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Tag Archive for IRS Forms

Form 5471: Information Return Of U.S. Persons With Respect To Certain Foreign Corporations

IRS Forms

Certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations file Form 5471 and schedules to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.

We have received several inquiries regarding the changes on the IRS Form 5471 regarding information return of U.S. persons with respect to certain foreign corporations. You will find it useful to go to this link to find updated 5471 Forms, Instructions and Updates.

You can also access current Form 5471 Here.


How To Request Transcript Of Individual Tax Returns From IRS

IRS - How To Request Previous Years Ta

For anyone who needs a transcript of their tax return, it can be requested from the IRS by filling out Form 4506-T

Individuals file IRS Form 4506-T to request a tax return transcript for the current and prior three years that include most lines of the original tax return; and/or to designate a third party to receive a transcript.

Image result for form 4506-T

Have a tax question? Ask Tax Questions Here.


The New Draft Version 2019 IRS Form W-4 Is A Rage Inducing Abomination

John Dundon,2019 Draft W-4

The New Draft version 2019 Form W-4 is a rage inducing abomination.

When I first looked at the new Draft version of the 2019 Form W-4 Employee’s Withholding Allowance Certificate my initial reaction was rage.  Yes, rage! Rage towards an unnecessary yet profound encroachment of privacy by our federal government. When you view the form you will see that you now must report for the love of the almighty two very private pieces of data to your employer:

  1. All other income earned outside your job
  2. Total itemized deductions.

Your employer has no business knowing this information about you! What is happening?

Thanks to the eukaryote dimwits in charge (e-DICs), the budget busting, deficit exploding Tax Cut & Jobs Act (TCJA) now requires that “your employer” calculate “your” income tax withholding in a different way than before. This is accomplished by imposing upon you in exchange for gainful employment an obligation to prepare, sign (under penalty of perjury) and submit to your employer IRS Form W-4.

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Appeals Court Finally Affirms One Million Dollar FBAR Penalty

Ephraim Moss, Tax Attorney

In a rather swift and harsh judgment, the Ninth Circuit Court of Appeals affirmed a lower court’s decision in favor of the IRS, which assessed an approximately $1.2 million penalty against a taxpayer for failing to disclose her financial interests in an overseas account.

The decision, U.S. v. Bussell, is noteworthy for two reasons. First, it shows the magnitude of penalty that can be reached, even with respect to an individual and a single foreign account and tax year (in this case, the relevant tax year was 2006). Second, it shows the type of taxpayer arguments that courts will likely reject when reviewing an FBAR penalty case. Read more

Tax Tips For Deducting Disaster Related Losses

Along with the fun of summer also comes the dread of potential natural disasters. Summer time is the beginning of hurricane season beginning in June and ending in November. While tornadoes can pop up anytime, there seems to be more occurrences during summer than other times of the year. In some areas of the country, summer is also the rainy season, so flooding can occur. Read more