Reminder: You may have to report information about foreign financial assets and accounts. The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. The Treasury Department and the IRS continue to develop guidance concerning FATCA. For current… Read More
WASHINGTON — El Servicio de Impuestos Internos les recuerda a los contribuyentes que generalmente están obligados a declarar todos los ingresos obtenidos en su declaración de impuestos, incluidos los ingresos obtenidos de transacciones de activos digitales, la economía compartida y la industria de servicios, así como los ingresos de fuentes extranjeras. Los requisitos de presentación… Read More
In the continuing effort to improve tax compliance and ensure fairness, the Internal Revenue Service announced a new effort on Feb. 29, focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The new initiative, made possible by Inflation Reduction Act funding, begins with IRS compliance letters… Read More
Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced today plans to begin dozens of audits on business aircraft involving personal use. The audits will be focused on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether for… Read More
During the busiest time of the tax filing season, the Internal Revenue Service kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items they’ll need to file a 2023 tax return. As part of its four-part, weekly Tax Time Guide series, the IRS continues to provide new and updated resources to help… Read More
Today the IRS issued a news alert regarding the employee retention credit (ERC). As the March 22, 2024, deadline nears for the ERC Voluntary Disclosure Program, individuals who mistakenly filed a claim and received payment should take note. This program enables businesses to repay only 80% of the claim amount. Taxpayers who filed a claim that… Read More