The Internal Revenue Service (IRS) recently released final and proposed regulations dealing with the global intangible low-taxed income (GILTI) provision. This provision was part of the Tax Cuts and Jobs Act (TCJA). The new regulations include a high-tax exception (HTE) to the GILTI.
Can you negotiate a deal over tax debt with the IRS?
Tax debt can quickly become unmanageable. What may start out as a few thousand dollars owed on back taxes can quickly escalate with penalties and interest. Taxpayers who find themselves facing this growing debt may question whether they will ever be able to settle their bill.
Taxes and retirement: 3 tips
Retirement may mean the end of work … but it does not mean the end of dealing with the Internal Revenue Service (IRS). Depending on your retirement planning strategy, some of your income may remain taxable in retirement.
IRS or not? Agency warns of new impersonation scam.
The Internal Revenue Service (IRS) recently published a news release warning taxpayers of a new impersonation scam. According to the agency, the scam involves unsolicited emails sent to taxpayers asking for tax payment.
Own digital currency? Expect a letter from the IRS.
The Internal Revenue Service (IRS) recently announced it will send out 10,000 letters to those who own cryptocurrency. The agency’s communications are geared to help better ensure tax compliance. The problem: tax compliance regarding digital assets is unclear, at best.
Will “record-setting” number of tax extensions impact tax pros?
Tax preparation and accounting offices throughout the country reported record-setting extension requests for tax filings this year. The increase was the result of many different factors, including:
IRS reminds tax professionals to report foreign accounts
The American Bar Association's taxation section recently held their annual meeting. This group of legal professionals from throughout the country met with representatives from the Internal Revenue Service (IRS) to discuss the agency’s focus in coming months. One of the main take away lessons from the meeting: representatives encouraged tax professionals to bring all foreign accounts into compliance with applicable tax law.
Citizens and resident aliens must file taxes by June 17
United States citizens and resident aliens living abroad may still need to file taxes for the 2018 tax year. Tax obligations are broad and the reach of the Internal Revenue Service (IRS) is long — often extending past the country’s borders.
Uber faces IRS scrutiny: Could this impact drivers?
The recently public Uber Technologies Inc. is currently under investigation by the Internal Revenue Service (IRS). Bloomberg reports the agency is reviewing two years of the ride sharing company’s tax filings. The company has stated the agency is simply conducting an “examination” in light of its recent initial public offering. Skeptics have voiced concern the investigation is really a deeper look into the company’s tax strategies. For example, its use of “transfer pricing positions.”
College students and taxes: Avoid this common mistake
College students are making the most of the gig economy. The ability to sell stuff on Etsy or E-bay or make some extra cash using their vehicle with Uber or Lyft. Although these side gigs can result in some serious side income, they also can make tax obligations more difficult to navigate. Here are three reasons why: classification, withholding and different tax forms.
