owes substantial taxes to the Internal Revenue Service (IRS), it’s time to start planning for how to handle your tax liability immediately. Failing to do so could lead to even greater penalties and interest as well as the IRS putting a lien on your assets, seizing cash […]
You’re planning to file an FBAR (Reports of Foreign Bank and Financial Accounts). Will this action automatically get you audited by the IRS? Short answer: no. However, not filing an FBAR may increase the risk of an audit. Here’s what you need to know. What Actually Triggers IRS Action? The possibility of an IRS audit […]