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- Why You Should Not Represent Yourself in an IRS Audit
Representing yourself or your company in an audit initiated by the Internal Revenue Service (“IRS”) is likely to be an exercise in futility. The IRS employs highly skilled revenue agents who will seek to take advantage of taxpayers who, understandably, are not knowledgeable on the rights and powers of the IRS.
- Coming Out of the Shadows: IRS’s OVDP and Streamlined Disclosure Programs
In part because of the high levels of noncompliance with foreign tax reporting requirements (oftentimes out of innocent ignorance), the IRS has developed voluntary disclosure programs that allow taxpayers to come forward, correct their past mistakes, pay past-due taxes, and pay a set penalty (or, in some circumstances, pay no penalty).
- Enforced Tax Collections: IRS’s Power of Lien and Levy
The IRS collection process is a series of actions that the IRS can take to collect taxes that taxpayers owe if they do not voluntarily pay them. Generally, a taxpayer is required to pay a tax along with filing a tax return. The IRS will assess a taxpayer’s delinquent tax obligation if the taxpayer fails to pay a tax obligation when due. Subsequently, the IRS will send a notice and demand for payment to the taxpayer.
- Inherited IRAs & the Taxes Involved
Receiving an inheritance can be a blessing, but there are typically tax obligations involved including the inheritance of an IRA. If you inherit an IRA, you should check with an attorney or financial advisor as soon as possible to find out what your options are.
- Tax Implications Of Asset Transfers
Depending on the extent of a couple’s assets, a divorce can raise some very complicated financial questions.
- Criminal Charges for Issuing a Bad Electronic Funds Transfer
A new law went into effect in New Jersey last year, which makes it a criminal offense to issue a bad electronic funds transfer.
- Business Tax Deductions
Business expenses are the associated costs of carrying on a business. Such expenses are typically deductible if a business is operated to make a profit.
- Are Sovereign Citizen Groups Right?
They are frequently in the news, passing out fliers about not paying taxes, and conducting meetings in local hotels and restaurants about not being beholden to the government. Often referred to as “sovereign citizens,” these groups believe that they have found loopholes that exclude them from following laws by which they do not wish to abide. But, are sovereign citizen groups right, or is their interpretation of the law off base?
- In Florida, Couples Should Consider Property Division Before Creating Tax Strategies
Wealthy Florida residents who are married or planning to get married might want to consider creating a prenuptial or postnuptial agreement before they consult their financial advisor to plan their tax strategy for the coming years.
- What Benefits Is My Same-Sex Spouse or Domestic Partner Entitled to?
Due to a number of important Supreme Court decisions in the 21st century, married same-sex spouses are entitled to a number of benefits that were previously outside their reach. While domestic partners may be entitled to some benefits, married spouses are typically eligible for more benefits. Marriage is a factor in many federal benefits.