While it is not illegal to earn income abroad or to hold an offshore account, failure to disclose income to the Internal Revenue Service is illegal.
The first and second post of this series on QBI deductions analyzed the purpose of the deduction and how it applies specifically to taxpayers below the lower threshold or above the higher threshold. This post addresses taxpayers that fall between the two thresholds.
The first post in this series on QBI deductions examined the purpose of the deduction, who can claim it, and how to calculate QBI deductions for taxpayers in a lower threshold. This post specifically addresses taxpayers with a taxable income above the higher threshold of $207,500, for individuals, or $415,000, for joint filers.
Unreported foreign accounts or income could trigger huge penalties and criminal liability in the U.S. The IRS has fined taxpayers
If you are reading this article, it is likely because you or someone you know received a letter from the
WHAT IS AN IRS TAX “WHISTLEBLOWER”? A “whistleblower” is someone who reports misconduct by an employer, co-worker, or another party.
What is a 1031 “Like-Kind” Exchange Under the Prior Code? A 1031 exchange, also known as a “like-kind exchange,” allows
Important dates to keep in mind for this tax season! Deadline Type: Partnership (Form 1065) and S-Corporations (Form 1120S) – March
As a general rule, foreign gifts of money or property received by a U.S. citizen from a foreign non-resident will
It is 6:30pm.You open the door, and come home from a long-day of work. You are instantly reminded of the
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