IRS Forms | TaxConnections

17 Sep 2019

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

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.

Written by TaxConnections Admin | Posted in Form 5471 • IRS Forms • TaxConnections

21 Nov 2018

How To Request Transcript Of Individual Tax Returns From IRS

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.

Have a tax question? Ask Tax Questions Here.

Written by TaxConnections Admin | Posted in IRS Form 4506 -T • TaxConnections

19 Jun 2018

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

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:

All other income earned outside your job
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.

Written by John Dundon | Posted in Draft Version 2019 IRS W-4

13 Dec 2017

Appeals Court Finally Affirms One Million Dollar FBAR Penalty

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

Written by Ephraim Moss | Posted in FBAR • TaxConnections