Anyone filing an “FBAR” (Report of Foreign Bank and Financial Accounts – FinCEN Form 114) or IRS Form 8938 (Statement of Foreign Financial Assets) for calendar year 2014 will be pleased to know that the official exchange rates for 2014 have been published. As U.S. law states that no other exchange rate is permitted, it […]
The IRS is using its extensive Big Data resources to pin-point their investigations to the wealthiest areas in San Diego County, California. The idea being that anyone who is selected for investigation in these areas will result in a higher tax liability than those who live in less affluent areas. The government is looking for […]
Important announcement to U.S. taxpayers that opened offshore bank accounts through a company called Sovereign Management & Legal, Ltd. Based in Panama, the company offers to help Americans open offshore bank accounts with nominee corporations. Knowing that many people who do take these actions are also committing tax evasion, the IRS and Justice Department obtained […]
Iowa restaurant owner’s fight against the IRS gains national attention. A restaurant owner in northwest Iowa has landed in the national news spotlight over her fight with the federal government. Carole Hinders who at the time was 67 years old and a grandmother has operated Mrs. Lady’s Mexican Food in Arnolds Park, Iowa for 38 years. […]
Your hobby business could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. Many people successfully develop a hobby into a going concern and actually receive income from it. That income must always be reported and taxes paid on that money regardless of your situation. If you leave […]
Issues Discussed: Need proof the IRS won’t go away? The 9th largest search phrase in all of yahoo finance is this: “Is social security taxable”?
A classic case of the government giveth and the government taketh away. One of the most common web-search phrases entered is this: “Is social security taxable”? The answer: It all depends on your income and filing status. If you file taxes as an individual and your combined income — that’s your adjusted gross income plus […]
IRS to auction Darryl Strawberry’s deferred Mets salary. A minimum bid of $550,000 has been set for the January 20, 2014 auction which will offer a deferred compensation agreement that was part of Strawberry’s 1985-90 contract with the Mets. Darryl Strawberry, the former MLB All-Star, New York Mets and New York Yankees star who has […]
[powerpress channel=”podcast”] Topics Covered: 1. Landmark Alaska Bar Reopens After Closed Down By IRS. 2. How The IRS Will Find You If You Have Unreported Foreign Income And Undisclosed Foreign Accounts. 3. What Signs To Be On The Lookout For That You May Be Subject To An IRS Criminal Investigation. 4. Questions From Our Listeners: […]
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