Offshore Account UpdatePosted in on November 18, 2022
According to a recent News Release from the Internal Revenue Service (IRS), the federal “tax gap” increased by $58 billion for tax years 2014 through 2016. At $496 billion, the tax gap during this period was the highest in history. While the IRS notes that this increase “can be attributed to economic growth,” it is nonetheless planning to institute more robust enforcement efforts in 2023 and beyond.
Read MoreOffshore Account UpdatePosted in on October 31, 2022
In a recent Tax Tip, the Internal Revenue Service (IRS) advised individuals and businesses that are behind on their federal tax obligations to consider submitting an offer in compromise. As the IRS explains, the offer in compromise program “allows taxpayers to enter into an agreement . . . that settles a tax debt for less than the full amount owed[, and s]ometimes . . . significantly less, especially if they have low income and few assets.”
Read MoreOffshore Account UpdatePosted in on October 17, 2022
For U.S. taxpayers with offshore bank accounts, the deadline to disclose these accounts to the federal government was October 15, 2022. All U.S. taxpayers with qualifying offshore accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) annually, and while the filing deadline is technically April 15, all taxpayers receive an automatic six-month extension. So, now that October 15 has come and gone, what happens if you didn’t file an FBAR?
Read MoreOffshore Account UpdatePosted in on September 30, 2022
While it has been well over a year since the federal Paycheck Protection Program (PPP) expired, the Internal Revenue Service (IRS) is continuing to target PPP loan recipients for fraud. This includes both (i) fraudulently obtaining PPP loans through falsified applications and fabricated documentation; and (ii) fraudulently obtaining PPP loan forgiveness through invalid certifications.
Read MoreOffshore Account UpdatePosted in on September 16, 2022
The Internal Revenue Service (IRS) recently announced that it will be offering penalty relief to taxpayers, both individuals and businesses, that failed to timely file certain 2019 and 2020 returns during the COVID-19 pandemic. While the IRS will automatically issue more than $1.2 billion in refunds or credits to taxpayers that have already paid penalties, taxpayers who are not eligible to receive this automatic relief can have their failure-to-file penalties “waived or, to the extent previously assessed, abated, refunded, or credited” if they file in time.
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