The United States Congress has authorized the denial or revocation of United States passports to taxpayers with seriously delinquent tax debt.
Tax returns of decedents are to be made by the decedent’s executor, administrator, or other person charged with the property of the decedent.
Investors from around the globe have long made substantial investments in the United States. Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act under Internal Revenue Code Section 1400Z-1 and 1400Z-2.
Best business practices are to never conduct business in cash because large or frequent cash transactions could be indicative of tax fraud or other nefarious business dealings. Undocumented cash transactions cannot be substantiated, and might be difficult to trace.
The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This program that has been in effect since about 2009 and extended in 2012 and again in 2014 is ending in about 7 days.
Paid Tax return preparers must exercise due diligence when preparing and assisting taxpayers in complying with federal tax laws. There are civil penalties imposed on paid tax return preparers who violate IRC Sec. 6695 (g). Tax return preparers
Online retailers have good reason to look out for the Texas Limited Sales, Use & Excise Tax. Each State is permitted to change its laws governing transactions to realize this new source of revenue. It is hard to imagine that Texas would not extend its sales, use and excise taxes to reach online retailers selling into Texas from other States or Countries. The U.S. Supreme Court has given the States a green light to tax online retailers selling goods and services into their States from remote locations.
The IRS will not impose accuracy related penalties upon a showing by the taxpayer that there was reasonable cause for the tax position and that they acted in good faith with respect to the tax position or act in question.