A district court has found that the IRS properly determined that a corporation’s minority shareholder and president was liable for the trust fund recovery penalty under Code Sec. 6672. As president, the individual approved, signed, and submitted a variety of tax forms and documents to Federal and state authorities on behalf of the corporation. Therefore, he was…
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The House Sues Treasury For Trump’s Tax Returns
According to Law360, The House’s tax committee sued the U.S. Department of the Treasury in federal court for President Donald Trump’s tax return information on Tuesday, setting in motion a legal battle that will likely end at the U.S. Supreme Court. Ways and Means Chairman Rep. Richard Neal, D-Mass., made the request for Trump's tax…
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IRS Revamp Legislation Signed Into Law by President Trump
According to Law360, President Donald Trump signed a bill on July 1, 2019 that in part will prevent private debt collectors from pursuing low-income individuals who owe money to the Internal Revenue Service. Trump signed into law H.R. 3151, the Taxpayer First Act, which will also make a host of administrative changes to the IRS…
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How to Report Foreign Income on Your US Tax Return?
You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars. How you do this depends on your functional currency. Your functional…
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