Do You Know About the 4 Scenarios in the IRS Collection Process?

August 2016

Do You Know About the 4 Scenarios in the IRS Collection Process

  • JD Supra

Are you Eligible for an IRS Offer in Compromise?

August 2016

IRS has a program called Offer in Compromise (OIC) which allows eligible Taxpayers to settle a tax debt with IRS for less than the full amount owed.  Not all Taxpayers are eligible.    The OIC is not available to partnerships, corporations,

  • JD Supra

Taxpayers Have 10 Bills of Rights

June 2016

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. The Taxpayer Bill of Rights (also known as TABOR) groups the existing rights in the tax code into ten fundamental

  • Foodman CPAs & Advisors

“Spider Webs”, “Panama Papers” and IRS

June 2016

IRS has asked involved U.S. taxpayers to come forward before IRS reads and dissects the “Panama Papers”. IRS will “plan how to use the huge trove of leaked documents to catch criminals — and urged Americans to come clean now

  • JD Supra

Don’t Let The I.R.S. Define Your Conduct As Willful, or Else…

June 2016

Something that most of us don’t realize is that Internal Revenue Service has stated that the taxpayer is responsible to learn IRS requirements within the historic U.S. framework of a voluntary reporting system. The IRS commissioner stated: “Our tax system

  • JD Supra

“Who doesn’t have it, does it and who has it, misuses it”

May 2016

From the Silent Generation (1928-1945), to the Baby Boomers (1946-1964), to the Generation X (1965-1980) to the Millennials (1981 to 1997) – the question remains: Is creating Long-Term family wealth possible? The answer is yes. Although, it isn’t necessarily an

  • Foodman CPAs & Advisors

Do you know how to survive an I.R.S. audit? Find out here…

April 2016

First and foremost: An I.R.S. Audit is not an accusation of WRONGDOING. It is what is known as an impartial review to assess return filing accuracy. I.R.S. selects returns to audit to determine if income, expenses, and/or credits are being

  • Yucatan Times

What is NEW for Tax Season 2015?

29 March, 2016

Publication 17 has been published annually by the IRS since the 1940s and has been available on the IRS web site since 1996. The 286-page guide also provides links to help taxpayers quickly get answers to their questions. This free

  • Lexology

Warning: The IRS Could File Your Return if You Don’t, with Troubling Consequences

March 2016

The tax world is clearly becoming more interconnected and globalized with countries exchanging financial information about each other’s citizens through FATCA or the upcoming Common Reporting Standard (CRS). Every international decision a taxpayer makes – whether or not he or

  • Tico Times

“Red Flags” to the I.R.S’s Agents and Examiners

March 2016

Most Tax returns are ignored by the I.R.S. primarily because I.R.S. is short on personnel and funding. Nonetheless, according to a report from Kiplinger, the chances of being audited by the I.R.S. increase substantially, if you have foreign assets, the

  • Foodman CPAs & Advisors

Did you know that there is an I.R.S. penalty for lack of accuracy?

March 2016

  According to the I.R.S., our country is based on a voluntary system of compliance. This means that each citizen (taxpayer) reports their income freely and voluntarily. The tax liability is calculated, and the tax return is hopefully filed on

  • Yucatan Times

Expertise Article: The IRS

November 2015

Original article and other expertise articles can found here:  http://www.sflegalguide.com/index.php?plugin=News&id=186&title=the-irs By: Stanley I. Foodman A “John Doe” summons is an IRS investigative tool available to IRS through federal court approval.  IRS uses it as an investigative tool when casting a

  • South Florida Legal Guide