Taxes

Why You Should File Your Delinquent Income Tax Returns

COVID Tax Tip 2020-77, recently issued by the Internal Revenue Service, gives reasons why taxpayers should file a 2019 income ...
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Internal Revenue “Service” Is A Misnomer

For our country to remain great it needs a great revenue-raising arm.  It does not currently have one. Every day ...
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Recent Case Underscores Importance of Delinquent International Information Return Submission Procedures

On February 12, 2018, the IRS assessed $160,000 in penalties against Vivian Ruesch under Internal Revenue Code Section 6038(b) for ...
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Forms 3520 and 3520-A: What You Need to Know

If you own an interest in a foreign trust, you may be required to file Form 3520, Annual Return To ...
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The Time May Be Right for an Offer in Compromise

In ordinary times, an offer in compromise is rarely in a taxpayer’s best interests.  Most offers in compromise are ultimately ...
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U.S. Income Taxation of U.K. SIPPs and ISAs

Note:  This is the third of three articles on United States income taxation of British Self-Invested Pension Plans (“SIPPs”) and ...
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IRS Relents from Collection Action in Coronavirus Pandemic

The Internal Revenue Service has temporarily closed its call-in collection service centers.  When a taxpayer fails to make a payment ...
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Payroll Tax Holiday Is a Terrible Idea

A proposal has been floated to suspend the Federal payroll tax for six months to a year as a means ...
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Photo courtesy Upsplash/Nicole Geri

New Law Imperils Tax Debtors’ International Travel

Internal Revenue Code § 7345, effective December 22, 2017, provides that if an individual has a seriously delinquent tax debt, ...
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Forms 3520 and 3520-A and the Grantor Trust Rules

The United States taxes its citizens and residents on their worldwide income.  To ascertain U.S. taxpayers’ foreign income, the Internal ...
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