IRS and Accuracy
IRS and Accuracy – JD Supra 3/21/18. According to the IRS, accuracy related penalties remain the number one most litigated tax issue. The Internal Revenue Code authorizes the IRS to impose penalties if a Taxpayer is negligent or disregards tax rules and regulations that cause an underpayment of a required tax. The amount of an […]
Changes in Alimony for Payer Spouse and Recipient Spouse under Tax Reform
Changes in Alimony for Payer Spouse and Recipient Spouse under Tax Reform – JD Supra. Since the early 1940’s, alimony payments have been tax deductible for the Payer Spouse. The recipient of the alimony (Recipient Spouse) paid the income tax on the alimony payments. The Tax Cuts and Jobs Act (TCJA) puts an end to […]
Shareholders of S Corps can defer payment of Transition Tax
Shareholders of S Corps can defer payment of Transition Tax – JD Supra. The Tax Cuts and Jobs Act (TCJA) includes a provision requiring U.S. Shareholder Taxpayers that own 10% or more of a Controlled Foreign Corporation (CFC) and other “Specified Foreign Corporations” to pay a “transition tax” regardless of whether earnings have actually been […]
Registration of Beneficial Owners: COMING TO YOU SOON?
Registration of Beneficial Owners: COMING TO YOU SOON? – JD Supra There is a new Bill drafted on November 14, 2017 called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill is currently in a committee in the Senate and it proposes a substantial overhaul to the Bank Secrecy Act (BSA). Section 9 of […]
Taxpayers Ought to Avoid Over- and Under- Withholding of Tax
Taxpayers Ought to Avoid Over- and Under- Withholding of Tax – South Florida Legal Guide.
The IRS is on to Crypto
The IRS is on to Crypto – JD Supra. The IRS Chief of Criminal Investigation, Don Fort, recently stated: “It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.” The IRS Criminal Investigation Unite (IRS-CI) has a number of investigators that are focusing on international crimes. […]
Beware of Sales or Transfers of 10% ownership in a Foreign Corporation
Beware of Sales or Transfers of 10% ownership in a Foreign Corporation – JD Supra. The “Tax Cuts and Jobs Act” (the “Act”) contains a provision that is a “sister companion” to the Deduction for Dividends Received (DRD) that involves sales or transfers that involve specified 10% ownership in foreign corporations. In order to accompany […]
Did you know that the “Act” has a Deduction for Dividends Received (DRD)?
Did you know that the “Act” has a Deduction for Dividends Received (DRD)? – JD Supra. The “Tax Cuts and Jobs Act” (the “Act”) has a stated purpose of converting the U.S. to a “territorial” tax system. Before the Act was approved, most U.S. companies were incentivized to keep their earnings offshore. In the transition […]
U.S. 10% Shareholder Taxpayers have a new Mandatory “Transition Tax”
U.S. 10% Shareholder Taxpayers have a new Mandatory “Transition Tax” – JD Supra. The “Tax Cuts and Jobs Act” (the “Act”) has a provision requiring U.S. Shareholder Taxpayers that own 10% or more of a Controlled Foreign Corporation (CFC) and other “Specified Foreign Corporations” to pay a “transition tax”. This mandatory “transition tax” or “repatriating charge” is […]
The IRS’s ability to deny or revoke the Passports of Taxpayers with significant tax debts is one of the Most Serious Problems encountered by Taxpayers
The IRS’s ability to deny or revoke the Passports of Taxpayers with significant tax debts is one of the Most Serious Problems encountered by Taxpayers – JD Supra. The U.S Department of State is required to deny an individual’s passport application and is authorized to revoke or limit an existing passport if the IRS has […]
Financial Planning Should Not be “UGH”
Financial Planning Should Not be “UGH” – South Florida Legal Guide.
Bitcoins and the IRS: Reporting and Storing
Bitcoins and the IRS: Reporting and Storing – JD Supra. Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that function in the same manner as Bitcoin and […]
