What is willful blindness according to the IRS? How is this important in tax cases involving unreported or under-reported income, disclosure of offshore assets and income, FinCEN Form 114 (more commonly referred to as an "FBAR"), and even digital currencies and Non-Fungible Tokens (NFTs)? In an internal IRS memorandum from...
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Those Above the Age of 50 Should Analyze Increased Tax Advantages of 401(k) Contributions in 2025
Are you above the age of 50? Do you and/or your spouse have a 401(k)? Are you interested in reducing the amount you will have to pay in 2025 income taxes while increasing the amount of money you receive after retirement? Those above the age of 50 should analyze increased...
How to Prepare for an IRS Audit
We are often asked how to prepare for an IRS audit. If you have received a letter of notification from the IRS concerning an audit, the first step you should take is to download our free guide "What to Expect from an IRS Audit" and contact the experienced tax attorneys...
Is it Too Late to Correct Past FBARs and File Amended Returns with the IRS?
Is it too late to correct past FBARs and file amended returns with the IRS? The net is closing in on U.S. taxpayers with unreported or under-reported domestic and offshore income and assets. The IRS has increased audits in this area based upon a significantly improved ability to process data...
Tuning Up Your Business
It's human nature to take the "if it ain't broke, don't fix it" attitude, which extends to allowing areas of your business to evolve and develop without scrutiny. This is why tuning up your business is an essential part of leadership for shareholders in a corporation and members in an...
Integrative Legal, Tax, Accounting, and Business Advisory Services More Important Than Ever
Integrative legal, tax, accounting, and business advisory services are more critical than ever as we address the challenging environment of continuous change. Seek change; wherever you find it, opportunity will exist. The speed of business has rapidly accelerated in recent years, and the ability to resolve problems and take prompt...
A New Wave of U.S. Expatriate Income Tax Refunds?…
Is a new wave of U.S. expatriate income tax refund applications on the table? The answer to this question hangs in the balance as we await an appeal on the question of whether or not specific Foreign Tax Credits can be applied to offset the Net Investment Income Tax (NIIT)....
Surprising IRS Tax Bracket Changes for 2025
Have you come across the surprising IRS tax bracket changes for 2025? Yesterday, the IRS released the 2025 income tax brackets for U.S. taxpayers. The inflation adjustments to tax brackets were a pandemic-boosted 7% for 2023 and 5.4% for this year's 2024 brackets. However, the annual increase in IRS tax...
The Action Cryptocurrency Investors Need to Take Immediately
What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development? Here is the short answer: If you don’t take action, you will pay substantially more tax than you otherwise should on every...