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For U.S. taxpayers who are behind on their federal reporting and payment obligations, voluntary disclosure provides an opportunity to resolve their issues with the IRS. However, submitting a voluntary disclosure isn’t an option in all scenarios, and when it is an option, it is not without risks. As a result, […]
Category: Tax Controversy
U.S. taxpayers that have failed to meet their filing and payment obligations have various options for resolving these “tax controversies” with the Internal Revenue Service (IRS). However, the specific options that are available in any particular case depend on the circumstances involved. For example, while IRS Criminal Investigation’s (IRS CI) […]
You’ve been a business owner for the last year. It is the first time you’ve run your own company, and fortunately, the business has done very well. You’re excited about the future and the revenue you earned. However, you’ve only done personal taxes before. You attempted to do your business […]
Financial windfalls and gifts can be incredibly exciting. However, they can also introduce some tax-related complications. If you come into money or recently acquired a pricey collectible, it can be incredibly wise to consult a tax professional to help you assess your options. This might well be the next step […]
If the U.S. Tax Code were food, it would be toast. Dry. Dull. Not particularly appetizing. Yet despite being “boring” toast is a vital food. In cases of extreme nausea, a toast may even save your life. Taxes show us what’s important In her book “The Public Opinion” tax and […]
The Department of Justice (DOJ) recently accused a Texas family of running an elaborate and illegal gambling business. They claim the family would funnel the money used for to run the gambling business through two legitimate businesses: the family car dealership and a holding company for the family car dealership. […]
The Eighth Circuit Court of Appeals recently hit Wells Fargo with penalties for negligence related to tax matters. In the case, the government claims the bank wrongly claimed foreign tax credits. As a result, the court fined the bank a negligence penalty for claiming the credits. How much is the […]
President Donald Trump recently signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This law allows for a federal stimulus check to go to qualifying taxpayers in an effort by lawmakers to help taxpayers find their financial footing while navigating this pandemic. The exact amount varies, depending […]
Taxpayers throughout the country have voiced new frustrations about taxes the last few years. One common example: taxpayers who never owed a tax bill before found themselves owing the Internal Revenue Service (IRS) for the first-time last year and again this year. What went wrong? In most cases, the problem lies […]
April 15th is just around the corner. Taxpayers across the country are gathering their tax forms and filing out their tax returns. Some may be surprised to receive a small refund. Others frustrated to realize they owe an unexpected tax bill. What went wrong? Why would a tax refund be lower […]