Under Internal Revenue Code (IRC) section 6672(a), an individual can be held personally liable for a penalty for the willful failure to collect, account for,…
In 1927, the Commissioner of Internal Revenue established a Special Advisory Committee that was intended to serve as a forum to facilitate settlement of cases…
Digital Currency: Market Value of Bitcoin, Ethereum, and Litecoin
Taxation, Enforcement, and the John Doe Summons
Several years ago, the IRS started its successful takedown of secret Swiss banking with the use of a John Doe summons. Currently, it is trying…
Sifting through the Internet to find the answer to a specific question can be a daunting task. This article compiles some of the most useful…
Many individuals desire to make charitable bequests but are not certain how to do so or how they work. This is an area where a…
If it is not already on the schedule, CPAs should remember to talk to business clients about withholding on payments to nonresident aliens. A withholding…
TPP | Avoiding the Worst-Case Scenario
The IRS’s Domestic Voluntary Disclosure Practice
Most CPAs are by now familiar with the IRS's heavily publicized Offshore Voluntary Disclosure Program (OVDP), which allows taxpayers with previously undeclared foreign assets to…
OVDP and the IRS’s New Streamlined Filing Procedures
Look Before You Leap
The IRS's Offshore Voluntary Disclosure Program (OVDP) is designed to assist U.S. taxpayers who have failed to properly report or pay income taxes on offshore…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
On December 4, 2015, President Obama signed the Fixing America's Surface Transportation Act (FAST). Section 32101 of FAST adds section 7345 to the Internal Revenue…
IRS Schedule UTP and the Legal Privileges of Tax Accrual Workpapers
Understanding the Risks for Auditors
The implementation of the Schedule UTP contributes perhaps the most significant increase in tax reporting in recent memory and will greatly affect the Service's audits…