Learn from Rufus Rhoades, international tax lawyer. Start with an examination of what FBARs are, and learn how to: spot the issue with your client; comply with IRS requirements: amend a filed FBAR; file a late FBAR, and see the penalties that can apply for late compliance. FBARs ar...
The IRS makes these adjustments every year. While the 2022 federal tax brackets have reflected changes;it's the 2023 changesthat are likely to make more of a difference, according to Armine Alajian, a CPA and the founder of the Alajian Group. "Taxpayers will likely see the effect of the ...
Many of my fellow tax bloggers are doing great jobs tracking the intricacies of COVID-19 tax changes. So are the members of the great#TaxTwittercommunity. But in order to keep this page from following the excessive pieces of coronavirus legislation when it comes to length, I've focused belo...
In addition, the foreign tax credit system applicable to GILTI no longer employs a “pooling” system, which had the effect of smoothing year-by-year variations in income and taxes paid. Instead, taxes attributable to GILTI must be used, if at all, in the year incurred. This “use it or...
Tax attorney Daniel Strickland was interviewed by Bloomberg Tax about the IRS' latest efforts to go after fraudulent and overstated employee retention tax credit (ERC) claims. The ERC was created to help businesses keep employees on payroll during the pandemic, but subsequent audits hav...
There has been much debate among tax professionals concerning the tax issues surrounding the forgiveness of Paycheck Protection Program (PPP) loans authorized under Section 7(a)(36) of the Small Business Act, which was added by the Coronavirus Aid, Relief, and Economic Security Act (CARES A...
The exterior of the Internal Revenue Service (IRS) building is seen in Washington, on March 22, 2013. Congress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic. What was expected to cost the government $55 billion...
IRS Grants Relief for COVID-19 Disruptions on Tax Residency: Time Rules Are Eased for the Substantial Presence Test for Foreign Citizens in the US and the Foreign Earned Income Exclusion for US Citizens AbroadThe IRS provided relief to individuals and businesses whose tax residence might be ...
1969: Tax Reform Act The Tax Reform Act of 1969 is the first legislation to make the distinction between grant-making and service-providing institutions. It was created to overhaul federal taxes for nonprofit institutions and divided those organizations into two categories: public charities with a ...
5.IRS and payroll tax problems Currently there are approximately 14 million taxpayers facing some sort of IRS action. It is expected that this will increase by millions of people as a result of the COVID-19 emergency. We recommend pros begin setting up the marketing collateral now to st...