How might marrying a non-US citizen affect your taxes? What are some of the hidden issues that the IRS, California, and other state tax agencies may raise in an audit? Key Takeaways: The Ways in Which Marrying a Non-US Citizen Affect Your Taxes: The United States taxes the worldwide income...
What You Need to Know About the IRS Math and Taxpayer Help Act
What do you need to know about the IRS Math and Taxpayer Help Act? What is the status of the reforms contained within the provisions of H.R. 998? Important Takeaways About the IRS Math and Taxpayer Help Act: The U.S. House of Representatives passed H.R. 998, The IRS Math and...
U.S. Taxpayers with Offshore Investments Should Be Wary of PFICs
U.S. taxpayers with offshore investments should be wary of PFICs (Passive Foreign Investment Company). Many foreign nationals live and work in the United States. For those who invest in offshore companies that generate income in a passive nature (i.e. rents, royalties, interest, income from commodities or derivative trading) are permanent...
The New IRS Tax Bracket Changes for 2026
The cat is out of the proverbial bag as the new IRS tax bracket changes for 2026 have been published. The IRS has released the 2026 income tax brackets for U.S. taxpayers. How will this impact the tax picture of most Americans? Key Takeaways About the New IRS Tax Bracket...
Omissions, Fraud, or False Information on a Tax Return
What happens if you are accused by the IRS, the FTB, or another California tax agency regarding omissions, fraud, or false information on a tax return? The short answer is simple: failure to make a full, transparent, and honest disclosure, or fraud and false information associated with a tax return,...
Will You Recognize the Form 1099-K When You Receive it This Year?
Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year? A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps and providers, online marketplaces, ride-sharing platforms, platforms for craft or customized product producers, and even...
A Foreign Trust Creates Complex IRS Reporting Requirements
The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a foreign trust under the grantor trust rules, or are beneficiaries with an investment in a foreign...
Internal Revenue Service Criminal Investigation (IRS-CI) Reports Billion Dollar Impact
Internal Revenue Service Criminal Investigation (IRS-CI) recently released its Fiscal Year 2024 (FY24) Annual Report, providing insight into the types of crimes the agency is focused upon, as well as the first criminal sentences in areas of focus. Of note, the IRS-CI confirms the first time a U.S. taxpayer has...
What is Willful Blindness According to the IRS?
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...