TaxConnections


 

Tag Archive for IRS

Gluten-Free Federal Tax Deduction

To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must have a documented reason to require the observance of a gluten-free diet, along with a physician’s prescription to follow a gluten-free diet. This should provide sufficient documentation of eligibility.

Read more

With Tax Records, When In Doubt, Keep It

Barry Fowler

You’ve probably heard the expression, “when in doubt, toss it out.” That applies to just about everything except when you’re clearing out tax records!

So, when you’re inspired to clear out those tax files, don’t be too hasty about getting rid of them. Read more

Helping Taxpayers Overcome The Fear Of Filing

Every American who files and pays federal taxes rarely thinks about taxes this time of year. They are typically enjoying the pleasures of summer. However, there are those who have failed to file. If you are among that group, you know that you never have a moment’s rest. The thought is always gnawing away in the back of your mind. Read more

Determining Tax Residency In The United States

John Richardson

The advent of the OECD Common Reporting Standard (CRS) has illuminated the issue of tax residency and the desire of people to become tax residents of more tax favorable jurisdictions. It has become critically important for people to understand what is meant by tax residency. It is important that people understand how tax residency is determined and the questions that must be asked in determining tax residence. Tax residency is NOT necessarily determined by physical presence.

Read more

The OVDP Program May End After 2017

Ron Marini

U.S. taxpayers who have foreign bank and/or financial accounts should be watching the clock. The window to voluntarily report foreign accounts in order to mitigate IRS penalties may be ending after 2017.

Read more

Eight Tax Questions To Ask Before You Get Married

When two people fall in love, they tend to be blind to life’s realities. The last thing they want to do is bring up issues that might generate conflict, and let’s face it, the topic of taxes is definitely turbulent.

Ask these tough tax questions before you get married – to avoid an inevitable divorce.

Read more

Perspective: What Frustrates Me Most About Start-Ups!

Manasa Nadig, Start-ups, tax help

One of the services my firm offers is assistance in Entity Selection for start-ups. This is usually when we talk about various options available for the incorporator and what type of entity would be the best fit for the start-up in terms of liability exposure, record-keeping, and tax filing. This meeting usually results in setting up an entity, giving the incorporators guide-lines for record-keeping and help with choosing accounting software and set up, and so on, you get the drift?

So off they go with an Entity tucked away neatly under their arm, and the title music plays—you think? But no! Wait, here’s where the music stops with an ugly, teeth-tingling screech… The incorporator comes back at tax time and you look at all the bank statements, and you see the big thou-shalt-not of, “Commingling the Books.”

Read more

Have You Been Caught By The IRS For Under-Reporting?

Barry Fowler

Are you the target of an audit for allegedly under-reporting income to the IRS?

Professional help by an experienced, Enrolled Agent tax attorney is a must in this type of situation. A little bit of understanding may also come in handy before you get sucked into the unraveling of your tax returns.

Read more

1st U.S. Prosecution For False Expatriation Statement

Ron Marini

The IRS has been hunting for offshore income and accounts continues unabated well beyond UBS as evidenced by a former client of Credit Suisse Group AG who pleaded guilty to hiding $200 million from U.S. tax authorities.

Read more

Financial Advisors Are Turning Over Your Names To The IRS

Ron Marini

The Government has added another Financial Advisor since October of 2016, Michael A. Behr, (effective 1/25/17) to their list of Offshore Banks and Foreign Financial Advisors which are turning over the names of their US Account Holders, who are now subject to a 50% (rather than 27.5%) penalty in the IRS’s Offshore Voluntary Disclosure Program (OVDP). This penalty is based on the highest account balance measured over up to eight years.

Read more

Filing Season Is Here – Did You File Your Extension?

John Dundon

Tax day is upon us – remember to at least get you application for automatic extension request electronically filed or post marked today using IRS Form 4868.

Keep in mind this extension request is for additional TIME TO FILE the income tax forms. It is NOT a request for an extension of TIME TO PAY income taxes due.

Read more

TaxConnections