The IRS is increasingly relying on correspondence audits to audit small businesses. This report of a correspondence audit of the personal income tax returns of…
The IRS is increasingly relying on correspondence audits to audit small businesses. This report of a correspondence audit of the personal income tax returns of…
Examining the 2017–2018 Tax Law Changes
One Firm’s Before-and-After Comparison of Actual Taxpayers
The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the tax code in decades. It promised to put more…
U.S. Tax Residency
Some Black-and-White Rules, Some Gray
When advising taxpayers or preparing returns, bright-line rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts…
In Brief New York's Brownfield Cleanup Program was initiated over a decade ago to encourage private enterprise to redevelop contaminated properties and revitalize their surrounding…
Form 3520 is an information return for a U.S. person to report certain transactions with foreign trusts [as defined in Internal Revenue Code (IRC) section…
CPAs need to be aware of current developments in key states in order to properly advise taxpayers doing business in multiple jurisdictions. Particularly of note…
Tax professionals, and also the general public, well know by now that U.S. taxpayers are required to report foreign financial accounts to the government. Since…
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…
SLT | New York’s Enhanced Collection Procedures for Delinquent Taxpayers
Driver’s License Suspension Program
New York State tax law now provides the New York State Department of Taxation and Finance (DTF) with a new enforcement tool to assist in…
Changes to Social Security Have Tax Implications for Married Couples
Recent Legislation Eliminates Loopholes
As a bargaining tool used to expedite the passage of the Bipartisan Budget Act of 2015, Congress tightened Social Security loopholes for married couples, which…
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…
40 Years of Losses, but Still Motivated to Profit
Applying the Results of a Recent Tax Court Decision
In Brief Many taxpayers have a hobby or sideline that they pursue in the hope of earning additional income. In calculating their profits from this…