According to research conducted by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits were wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. In general, the credit is Read more…
Don’t think that just because the currency is virtual, that the tax man doesn’t know you have it. Bitcoin and other virtual currencies are squarely in the crosshairs of the IRS and other agencies. The combination for potential for tax evasion, Read more…
Internal Revenue Code (IRC) section 7430 permits courts to award “reasonable litigation costs” and “reasonable administrative costs” to the “prevailing party” in any “administrative or court proceeding … brought by or against the United States in connection with the determination, Read more…
Immigrants and Foreign Workers Need ITIN for Compliance The current focus on immigrants and immigration reform extends to your taxes as well. Almost anyone working in the United States is liable to pay Federal and State income taxes. Failure to Read more…
Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has the power to attach your wages, freeze your bank account and even confiscate your property, and that is enough to send a Read more…
As part of the Taxpayer First Act, passed by both houses of Congress in June 2019 and expected to be signed by President Trump as of the date of this post (June 14, 2019), there is a new process for Read more…
(Reuters) – A headline in Westlaw’s daily briefing for bankruptcy lawyers – “Business booted from Chapter 11 over medical marijuana ‘entanglement’” – caught my eye this morning. The story described a ruling from earlier this month in a Chapter 11 bankruptcy case Read more…
Lower cost of living. Adventure. Wonderful weather. Beautiful beaches. Many Americans are looking to other countries to spend their retirement years. This can be a rewarding and cost-effective retirement strategy. However, before you move to Costa Rica, you need to Read more…
Now that the tax deadline has passed, you might wake up in a cold sweat and remember you forgot to add that interest from your bank account, or missed a 1099… What do I do when I make a mistake Read more…
In general, every tax resolution case goes through three phases: Transcript Analysis Return Filing Final Resolution Transcript analysis is the information gathering phase. It gives you the full scope your tax position. You can’t resolve a problem with the IRS Read more…