tax Advice Archive

TweetShareSharePin0 Shares A couple of months ago in 11th Circuit Remands Willful FBAR Penalty Case Back to IRS Due to APA Violation I blogged about Schwarzbaum v United States, where the Eleventh Circuit held that Schwarzbaum willfully violated his FBAR reporting obligations for three years but that the IRS miscalculated the FBAR penalties. As I discussed,

TweetShareSharePin0 Shares Taxpayers who may need to take additional actions related to qualified opportunity funds (QOFs) should begin receiving letters in the mail in April. the IRS announced Tuesday. The IRS said it will begin sending letters this month to taxpayers, including corporations or partnerships organized as a QOF, whose Form 8996, Qualified Opportunity Fund,

TweetShareSharePin0 Shares 0 Flares Filament.io Made with Flare More Info“> 0 Flares × It is a busy couple of weeks for blogging crew. For those wanting a fix of tax administrative news pending our next substantive post, we recommend taking a look at the GAO report 2021

TweetShareSharePin0 Shares In  The IRS Primarily Uses Lien Foreclosures When Pursuing Principal Residences, Which Do Not Provide the Same Legal Protections as the Seizure Process TIGTA released a report detailing how IRS uses judicial lien foreclosure suits rather than administrative collection tools when it targets a taxpayer’s principal residence to satisfy an assessed liability. The

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig updated members of the Senate Finance Committee Thursday on the Service’s performance in the soon-to-be-concluded tax filing season, as well as longer-term assessments of its efforts to modernize its operations, fill staffing gaps, and improve taxpayer service and enforcement. Asked repeatedly by senators about the IRS’s much-publicized backlog of

TweetShareSharePin0 Shares The IRS temporarily revised its procedures effective Monday for some submitters of Form 8802, Application for United States Residency Certification, to facilitate applications where the Service has not yet completed its processing of the applicant’s most recently filed tax return. The new policy, announced on the IRS’s website, applies to applicants whom the

TweetShareSharePin0 Shares A recent TIGTA report highlights the redheaded stepchild of collection alternatives, partial pay installment agreements (PPIAs). The report highlights how relatively infrequently taxpayers enter into PPIAs and reveals how a lack of outward facing information about PPIAs contributes to their low use and jeopardizes taxpayer rights.  The TIGTA report’s use of a taxpayer