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McDermott Will & Emery

Weekly IRS Roundup June 10 – June 14, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 10, 2024 – June 14, 2024....more

Foodman CPAs & Advisors

¿Cómo Enmendar Declaración De Impuestos?

El IRS publicó el Consejo Fiscal 2024-38 el 25 de abril de 2024 para explicarle a los contribuyentes cómo enmendar declaración de impuestos. Si un contribuyente descubre un error después de presentar su declaración, es...more

Foodman CPAs & Advisors

How To Amend A Tax Return?

The IRS released Tax Tip 2024-38, April 25, 2024, to explain to taxpayers how to amend a tax return. If a taxpayer discovers an error after filing their return, the taxpayer may need to amend a tax return. IRS states that...more

BakerHostetler

No Further Warnings - Prosecutors Bring First Pure Legal Digital Asset Tax Indictment; More Criminal Cases to Come

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After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more

Allen Barron, Inc.

IRS Provides 2023 Tax Return Preparation and Filing Tips

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Are you searching for 2023 tax return preparation and filing tips? The window officially opened to submit 2023 tax returns to the IRS on January 29, 2024. The following day the IRS released IR-2024-38, “Things to remember...more

Bodman

A Year-End Reminder: Potentially Overlooked Reporting Requirements

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For many organizations and individuals, the end of the calendar year generates significant reporting obligations, particularly with respect to the Internal Revenue Service. The following requirements may not be obvious, but...more

Freeman Law

Procedimiento simplificado ante el IRS para extranjeros fuera de EUA

Freeman Law on

Muchos ciudadanos americanos que viven en el extranjero no presentan su declaración de impuestos en Estados Unidos de América (“EUA”) por diversas cuestiones. Generalmente, esto sucede porque se tiene la creencia que no es...more

Freeman Law

Is a Stiftung a Foreign Trust? Form 3520 Penalties?

Freeman Law on

In the recent case of Rost v. United States, the Fifth Circuit analyzed whether a foreign entity should be classified as a foreign trust subject to IRS Form 3520 penalties.  The case arose in the context of a Liechtenstein...more

Freeman Law

How Do I Know if I Have an IRS Form 3520/3520-A Filing Obligation?

Freeman Law on

Interests in or transactions with foreign trusts can cause headaches for federal income tax purposes. Depending on the interest or transactions at issue, U.S. citizens or residents may have to file a Form 3520, a Form...more

Opportune LLP

New Mexico Non-Resident Pass-Through Withholding & Composite Return Election

Opportune LLP on

New Mexico recently enacted legislation qualifying pass-through entities to make an annual election to pay an entity-level state tax for taxable years beginning on or after January 1, 2022. Here’s what it means for your oil...more

Gray Reed

Taxpayer Wins Tax Refund Despite IRS Claims That The Taxpayer Used The Wrong Form

Gray Reed on

Dealing with the IRS can be a dangerous labyrinth for the untrained taxpayer or their non-tax advisors. In a recent Federal court case, E. John Rewwer, et al. v. United States, the taxpayers filed the wrong form claiming a...more

Bilzin Sumberg

Emily S. Wilson et al. v. United States: Playing Battleship with the Internal Revenue Service

Bilzin Sumberg on

As many readers may know, Joseph Wilson (“Mr. Wilson”) was the settlor, tax owner, and beneficiary of a foreign trust. By virtue thereof, Mr. Wilson, as a U.S. citizen, had the requirement to file IRS Form 3520 and IRS Form...more

Foodman CPAs & Advisors

Treasury and IRS are Aiming to Provide Greater Clarity on International Tax Reporting

On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are...more

Lowndes

Don’t Forget the Tax Man: Many Tax Returns and Payments Due Next Week

Lowndes on

Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020....more

Mitchell, Williams, Selig, Gates & Woodyard,...

IRS Temporarily Allow Use of Electronic signatures

In an Internal Revenue Service (IRS) interim guidance memorandum authored by Sunita Lough, Deputy Commissioner, Services and Enforcement, the IRS has temporarily approved the acceptance of “signature images” and “digital...more

Seyfarth Shaw LLP

The IRS Announces a “People First Initiative” That Will Temporarily Ease Taxpayer Payment Obligations and Postpone IRS Compliance...

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Seyfarth Synopsis: On March 25, 2020, the Internal Revenue Service (“IRS”) announced its “People First Initiative” (the “Initiative”), which will provide relief to taxpayers by suspending payments under certain collection...more

Morgan Lewis

Income Tax Deadline Update: IRS Extends Filing Deadline for 90 Days Due to COVID-19

Morgan Lewis on

Two days after extending by 90 days the deadline for payment of certain federal income taxes, on March 20, US Secretary of the Treasury Steven Mnuchin announced that the Internal Revenue Service will also extend the deadline...more

Foodman CPAs & Advisors

What is new in a “nutshell” for FORM 1040 for TAX YEAR 2018

For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040. Although the IRS’s sentiment is that many Taxpayers will only need to file Form 1040 and none of the NEW NUMBERED SCHEDULES, there will be Taxpayers...more

Foodman CPAs & Advisors

Lo que sabemos sobre el Cumplimiento Crypto y los impuestos federales de los EE. UU.

La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more

Foodman CPAs & Advisors

Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?

Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership. It “used to be” (until December, 2016) that a Foreign Person as a single owner of a Limited Liability Company...more

Foodman CPAs & Advisors

Here is what you need to know about IRS proposed draft of Form 1040 for 2017

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As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form. The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form. The...more

Dickinson Wright

Do you have to file a gift tax return (Form 709) for 2016?

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If you made a gift to one individual in excess of $14,000 during 2016 (or $28,000 if you are married and you and your spouse agreed to "gift split"), then you will likely be required to file a gift tax return....more

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