How Fast is Fast Enough When Bank Receives a Levy from IRS? - Procedurally Taxing A recent case, United States v. JPMorgan Chase Bank, creates a very tight time frame for banks to react to a levy from the IRS and provides some insight on the process of the IRS collection efforts when it determines…
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K-1 Income – Is It Subject to Self Employment Tax?
Your taxpayer client received a K-1 from a Limited Liability Company (LLC) in which he is a member. On line 14 of the K-1, there is a number being reported as self-employment earnings. Is it correct? Should your client be reporting his/her share of LLC income as self-employment earnings? If the taxpayer does, they have an additional tax…
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IRS Simplifies Entering The New Streamline Program By Issuing New Forms 14653 & 14654!
We previously posted on Wednesday, June 18, 2014, "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance" where we discussed that the IRS released IR-2014-73, which provides major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in…
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Canadian US Expats Sue To Block FATCA
A lawsuit has been filed by several Canadian citizens against the Canadian Attorney General in Federal Court in Canada. The legal claim challenges the constitutionality of the agreement the Canadian government struck with the United States. The controversial deal between nations was inked under the Foreign Account Tax Compliance Act (FATCA). So far, 77,000 financial institutions have registered…
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