There are certain things that may tempt a person into inaction after missing filing their tax returns. Fear of the Internal Revenue Service and a desire to not have to deal with the agency could potentially lead a person to decide to ignore the problem and just hope...
Tax Controversies
How IRS budget cuts affect U.S. taxpayers
While the Internal Revenue Service has long been reviled by U.S. taxpayers, historically, the agency has largely been viewed favorably by, or at least tolerated among, those within Washington. Within the last decade, however, the IRS has been the target of much hatred...
Business owners advised to brush up on new 1095 filing requirements
With this year's April 18 tax filing deadline looming in the not-so-distant future, individual taxpayers and business owners alike are advised to stop procrastinating and take action to ensure that their necessary tax documents are in order. While many parts of the...
How does the passage of PATH impact business owners?
It’s the start of a new year and for any business owner, tax planning is an important component to help increase and maximize profitability. However, due to the ever-changing tax rules and laws, many business owners find tax planning to be a confusing and tedious...
As 2015 draws to a close, are you tax-ready?
This week signals the end of 2015 and start to a new year. For business owners, and individuals alike, this time of year is often dominated by planning and making resolutions for the upcoming year. While taxes and tax planning may not even be on your radar, it’s...
IRS claims its recovered billions of dollars thanks to FATCA
Seemingly gone are the days when wealthy, or simply stealthy, individuals were able to open and effectively hide assets in Swiss and other foreign bank accounts. This is due mostly in part to the Foreign Account Tax Compliance Act, better known as FATCA, which became...
Did you know there’s a Taxpayer Bill of Rights?
In the United States, there is a long tradition and strong belief in promoting and protecting the rights of individual citizens. Provisions related to these protections are included in important documents like the U.S. Constitution and Bill of Rights which provide the...
What’s in a label? Plenty, when it comes to the IRS
While it's highly unlikely that many, if any, Americans are singing the praises of the Internal Revenue Service; most reserve their criticisms for private conversations and those among friends and work colleagues. For those brave enough to vocalize and demonstrate...
What is the tax penalty for filing a federal return late?
Many different problems can arise for a person when they are accused by the Internal Revenue Service of having filed a federal tax return in which they owe taxes after the applicable deadline without having been granted an extension. One is that they can face a...
FATCA disclosures on the rise, 50 percent penalty applies for more Swiss banks
More Swiss and other non-U.S. banks continue to cooperate with the U.S. government under the Foreign Account Tax Compliance Act, and American taxpayers with offshore accounts should be sure to take action now to come into tax compliance. Hesitating could lead to...