August 2019 Archives

Fail to meet estimated 2018 tax payment? IRS may waive fees.

The Tax Cuts and Jobs Act (TCJA) meant big tax changes for 2018 tax filings. For some, the changes impacted tax withholdings. As a result, the Internal Revenue Service (IRS) encouraged taxpayers to conduct a paycheck checkup to make sure they were withholding enough funds to cover their tax obligations. Those who failed to cover at least 90% of their tax bill through withholdings found themselves facing the potential for big financial penalties.

Reality Television Stars and Accountant Indicted on Tax Evasion Charges

On August 13, 2019, the U.S. Attorney's Office for the Northern District of Georgia issued a release reporting the federal grand jury indictment of reality television stars, Todd and Julie Chrisley. These Chrisley Knows Best stars face multiple counts of conspiracy, bank fraud, wire fraud, and tax evasion. Additionally, the Chrisleys' accountant, Peter Tarantino, has been charged with tax-related offenses.

3 tax questions to ask before claiming a hobby as a business

What happens if a hobby becomes more than a hobby? Maybe a brewing hobby has led to a passion and some great brews that you want to branch out and pursue brewing as a full-time career. Maybe a farming hobby brought in more of a profit than you expected and you want to shift more resources into making it your life’s work. Or perhaps you have chosen to increase a pastime spent woodworking into your profession.

Former Offshore Voluntary Disclosure Program Participants and Expats Targeted in IRS Compliance Campaigns

On July 19, 2019, the IRS Large Business and International Division (LB&I) announced six newly approved compliance campaigns. In the Announcement, the IRS clarified that it identified the campaigns "through LB&I data analysis and suggestions from IRS employees." One of these campaigns, Post OVDP Compliance, targets taxpayers who previously went through the Offshore Voluntary Disclosure Program (OVDP). While another campaign, Expatriation, is aimed at U.S. citizens and long-term residents who expatriated on or after June 17, 2008.1

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