A request for public comment reveals the IRS is considering updates to the Voluntary Disclosure practice. The agency states its “commitment to improve its processes, and to further incentivize non-compliant taxpayers to come into compliance.” Key Takeaways Now That the IRS is Considering Updates to the Voluntary Disclosure Practice: The...
California Employer’s Payroll Audit Risk and Trust Fund Penalties
What do you need to know about a California employer's payroll audit risk and trust fund penalties? Many California business owners find themselves in an Employment Development Department (EDD) or IRS payroll audit. The California EDD is authorized to conduct audits of business payroll taxes. This includes Unemployment Insurance (UI),...
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 FBAR Compliance Saves You a Lot of Money
Did you know that IRS FBAR compliance saves you a lot of money? IRS FBAR compliance ensures you disclose all information about offshore accounts, assets, balances and transactions before the IRS comes knocking on your door for an audit. If you have undisclosed offshore accounts, the IRS will. There are...
Many Penalties Accrue When You Fail to File Taxes
Did you know that many penalties accrue when you fail to file taxes? Imagine that you are filing your taxes, and during the course of filing these taxes you discover that you will actually owe the Internal Revenue Service some money. No refund for you -- instead, you have yourself...
New Case May Offer Some Protection from IRS Collection of FBAR Penalties
A recent court decision may provide taxpayers relief and protection from IRS collection of FBAR penalties based upon a 3 year statute of limitations. The US Tax Court has issued its first decision of 2018 which considered whether FBAR related collections by the IRS could go back six years. The...
Two US Canadian Taxpayers Fail to File FBARs
The US Court of Federal Claims found two US Canadian taxpayers fail to file FBARs resulting in summary judgment for the IRS. The couple's defense was primarily based upon the fact they had engaged a "professional tax adviser" to prepare their returns and failed to review them. The court rejected...
If You Owe the IRS More than $50k You’re About to Lose Your Passport
If you owe the IRS more than $50k you are about to lose your passport. The US Congress passed legislation in December requiring the IRS to provide a list to the US State Department of all US taxpayers who owe the IRS $50,000 or more. If you owe the IRS...
IRS Targeting Billions from Non-Filers
The IRS announced it has a new automated way to raise a substantial amount of taxes from US taxpayers who fail to file US tax returns. The new announcement from the Treasury Inspector General for Tax Administration says enforcement is aggressively increasing and has new focus at the IRS targeting...