Taxpayer is found to have committed fraud by willfully failing to comply with FBAR reporting requirements. FBAR Reporting Requirement Every year, under the law known as the Bank Secrecy Act, … [Read more...] about Failure to Disclose Foreign Holdings (FBAR) – Taxpayer Found to have Committed Fraud
IRS Tax Planning Ideas, Tips & News
July 15, 2020 – Day of Reckoning?
Julius Caesar Had His Ides of March – You Need to Avoid Having Your Ides of July BACKGROUND Due to the corona virus pandemic, the IRS due date for filing your 2019 Form 1040 has been postponed … [Read more...] about July 15, 2020 – Day of Reckoning?
Schedule C Filers – Take Note
Remember It Takes Two to Tango - When You Sign Your Tax Return, You Are Attesting, Under Penalties of Perjury That Your Return Is True and Correct - Don’t Become a Co-Conspirator Let’s … [Read more...] about Schedule C Filers – Take Note
Employers Take Note: New Version of Form I-9 is Available
A New Version of Form I-9 is Available – Employers Need to Use This Form When Hiring New Employees What is Form I-9? Federal law requires that every employer who recruits, refers for a fee, … [Read more...] about Employers Take Note: New Version of Form I-9 is Available
Hogs Get Slaughtered – IRS Reclassifies Business Deductions as Non-Deductible Personal Expenses
IRS Visits Marina and Discovers Lots About Taxpayer’s “Business Deductions” Background Carlos and Pamela Langston (taxpayers) (TC Memo 2019-19) purchased a marina. The marina’s primary location … [Read more...] about Hogs Get Slaughtered – IRS Reclassifies Business Deductions as Non-Deductible Personal Expenses
How Does Your Business View Taxes?
Do You Simply Complain About Taxes, or Do You Have a Strategic Plan to Reduce the Taxes You Pay? Background We have yet met a businessperson who does not complain about paying income taxes. The … [Read more...] about How Does Your Business View Taxes?
