When your tax professional inquires if you had an interest in or controlled one of more foreign accounts with an aggregate value above $10,000 at any time during the calendar year, give this question … [Read more...] about Schoolteacher Assessed $800,000 FBAR Penalty
Archives for January 2019
IRS Changes Back-Up Withholding Rate
IRS Changes Back-Up Withholding Rate IRS Issues Publication 1281 Effective January 1, 2018, the 2017 Tax Cuts and Jobs Act reduced the backup withholding rate from 28 percent to 24 percent. If you … [Read more...] about IRS Changes Back-Up Withholding Rate
Contemporaneous Mileage Log Book
Contemporaneous Mileage Log Book No Mileage Log Book = Lost Tax Deduction Business owners who use a vehicle in their business are required by the IRS (and the courts) to substantiate their … [Read more...] about Contemporaneous Mileage Log Book
