According to the DoJ, a Durham, North Carolina, tax return preparer was sentenced today to 121 months in prison for conspiring to defraud the United States and preparing fraudulent tax returns for herself and her clients. According to documents and information presented to the court, Keesha Frye, owned and operated KEF Professional Tax Services, a Durham tax…
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IRS Issues Pub 5292 Explaining How to Calculate & Report the “965 Transition Tax” on your 2017 Return
IRS has released Publication 5292 - How to Calculate Section 965 Amounts and Elections Available to Taxpayers. Code Sec. 965, which was amended by the Tax Cuts and Job Act, requires certain foreign corporations to increase their subpart F income for their last tax year that begins before Jan. 1, 2018, by the amount of…
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IRS Reminds Those with Foreign Assets about U.S. Tax Obligations
The Internal Revenue Service in IR-2018-87 reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the agency advised anyone with a foreign bank or financial account to remember the upcoming deadline that applies to reports for…
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IRS Advises Taxpayers To Be Aware of Scams!
The IRS advises taxpayers in IR-2018-88 that they do not randomly contact taxpayers or tax professionals via email, including asking people to confirm their tax refund information. The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to…
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