IRS Problems

IRS Problems | Offshore Assets and Accounts Disclosure | Taxation

Offshore Accounts? The Train Is Leaving the Station! IRS To End Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018
September 22, 2018

By: Coleman Jackson, Attorney and Certified Public Accountant September 22, 2018 The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This voluntary international tax compliance program was designed to help people, organizations and business entities hiding money, accounts and assets overseas to get current and come into compliance with U.S….

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IRS Problems | Taxation

EXPANSION OF PAID TAX RETURN PREPARER DUE DILIGENCE ELIGIBILITY REQUIREMENTS
August 10, 2018

By Coleman Jackson, Attorney and Certified Public Accountant August 10, 2018 Paid Tax return preparers must exercise due diligence when preparing and assisting taxpayers in complying with federal tax laws. Internal Revenue Code Sec. 6695 (g) imposes a civil penalty on paid tax return preparers who fail to comply with due diligence eligibility requirements under…

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IRS Problems | Taxation

REASONABLE CAUSE AND GOOD FAITH – IRS Penalties Can Be Abated, Forgiven or Waived
June 21, 2018

By Coleman Jackson, Attorney & Certified Public Accountant June 21, 2018 The Internal Revenue Code is full of various kinds of penalties that the Internal Revenue Service is authorized to assess and collect from errant, indifferent, negligent, ambivalent, and indecisive or otherwise noncompliant taxpayers who fail to collect or pay their tax bill or attempt…

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IRS Problems | Taxation

IRS REFUNDS LIKE DISCOUNT COUPONS CAN BE LOST
May 11, 2018

By: Coleman Jackson, Attorney, CPA May 11, 2018 Read discount coupons’ fine print. IRS refunds like discount coupons can be lost for a variety of reasons. That is why you need to read the fine print; so that, it is more likely than not, that you receive what you expected. Read carefully the fine print…

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IRS Problems | Offshore Assets and Accounts Disclosure | Taxation

IRS to End the 2014 Offshore Voluntary Disclosure Program on September 28, 2018
March 27, 2018

By: Coleman Jackson, Attorney, CPA March 27, 2018 Have you heard the news! On Monday, March 13, 2018 the IRS announced that it will end the Offshore Voluntary Disclosure Program on September 28, 2018. It is likely already too late for all those people who are taking their chances and have not already made steps…

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IRS Problems | Taxation

Cryptocurrency and Compliance with U.S. Federal Tax Laws Are Under Scrutiny
February 8, 2018

By: Coleman Jackson, Attorney, Certified Public Accountant February 08, 2018 Cryptocurrency is a virtual currency or digital value that serves as a medium of exchange, amount of wealth or measure of account or value. Virtual currency may act like a monetary currency, but it is not considered legal tender in the United States or anywhere…

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