Domestic Tax Law Archives - Page 21 of 31 - Foodman CPAs and Advisors

Auditors are required to be “Independent” of their Audit Clients

April 2019

Auditors are required to be “Independent” of their Audit Clients was published by JD Supra on 4/23/19. The Sarbanes-Oxley Act of 2002 (SOX) mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent

JD Supra

Understanding a Personal Representative

April 2019

Understanding a Personal Representative was published by JD Supra on 4/16/19. A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become

JD Supra

Itemized Deductions Anyone?

April 2019

Itemized Deductions Anyone? was published by JD Supra on 4/16/19. Taxpayers can either itemize or take the standard deduction. They can’t do both. Many Taxpayers that were able to itemize deductions in prior tax years are unable to do so

JD Supra

Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe?

April 2018

Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe? was published by JD Supra on 4/16/19. Many Taxpayers might be faced with an unexpected tax bill during the 2018 Tax season. Many Taxpayers did not

JD Supra

What if the IRS wants to “Audit” your Tax Returns?

April 2019

What if the IRS wants to “Audit” your Tax Returns? was published by JD Supra on 4/10/19. The IRS might want to audit (also known as a review or an examination) an Individual Taxpayer’s accounts and financial information to verify

JD Supra

Tax Time and Virtual Currency

April 2019

Tax Time and Virtual Currency was published by JD Supra on 4/9/19. Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using

JD Supra

Residential Real Property Purchased with Virtual Currency must be Reported

march 2019

Residential Real Property Purchased with Virtual Currency must be Reported was published by JD Supra on 3/26/19. On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S.

JD Supra

IRS is on to Self-Employed Taxpayers

March 2019

IRS is on to Self-Employed Taxpayers was published by JD Supra on 3/19/19. On February 14, 2019, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) released the Report “Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance”.

JD Supra

FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they become aware of a change in Beneficial Ownership

March 2019

FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they become aware of a change in Beneficial Ownership was published by JD Supra on 3/12/19. The Financial Crimes Enforcement Network (FinCEN) provided the

JD Supra

Are you at Risk for a Tax Time Surprise?

March 2019

Are you at Risk for a Tax Time Surprise? was published by JD Supra on 3/5/19. There will be Taxpayers whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for Tax Year 2018. IRS states that

JD Supra

Understanding How to Compute a U.S. shareholder’s GILTI inclusion

February 2019

Understanding How to Compute a U.S. shareholder’s GILTI inclusion was published by JD Supra on 2/27/19. The Tax Cuts and Jobs Act added section 951A to the Internal Revenue Code. This new section requires a U.S. shareholder of a Controlled

JD Supra

Can the IRS release Taxpayer information to a third party?

February 2019

Can the IRS release Taxpayer information to a third party? was published by JD Supra on 2/27/19. Tax Return information is protected from disclosure by the IRS to other parties by the IRC Section 6103 -Confidentiality and Disclosure of Returns