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Monthly Archive:: April 2021

GILTI and Corporate Rate Reduction

TweetShareSharePin0 Shares Today, members of the Nebraska Unicameral will debate a bill (LB432 with Revenue Committee amendment AM774) that, among other provisions, would exclude Global Intangible Low-Taxed Income (GILTI) from taxation and reduce the state’s top marginal corporate income tax rate by nearly one percentage point. These two tax changes would improve the state’s economic

Are IRS Security Tools Blocking Millions of People from Filing Electronically?

TweetShareSharePin0 Shares The IRS struggles mightily to balance two goals: It desperately wants to encourage taxpayers to file their tax returns electronically rather than on paper. And it must protect filers against identify theft and other forms of fraud. The problem: The agency’s security processes are preventing millions of people from filing electronically and are

How FBAR Penalties Have Evolved if You Do Not File Timely

TweetShareSharePin0 Shares FBAR Penalties FBAR Penalties FBAR Penalties: In recent years, the Internal Revenue Service has significantly increased the assessment and enforcement of FBAR Penalties for undisclosed foreign bank and financial accounts. When it comes to enforcement, the IRS has procedural safeguards on their side that limit a taxpayer’s ability to fight the penalty. That

Preparing Your Business for a Sales/Use Tax Audit

TweetShareSharePin0 SharesHow to take the bite out of the audit sting It is no surprise that states audit their small business community as a productive way to increase revenue for their state coffers. Should you receive the dreaded notice of one of these audits, here are some ideas that can make this a more pleasant

Receive Copies of Fraudulent Tax Returns

TweetShareSharePin0 SharesWhat did thieves try to steal? Along with tax season comes the season of tax identification theft. Those who have become victims know how frustrating the experience can be. The frustration Until now, if you were a victim of tax identity theft, you would be unable to receive information from the IRS about the
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