Domestic Tax Law Archives - Page 23 of 31 - Foodman CPAs and Advisors

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

JD Supra

Did you know that GTO’s have a $300,000 Threshold?

August 2018

Did you know that GTO’s have a $300,000 Threshold? was published by JD Supra on 8/22/18. A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific

JD Supra

Gatekeepers are under a lot of Stress!

August 2018

Gatekeepers are under a lot of Stress! was published by JD Supra on 8/22/18. The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of

JD Supra

What is a Virtual Currency Taxable event?

August 2018

What is a Virtual Currency Taxable event? was published by JD Supra on 8/22/18. There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to