An offer in compromise is, essentially, an offer to pay off a tax bill for a lower amount than is due. In exchange for receiving some payment, the Internal Revenue Service (IRS) forgives the remaining debt.
The Internal Revenue Service (IRS) requires those who do not have a social security number but still have tax obligations to file taxes using an Individual Taxpayer Identification Number (ITINs). These numbers
Determining tax obligations is rarely an easy task, but it is likely to be even more difficult for the 2018 tax year. The passage of the Tax Cuts and Jobs Act (TCJA) led to major changes in the tax code. Some of these changes are relatively obvious to navigate, others are extremely complicated.
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.
The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to register with the Internal Revenue Service (IRS) and report the holdings of United States taxpayers. Foreign institutions that fail to abide by this law face serious monetary consequences — up to 30 percent of the income received from U.S. sources.
Considering recent tax law changes, the Internal Revenue Service (IRS) encourages taxpayers to conduct a "paycheck checkup" and adjust tax obligations accordingly.
The Supreme Court of the United States (SCOTUS) agreed to allow states to impose a tax on online transactions in the recent case South Dakota v. Wayfair.
The Internal Revenue Service (IRS) is taking on Facebook. The agency has accused Facebook of failing to report and pay taxes on billions of dollars of overseas income.
The United States of America filed suit against a taxpayer for his alleged “willful” violation of the requirement to report an interest in a foreign account. The government had already established the taxpayer was required to file a Report of Foreign Bank and Financial Accounts (FBAR). The court is asked to determine which standard of review is required to establish if the violation was willful.
The Internal Revenue Service (IRS) has provided some guidance for small businesses. The agency recently posted a news release to remind small business owners of a tax credit that is available for those who hire long-term unemployment recipients.