Domestic Tax Law Archives - Page 22 of 30 - Foodman CPAs and Advisors

What is Reasonable Cause for the IRS?

December 2018

What is Reasonable Cause for the IRS? was published by JD Supra on 12/7/18. In the US, Taxpayers “self-assess and voluntarily” pay taxes. The IRS position is that Voluntary Compliance occurs when a Taxpayer makes a “good faith” effort to meet

JD Supra

Do you own a Rental income is reportableor a vacation home that you rent out?

November 2018

Do you own a second home or a vacation home that you rent out? was published by JD Supra on 11/30/18. Rental income is reportable on a Taxpayer’s tax return. Certain expenses such as mortgage interest, real estate taxes, casualty losses,

JD Supra

IRS Guidance on Business Meals is Transitional

November 2018

IRS Guidance on Business Meals is Transitional was published by JD Supra on 11/30/18. The Tax Cut and Jobs Act (TCJA) amended Section 274 of the Internal Revenue Code (IRC) created a confusion for Taxpayers by disallowing a deduction for expenses

JD Supra

Understanding Estate and Gift Taxes

November 2018

Understanding Estate and Gift Taxes was published by JD Supra on 11/21/18. Although only .2% of US Taxpayers actually pay Estate Taxes (Congress’s Joint Committee on Taxation), it is important to understand how Estate Tax works in conjunction with gifting. Taxpayers

JD Supra

Tax Fraud and the Element of Willfulness

October 2018

Tax Fraud and the Element of Willfulness was published by JD Supra on 10/23/18. Tax fraud is often defined as an intentional wrongdoing on the part of a Taxpayer with the specific purpose of evading a tax known or believed

JD Supra

Don’t forget about your Right to Retain Representation

October 2018

Don’t forget about your Right to Retain Representation was published by JD Supra on 10/23/18. Taxpayers have a Taxpayers Bill of Rights: ten fundamental rights available to them when dealing with the IRS. They are: The Right to Be

JD Supra

Understating Form W-7 and the ITIN

October 2018

Understating Form W-7 and the ITIN was published by JD Supra on 10/18/18. An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to foreign nationals and others who have federal tax reporting or filing

JD Supra

IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if…….

October 2018

IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if……. was published by JD Supra on 10/16/18. When IRS reviews a criminal tax case, consideration is given to various factors such as whether a voluntary disclosure was made, whether prosecution exists,

JD Supra

Why am I being audited by the IRS?

September 2018

Why am I being audited by the IRS? was published by JD Supra on 9/28/18. An IRS Audit is designed to be an impartial review to assess tax return filing accuracy. IRS selects returns for audit to determine the reporting

JD Supra

Is calculating the 20 percent deduction for pass-through businesses simple?

September 2018

Is calculating the 20 percent deduction for pass-through businesses simple? was published by JD Supra on 9/25/18. Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or

JD Supra

An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts

August 31, 2018

An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts was published by the Daily Business Review on 8/31/18.

Daily Business Review

The “J5” is on to Cryptocurrencies

August 2018

The “J5” is on to Cryptocurrencies was published by JD supra on 8/28/18. The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of