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Tag Archive for taxpayers

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

Offshore Insurance Wrapper Holding Your Foreign Wealth?

When asked “With the success of the Swiss Bank Program, have there been plans to announce a similar initiative?” Former DOJ Tax Head Caroline Ciraolo responded by saying that when she left the DOJ earlier this year, the department wasn’t planning to announce another offshore program. “A part of the reason was because of the Success of the Swiss Bank Program,” she said. Read more

What To Do When You Receive An IRS Notice?

Ron Marini

The IRS sends many, many, many, letters and correspondence before they levy or garnished any taxpayer’s wages, bank accounts, or other assets. Many taxpayers take the ostrich approach and ignore the problem, in hopes that it will go away.

If you’re facing an IRS Problem, appropriate action can go a long way towards resolving it! Read more

Nine Tax Code “Head Scratchers”

John Stancil

Having survived tax season for one more year, I was struck by how complex our tax code really is. I’ve been preparing taxes for over 40 years, yet I ran into several provisions that I had not previously encountered. I am fully aware that there is much wrong with the code, that there are some major overhauls needed. In the midst of all this complexity, it struck me that there are provisions in the code which are not big deals, but are head scratchers. Why are these things in the code? Eliminating them can go a long way toward helping the middle-class taxpayer.

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Italy’s New Flat Tax For First-Time Residents

Marco Rossi

With the Budget Law for fiscal year 2017, Italy enacted a new flat tax for Italian first-time residents. The flat tax amounts to euro 100,000 regardless of the amount of taxable income. Foreign source income is completely exempt from tax, while domestic source income is taxed under the normal rules (graduated tax rates on income brackets generally applying to all resident taxpayers).

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He Who Hesitates Is Lost – Late Filing Refunds

I have heard questions about expired refunds. Let me summarize. “I faced a hardship and didn’t file tax returns for several years. Now, I learn that I cannot get my refunds for all those years. Can you help?”

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No Refunds For OVDP Participants Without Filed Return

Ephraim Moss

In a recently published Chief Counsel Advice, the IRS chief counsel’s office offered advice to taxpayers participating in its amnesty programs regarding the issue of whether refunds for past overpayments of tax can be used to offset additional taxes or penalties triggered under the program.

Before we get to the advice, let’s first review the amnesty programs that could potentially be affected by the conclusions made in the published advice.

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Tax Treaty Tiebreaker And Reporting: Forms 8938, 8621, 5471

John Richardson

Previously, we have look at the tax treaty tiebreaker and how it relates to taxation of Subpart F and PFIC income as well as eligibility for streamlined offshore procedures. This is another in a series of posts on the tax treaty tiebreaker (which is a standard provision in most U.S. tax treaties).

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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.

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You Thought Your Information Was Safe With The IRS

Barry Fowler

It looks as if taxpayers have to be wary and skeptical even when they send their personal information to the IRS. This government agency is supposed to be trusted with our personal information. Especially at a time when criminals are posing as IRS agents over the telephone, through email, through our employers human resources departments and through schools you would think the IRS itself would be safe. But no!

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Summon Rules Applies To Taxpayer’s Marijuana Business

Ron Marini

Colorado- A district court has made several rulings regarding Code Sec. 280E, the Code section that disallows deductions in carrying on a trade or business that consists of trafficking in controlled substances.

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IRS Launches New Online Tool To Assist Taxpayers

Lisa Nason

The Internal Revenue Service (IRS) has announced the launch of a new online application to help taxpayers. The new tool, available on IRS.gov, allows taxpayers to view their tax account balance online. The balance includes any amount owed for tax, as well as penalties and interest for each tax year. Once you view your balance, you can take advantage of online payment options, including direct pay, pay by debit or credit card and Online Payment Agreement.

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