Taxpayers, have you sold, received, exchanged or acquired Virtual Currency?

November 2019

During the month of October 2019, IRS issued Revenue Ruling 2019-24,  FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1,  which, for the first time presents the question:  “At any time during 2019, did you receive, sell,

  • Foodman CPAs & Advisors website

Why is it important to choose the right Power of Attorney for your IRS representation?

October 2019

Circular 230 (Regulations Governing Practice before the Internal Revenue Service) governs those that are authorized to practice in front of the IRS:  Attorneys, CPAs and Enrolled Agents.  Practicing in front of the IRS means that those authorized may: Communicate with

  • Foodman CPAs & Advisors Website

Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!

October 2019

IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns.  The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive infrastructure inside the LBI.  The campaigns require strategic

  • Foodman CPAs & Advisors

Your Tax Home and Travel Expense Deductions

August 2019

The Internal Revenue Code (IRC) permits a U.S. Taxpayer to deduct  “certain travel expenses” when traveling away from home on business.   Taxpayers ought to keep close attention to a travel expense deduction and ensure that it accurately correlates with a

  • Foodman CPAs & Advisors

IRS using Data Analytics to Uncover Criminal Arrangements

August 2019

IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and  https://www.jdsupra.com/legalnews/irs-using-data-analytics-to-uncover-67780/

  • JD Supra

When do you need an IRS Certifying Acceptance Agent?

August 2019

There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a  https://www.jdsupra.com/legalnews/when-do-you-need-an-irs-certifying-16624/

  • JD Supra

Does it make sense to go from an S-Corp to a C-Corp?

August 2019

IRS defines an S-Corp as a corporation whose shareholders make the election to pass corporate income, losses, deductions, and credits through to their shareholders for https://www.jdsupra.com/legalnews/does-it-make-sense-to-go-from-an-s-corp-45960/

  • JD Supra

What is an Abusive Tax Trust?

August 2019

In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and https://www.jdsupra.com/legalnews/what-is-an-abusive-tax-trust-56770/

  • JD Supra

Understanding how Taxpayers may Appeal to the IRS Office of Appeals

July 2019

IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to  https://www.jdsupra.com/legalnews/understanding-how-taxpayers-may-appeal-93524/

  • JD Supra

Will the IRS Integrated Modernization Business Plan Work?

July 2019

On April 18, 2019, IRS released the IRS Integrated Modernization Business Plan April 2019(Plan) – a six year Plan designed to https://www.jdsupra.com/legalnews/will-the-irs-integrated-modernization-85379/

  • JD Supra

Tax Scams put Taxpayers at Risk

July 2019

The IRS produces a yearly list of Tax Scams known as the Dirty Dozen that Taxpayers may  https://www.jdsupra.com/legalnews/tax-scams-put-taxpayers-at-risk-64501/

  • JD Supra

Is There an Anti-Money Laundering (AML) Component to the Revision of the IRS EIN Process?

June 2019

An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to  https://www.jdsupra.com/legalnews/is-there-an-anti-money-laundering-aml-92031/

  • JD Supra