The Internal Revenue Service (IRS) recently concluded an investigation of a tax preparation professional. The investigation resulted in various allegations, including violation of the professional rules of conduct.
Earlier this year the Supreme Court of the United States (SCOTUS) ruled states can impose a tax on online transactions on out of state merchants. SCOTUS also noted in the case behind the ruling, South Dakota v. Wayfair, that states could not impose a tax in a manner that would result in an undue burden on interstate commerce.
The Internal Revenue Service (IRS) recently reminded taxpayers with outstanding tax debt what is at risk. More specifically: their passports. A failure to pay off tax debt can result in the loss of the taxpayer’s passport.
The Foreign Account Tax Compliance Act (FATCA) is a tool the government uses to help better ensure United States citizens comply with tax obligations. This law requires foreign financial institutions to report information about United States customers to the U.S. government. Under this law, a foreign bank must report any account containing assets at or above $50,000.