According to Law360, President Donald Trump’s budget for fiscal year 2020, released Monday, calls for $11.5 billion in funding for the Internal Revenue Service, up from $11.3 billion in the current fiscal year. The Trump administration’s "Budget for a Better America” would work in tandem with legislation that would require employees and those attempting to claim…Read more
Failure to Report Offshore Funds Remains a Crime & it's Included in the IRS' 2019 ‘Dirty Dozen’ Scams List!
Hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019, the agency said on March 15, 2019. Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime, including offshore schemes. Many of these peak during filing season…Read more
Know Your Choices to Pay Your Tax Bill! – Part 1
As the April 15th deadline for filing 2018 income tax returns draws near, practitioners may encounter some clients who don't have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. Financially distressed clients may be able…Read more
IRS Tax Audits of Millionaires & Large Businesses are Declining
The Internal Revenue Service is subjecting a relatively small percentage of wealthy taxpayers to tax audits, and less than half of the biggest corporations in the U.S. are now being audited, according to a new report. The report, from Syracuse University’s Transactional Records Access Records Clearinghouse, or TRAC, found that 97 out of every 100…Read more