It appears the old “location, location, location” adage for real estate holds true in the world of taxes as well. A recent study by professors out of two prestigious universities in the great state of Texas, the University of Texas at Austin and Texas A&M University, have found that the […]
It is no surprise that the Internal Revenue Service (IRS) is cracking down on those who have failed to become compliant with tax obligations for foreign assets. In fact, the federal agency continues to list attempts to hide assets through the use of foreign bank accounts as one of its […]
We have been closely following how and when the IRS and Department of State may start to revoke or deny passports for tax debt. Facing the prospect of further budget cuts, how will overall IRS collection activities be affected? The number of people employed at the agency has plummeted 31 […]
With FATCA set to take effect on July 1, financial institutions around the world have been lobbying to delay implementation of the law, citing concerns about costs and potential disruptions to global markets. Over the weekend of May 3rd, the Treasury Department announced that it would not strictly enforce many […]
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS’s assessment of multiple willful FBAR penalties against an American business man and bank director. Carl Zwerner, an 87 year-old man born in Yonkers, New York, started a […]
Since the IRS announced the 2009 Offshore Voluntary Disclosure Program (OVDP) over five years ago, our firm has been assisting taxpayers submit accurate and complete disclosures in accordance with the program guidelines and procedures. The evolution of the OVDP through the 2011 and 2012 programs has brought a longer look-back […]
President Donald Trump recently signed a new travel order that limits entrée to the U.S. for people coming from certain countries. This highly publicized notice has many American companies scrambling to work around travel restrictions for remote or traveling employees that could leave them stranded outside the U.S. A much […]
Many companies hire independent contractors for limited projects to reduce overall costs. Companies do not withhold income, Social Security or Medicare taxes for independent contractors and do not provide the same benefits generally offered to regular employees. It becomes the contractors’ responsibility to pay their own self-employment taxes and benefits. […]
It isn’t easy being a landlord. Trying to keep customer-tenants satisfied enough to renew their leases is often a frustrating and not necessarily lucrative endeavor. The tax code often isn’t much help either, with arcane rules limiting the ability of real estate owners to deduct losses. These rules concern what […]
As part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, the authority of the Internal Revenue Service (IRS) will soon reach across international borders to tax or fine foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). The FATCA Makes FFIs and NFFEs Do the IRS’s Dirty Work […]