The Internal Revenue Service (IRS) took another step in its efforts to help tax practitioners avoid data theft. The agency recently released a publication noting tax practitioners could be unaware that they are victims of data theft. This is because the individuals behind these thefts often leave little behind. As […]
Author: Lawrence Brown
The IRS is now enforcing passport restrictions against people with substantial amounts of delinquent tax debt. If you are an expat living abroad, or just want to be able to use a passport to travel outside the U.S., you could be affected. Here are five things to know about tax debt […]
Over the last decade, offshore account compliance has been at the top of the IRS priority list. The first of the Offshore Voluntary Disclosure Programs began in 2009. The strong interest led the IRS to create several iterations over the years. As of late 2016, the IRS reported that 55,800 taxpayers had […]
The government has accused Paul Manafort, former campaign chairman for President Donald Trump, of various tax crimes. The accusations include 18 counts of tax evasion, bank fraud and failure to report foreign assets. The case has garnered media attention due to its connection to Robert Mueller’s investigation of allegations of […]
Summer is coming to an end. This becomes apparent whenever you enter a big box store and see the shift of stock away from swimsuits and beach umbrellas towards backpacks and winter coats. But did you know that warm weather is not the only thing about to come to an […]
The Internal Revenue Service (IRS) recently released a publication that provides tips for data security for tax professionals. The publication is the result of a recent Security Summit that focused on the issue. How serious of an issue is data theft from tax practitioners? Tax professionals that are not taking an […]
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. More specifically, the agency accused the tax practitioner of violating Treasury Department Circular No. 230. The government does not allow tax practitioners to use […]
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 […]
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. How can the IRS take away a taxpayer’s passport? The federal agency was granted this […]
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 […]