It is not uncommon, or illegal, to have foreign bank accounts. However, there are situations where United States tax law requires taxpayers to report the presence of these accounts to the Internal Revenue Service (IRS).
President Donald Trump pushed major tax reform into law at the end of 2017. These changes to the tax code will impact tax filings for the 2018 tax year. It is very likely that the changes will impact most small businesses throughout the country.
A recent publication in the New York Times has led to some questions about alleged wrongdoing by the Trump family. The wrongdoings center on allegations of tax fraud and have raised a number of questions throughout the country.
The Internal Revenue Service (IRS) may not take your claim of a charitable donation at your word. In some cases, the agency may require additional information to substantiate the claim. Just how the agency goes about substantiating the claim can vary, but three specific things the IRS tends to expect in these situations include: