Streamlined and OVDP Procedure FAQ
What are the eligibility criteria for the streamlined procedures? The modified streamlined filing compliance procedures are designed only for individual taxpayers, including estates of individual taxpayers. The streamlined procedures are available to both U.S. individual taxpayers residing outside the United States and U.S. individual taxpayers residing in the United States. Descriptions of the specific eligibility […]
The IRS is Very Serious Regarding the Fines for Failure to File Certain Expat and Foreign Income Forms
For the specific list of penalties that IRS can assess for failure to file specific forms, please see the following list. Penalty for failing to file the Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, commonly known as an “FBAR”). United States citizens, residents and certain other persons must annually report their […]
IRS’ Definition of a “US Person”
is this important to know? Because a US Person, if they meet the filing requirements is required to file a US return! It’s important to understand exactly how ‘US Person’ is defined by the IRS and what it means to you. All United States tax laws and regulations apply to every US Person whether he/she […]
Considering a Change to your Business Structure to Save Taxes
It seems like you just got your business taxes handled for 2017, and now you must start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well. And you might […]
Ask the Taxman: Are there deductions that are unique to Over-The-Road OTR Truck Drivers?
There are some very unique rules that apply to OTR Truck Drivers. I could write a whole book on this topic but let me hit some of the highlights. As with other independent contract or business owners, Truck driver tax deductions may include any expenses that are ordinary and necessary to the business of being […]
Private IRS Debt Collectors Are Coming to a Doorstep Near You
A large chunk of overdue tax bills has sat idly uncollected due to the IRS’s lack of resources. But that’s about to change, thanks to some debt collectors that the IRS hired. As part of the Fixing America’s Surface Transportation (FAST) Act, lawmakers wrote a provision that requires the IRS to outsource inactive tax receivables […]
Buy Your Employees (and Yourself) Flowers and Fruit, and Deduct the Cost
Under the de minimis fringe benefit rules, your business deducts the cost of giving you or your employees flowers, fruit, books, and similar property under special circumstances. The recipients—you or your employees—receive these fringe benefits tax-free. You can’t do this too often or spend too much money. But it’s easy to see that this is […]
Due Diligence Is Critical to Buying a Business
You have much to consider when you buy an existing business. If you are deciding whether to purchase an existing business or to start a new business from scratch, due diligence is critical to making an informed decision. Here are just a few examples of how due diligence works in your favor: If you are […]
How to Set Up an IRS Payment Plan Under the New IRS Streamlined Rules: Part One of Two Parts
This two part series is intended to help taxpayers set up an IRS Payment Plan without the assistance of a Certified Tax Resolution Specialist (CTRS). The New Streamlined IRS rules allow taxpayers to structured Installment Agreement for amounts up to $50,000, if the taxpayer meets specific qualifications. Note: it is possible to get an installment […]
Win-Win with Length-of-Service Awards
There’s really nothing more valuable to a business than good employees, particularly those who stick with you for years and years. One way to honor those longtime employees is to give them a meaningful present or award. The tax code includes a special carve-out for “employee achievement awards,” which means that when you buy something […]