Do you know that if you receive a gift or bequest from a family member, friend or estate who is considered a foreign person you may have a reporting requirement with the IRS? (more…)
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Do you owe back taxes to the IRS? Did you know that the IRS may file a Notice of Federal Tax Lien if you owe $10,000 or more, unless you make arrangements to resolve your outstanding taxes? (more…)
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Occasionally when providing tax relief services to a new client in our Boca Raton office I’m asked whether the IRS can take their house. The short answer is yes, however the IRS will rarely seize your home for back tax…
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You've probably heard the expression that every cloud has a silver lining. Sometimes you can even find a silver lining in an IRS correspondence audit. (more…)
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If you have an interest in or have signature authority over a foreign bank account or other financial accounts you may be required to file a Report of Foreign Bank and Financial Accounts (“FBAR”). (more…)
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You should have received your W-2 form, Wage and Tax Statement by February 2nd. Since your W-2 shows the amount of your wages and taxes withheld from your salary during 2014 you’ll need it to correctly prepare your tax return.…
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The IRS recently granted Innocent Spouse Relief to one of our Boca Raton clients. In addition to receiving tax relief from back taxes she received a refund of a previous levy. (more…)
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If you have fallen behind in paying your income taxes the IRS will normally let you set up an installment agreement or payment plan to pay back taxes. Taxpayers from West Palm Beach to Coral Springs that owe $50,000 or…
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We recently submitted an Offer in compromise for a Boca Raton taxpayer and were able to settle his back taxes of $165,000 for only $13,200, a savings of 92%. (more…)
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Your ability to deduct losses on Schedule C depends on whether the activity is a trade or business or a hobby operated primarily for your recreation and pleasure. (more…)
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