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…
Read more
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…
Read more
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…
Read more
Tax Crime Does Not Pay! – List of 2017 Successful IRS Prosecutions.
Significant Prison Sentences Handed Down in 2017! It’s that time of year again: tax season. The Justice Department would like to remind the public during this time of year that evading your tax obligations could end badly, with substantial fines and penalties, and even long prison sentences. Taxpayers are also reminded to be on…
Read more
