Taxes & Crowdfunding
In need of capital to start a new business or fund a creative endeavor? Crowdfunding websites such as Kickstarter, GoFundMe, and Indiegogo have exploded in growth and popularity and are spreading like wildfire for both individual fundraising and small business owners. The amount of funding being crowdsourced has risen exponentially since 2009, and will likely […]
IRS Audits Are Down But Don’t Let Your Guard Down on These Red Flags
IRS audits are down, but there are still some red flags that are sure to attract the attention of the IRS. In this podcast, I discuss them.
Owe More Than $ 50,000 to the IRS? You May Be Risking More Than Just a Good Night’s Sleep …
Hold on to your horses. The IRS recently adopted new procedures required under a 2015 law designed to clamp down on taxpayers with “seriously delinquent tax debts.” On January 16, 2018, the IRS issued Notice 2018-1, which has all of the bite of the execution of “Order 66,” an order implanted into the clones by the […]
US Individual Tax Compliance Round-Up
Click here to read the article in Global Tax Weekly.
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After the California Angels dropped a tough 7-6 decision to the Kansas City Royals (normally reliable reliever Rudy May had a rare bad game, giving up two runs in the bottom of the eleventh inning), baseball great Frank Robinson sagely remarked that “Close don’t count in baseball. Close only counts in horseshoes and hand grenades.” […]
Changes to FBAR Are Right Around The Corner
Back on March 10, 2016, the Financial Crimes Enforcement Network (FinCEN) proposed rules that would trigger changes to the current reporting requirements for Form 114. It is anticipated that these proposed rule changes will become final well before the new April 15, 2017 deadline for the FinCEN Form 114. The proposed regulations as published in the Federal […]
What Are My Options If I Am Fully Compliant With My FBAR Filing Requirements But Not Compliant With My Other International Information Returns?
Taxpayers who are fully compliant with their FBAR Filing Requirements but who are not compliant with their other international information returns, such as Form 3520, Form 3520-A, Form 5472, Form 926, Form 8865, are not suitable candidates for the streamlined procedures or for the Offshore Voluntary Disclosure Program. Instead, they should file the appropriate delinquent information returns […]
What does it mean for the taxpayer to have a “financial interest” in a foreign account for FBAR purposes?
See attached.
What are the elements required for the commission of a crime?
See attached.
What Items Are Deductible Under the Internal Revenue Code?
Attached is a shorthand outline for what items can be deducted under the Internal Revenue Code.