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January 2017 Archives

Intentionally paying your federal tax bill late?

Most of the time, paying your taxes on time is the best strategy. The Internal Revenue Service takes a dim view of late payments and it charges interest and penalties for that late payment. In addition, you still must file your income tax return on time or request an extension, which would seem to make it beside the point, unless you cannot afford the tax.

Tax planning for 2017

With the beginning of a new presidency and with Congress in Republican control, it seems likely that there could be more changes made to the Internal Revenue Code than in an average year. There have been major tax proposals made that could result in significant changes, such as the elimination of the Estate Tax and the removal of some of the tax brackets.

For FATCA Streamlined compliance, answer carefully

The Foreign Account Tax Compliance Act (FATCA) has been in effect for more than two years. The law, which has revolutionized tax compliance for American citizens with overseas accounts, was passed in 2010. During that time, the IRS has been extraordinarily successful in wringing compliance with its disclosure requirements from foreign banking and investment institutions. With the help of the Justice Department, the IRS has settled cases with these banks and those banks have paid settlements of nearly a billion dollars.

No substitute for experience with taxes

The tax code is very large and complex. That is no surprise to anyone who has seen the volumes of the tax code in a law office or a library. And it is no surprise that understanding how it works and how all of the parts fit together is a lifetime's occupation. If you have any situation that starts to become complex, it will necessarily produce complex tax returns.

Six reasons why you might get audited

A tax audit sounds like everyone's worst nightmare. An IRS audit can take years and thousands of dollars. Although there is no perfect equation that will result in a tax audit, there are certain red flags that will raise your chances of getting one. If you find yourself nodding along to one or more of the items below then you might expect an IRS audit in your future.

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