A taxpayer in California received a letter early this year notifying them that their 2013 tax return was being examined – but they hadn’t yet even filed their 2013 return. An Arizona couple was […]
The IRS recently notified taxpayers that for 2014 it will not require taxpayers to include Bitcoin transactions in a Form 114, Report of Foreign Bank and Financial Accounts (FBAR). But the IRS issued this […]
If you’re the owner of an Arizona LLC, you’re likely to receive correspondence from ARIZONA BUSINESS FILING SERVICES. The letter, which arrives in an official looking envelope, claims to alert you to the fact […]
The IRS recently issued new guidelines for reinstating an organization’s tax exempt status after it has been revoked because of failure to file returns for three consecutive years. The reason this is necessary is […]
The IRS recently issued a list of the latest tax scams and frivolous tax arguments it sees in the Tax Court and the IRS appeals process. These arguments have never worked, nor will they […]
For taxpayers considering a reduction in force, a recent Supreme Court decision may affect how those taxpayers withhold FICA tax on any severance payments that might be made in that reduction. The Supreme Court […]
A Federal appeals court recently upheld a case where a Florida taxpayer (Mr. Carl R. Zwerner) was assessed a penalty equal to 150% of the value of the foreign accounts that he should have […]
The U.S. Supreme Court recently ruled that even though a taxpayer invested in a tax shelter based on advice that turned out to be incorrect, the IRS is still able to assess the maximum […]
The IRS continues to remind taxpayer of their foreign asset filing obligations. The obligations apply to U.S. citizens, resident aliens, including those with dual citizenship, and those living abroad. In fact, the filing deadline […]
The Internal Revenue Service recently released their views on the proper tax treatment of virtual currencies such as bitcoin. These virtual currencies are often used as a medium of exchange for payment for goods […]