Domestic Tax Law Archives - Page 28 of 31 - Foodman CPAs and Advisors

Here is what you need to know about IRS proposed draft of Form 1040 for 2017

November 2017

Here is what you need to know about IRS proposed draft of Form 1040 for 2017 As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form. The drafts are not to be used for

JD Supra

Is your spouse having trouble with the IRS and you didn’t know?

November 2017

Is your spouse having trouble with the IRS and you didn’t know? JD Supra. In a joint tax return filing, IRS has the right to assess both spouses that sign a joint income tax return under the penalty of perjury.

JD Supra

New GTO covers Wire Transfers

October 2017

New GTO covers Wire Transfers – JD Supra On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New York, Florida, California, Texas

JD Supra

Greedy Charitable Contribution Deductions May Cost You

October 2017

Greedy Charitable Contribution Deductions May Cost You Taxpayers are not required to pay a negligence penalty for underpayment of income taxes if, under Internal Revenue Code regulations, there is reasonable cause for a position that the Taxpayer takes in an

JD Supra

Watch out if you are an Expatriate US Passport Holder with Tax Debt and receive Notice CP-508C!

September 2017

According to the US Department of State, there are approximately nine (9) Million US passport holders living overseas. There continues to be a misimpression by certain US Taxpayers living overseas that they are not required to file US income tax

JD Supra

Out of Compliance Taxpayers: Beware of new IRS-Programs!

September 2017

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS. Its conviction rate of over 90% is one of the highest in federal law enforcement. Those convicted pay taxes, penalties and interest with the Courts imposing

JD Supra

Taxpayer, Was Your Conduct Non-willful?

September 25, 2017

Taxpayer, Was Your Conduct Non-willful? – South Florida Legal Guide

South Florida Legal Guide Supplement for the Miami Herald - Business Monday

Does investing in a PFIC make sense given FATCA reporting?

September 2017

Since FATCA’s implementation in 2010, investing in a Passive Foreign Investment Company (PFIC) is a questionable decision. PFICs are reportable investments and their tax regime is punitive. Under FATCA, US Taxpayers’ undisclosed foreign financial holdings are available to IRS through

JD Supra

Mayweather vs. McGregor – is it about the FIGHT or is it about the TAXES? Or the Passport? IRS Collection process?

August 2017

Much has been published concerning Floyd Mayweather’s Federal Tax Liens in the amount of $22.2 Million and an unpaid 2010 IRS debt of $7.2 Million. The Jasminebrand.com released on 7/21/17 that a $3.3 million federal lien has been released by

JD Supra

What you Need to Know About IRS Agents and Their Methods of Proof

August 23, 2017

What you Need to Know About IRS Agents and Their Methods of Proof was published by the DBR on 8/23/17.

Daily Business Review

Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?

August 2017

IRS Form 8938 (a FATCA created form) is the Statement of Specified Foreign Financial Assets in which Taxpayers are required to report their specified foreign financial assets when their value meets the obligatory reporting threshold. It has been a required

Wealth Strategies Journal

Here is what you need to know about a Domestic Voluntary Disclosure (DVD)

July 2017

DVD (Domestic Voluntary Disclosure) can be an option for a Taxpayer without foreign financial accounts or foreign financial issues. It is a choice for Taxpayers that are out of domestic compliance, want to come into compliance and inoculate as much