IRS GEARING UP FOR INCREASED COLLECTIONS

IRS gearing up for increased collections. The IRS has, as many businesses during the Covid pandemic, had a rough time lately. After being shut down for nearly 7 months during the initial outbreak of the virus, then starting up only to be shut down for a shorter period during the Delta variant, they fell behind […]

REPORTING FOREIGN SOURCED INCOME

Reporting foreign sourced income. With the need for more revenue, due to the once in a life time health pandemic, the U.S. Government is cracking down on anyone who avoids foreign sources of income. They were alerted to schemes to hide income, by the revelations of the Panama Papers, and the ridicule it caused the […]

IRS INCREASES AUDITS TO HIGH INCOMES

IRS increases audits to high incomes.  As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service announced that it will step up efforts to visit high income taxpayers who in prior years have failed to timely file one or more of their tax returns. Following the recent and ongoing hiring […]

IRS TAX COURT EASEMENT CASE

IRS tax court easement case. In our ongoing coverage of Tax Court cases, we highlight this case, which discusses easement issues. The Internal Revenue Service urged taxpayers involved in designated syndicated conservation easement arrangements to consult with their tax advisors following a recent U.S. Tax Court decision and agency plans to continue enforcement efforts in […]

OWE TAXES YOU MAY LOSE YOUR PASSPORT

Owe taxes you may lose your passport. If you owe the IRS more than $52,000 in overdue taxes, you may not be able to get a new passport or renew your existing one–or it might be revoked, whether you’re home or abroad. The IRS has notified more than 400,000 taxpayers that their passports are at […]

DIGITAL ECONOMY TAX ISSUES

Digital economy tax issues. Cross border taxation of digital transactions presents many challenges to countries and multinational companies. Some countries have acted unilaterally to impose digital taxes, while international organizations have been working to develop multinational approaches. Given the nature of the challenges and the currently fragmented solutions the Association of International Certified Professional Accountants […]

COURT RULES ON IRS PROGRAM

Court rules on IRS program. The Court of Appeals for the D.C. Circuit held in American Institute of Certified Public Accountants v. Internal Revenue Service that the AICPA had standing to challenge the IRS’s voluntary Annual Filing Season Program. However, the court held for the IRS on the merits, allowing the Service to continue the […]