What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and state taxes when simply changing their status from “married filing...
How Will the New Crypto Tax Proposal Potentially Affect Your Current Digital Strategy?
How has the administration’s new crypto tax proposal affect your current digital strategy? How do recent price surges in many cryptocurrencies affect the taxable events of US taxpayers? The value of many cryptocurrencies has been trending substantially upward over the past three months. Many of the most popular cryptocurrencies outside...
Have You Disclosed Offshore Cryptocurrency and NFT Activities to the IRS?
Have you fully disclosed offshore cryptocurrency and NFT activities to the IRS? Earlier this month, the US Department of Justice announced the indictment of a Texas man for tax returns that were inaccurate, incomplete, or untrue as well as setting up cash deposit transactions in an attempt to avoid detection. ...
Tax Updates and Information for US Expatriates
US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes is the United States taxes the worldwide income of any US...
US Treasury Says IRS is Focused on Tax Evasion Targeting
The US Department of the Treasury has recently reinforced the progress on enforcement, specifically how the IRS is focused on tax evasion targeting and the targeting of high-income individuals and entities. The IRS has deployed Artificial Intelligence (AI) and state-of-the-art computer systems to review the often-complex returns of large corporations,...
Willful versus Non-Willful Conduct in the Eyes of the IRS
What constitutes willful versus non-willful conduct in the eyes of the IRS? Why is this distinction important to the agency, especially regarding international disclosures and taxable events? We are often asked about how seriously the IRS takes “willful” conduct into account as it applies to an audit or tax-related investigation. ...
What is the IRS Offshore Voluntary Disclosure Program?
What is the IRS Offshore Voluntary Disclosure Program and who is it designed to help? What are the guidelines for voluntary disclosure to the IRS and who is eligible to apply? The IRS Offshore Voluntary Disclosure Program is designed for US taxpayers who have not made a full disclosure of...
IRS Tax Refunds are Lower for Tax Year 2023 Thus Far
Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one troubling statistic according to the...
IRS Provides 2023 Tax Return Preparation and Filing Tips
Are you searching for 2023 tax return preparation and filing tips? The window officially opened to submit 2023 tax returns to the IRS on January 29, 2024. The following day the IRS released IR-2024-38, “Things to remember when filing 2023 tax returns” including return preparation and filing tips to help...