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By Amy Lee Rosen Law360, Los Angeles (May 14, 2018, 10:42 PM EDT) -- While the IRS’ termination of the Offshore Voluntary Disclosure Program has left many hopeful it will be extended or replaced, potential violators who have yet to disclose their foreign bank accounts need to weigh their options, with the most important question being whether to enter the program before it shuts down. The IRS decided in March it Read More
A Guide to IRS Wage Garnishments and Levies
If you have outstanding tax debts, then the IRS can impose a number of different penalties on you until your debt is paid in full. Although the penalty should never come as a surprise, as the IRS typically sends lots of notices to warn you before taking action, it’s still a scary and stressful time all the same. So what are some of the things the IRS can do if you have unpaid taxes? One of the main things the IRS Read More
Cash deposits will be limited to account owners or authorized signers
What is happening To help reduce criminal activity and protect your account, we'll be making changes to our policy for cash deposits made at Wells Fargo branches. Once our policy takes effect in a few weeks, we'll only accept cash deposits into your Wells Fargo Consumer checking or savings accounts if it is coming from an account owner or authorized signer. What you should know If a non-account owner needs to deposit Read More
21st Century Taxation Problems: The IRS and Bitcoin Cryptocurrency
Like many things to do with technology, cryptocurrency has evolved much faster than the laws designed to regulate it. Since there is money involved, the level of governmental regulations attempting to define the laws around it is that much higher. One of the most pressing and most difficult areas of regulation involving cryptocurrency is that of taxation. First, what are cryptocurrencies? They are essentially Read More
Look Out, Meghan Markle! The IRS Is Watching
Some timely advice before a royal wedding that will raise daunting and complex tax issues By Laura Saunders Dear Meghan, Congratulations on finding your Prince Charming! I don’t want to be the bad fairy at the festivities, but we need to have a serious talk about taxes. Meghan, I know you lived as a U.S. citizen in Canada and may be aware of tax issues faced by the seven million or so Americans living abroad. And I Read More
Ex-CFO Of 'Soup Nazi' Co. Gets 9 Months For Tax Evasion
By: Taylor Arluck The former chief financial officer of the business popularized by the "Soup Nazi" character in the sitcom "Seinfeld" received a nine-month sentence on Thursday in New York federal court for failing to pay federal income, Medicare and Social Security taxes. Soupman Inc.'s former CFO Robert N. Bertrand, 63, received a nine-month prison sentence followed by a one-year term of supervised release after Read More
The 5 Things That Are Going Away With the New Tax Reform
Itemized deductions have been a time-honored tradition for taxpayers for years and the creativity that they can inspire have been a marvel. However, as the saying goes, all good things must come to an end, and under the new Tax Cuts and Job Act of 2017 (TCJA), numerous cherished itemized deductions have been eliminated in favor of a doubling of the standard deduction. Let us take a moment to remember the itemized Read More
Cryptocurrency: The New Frontier for Tax Evasion and Avoidance?
As long as there are taxes, there will be efforts to stash assets to avoid paying them. With the recent crackdown of the last 10 years of anonymous bank accounts that forced numerous offshore banks to cough up details about their account holders and their assets, the next “it” place to hide assets may be (or in many cases, already is) virtual currency. The draw is undeniable considering that cryptocurrencies are Read More
OVDP Ending – FAQs from the IRS
1. Is the 2014 OVDP closing? Yes. The IRS will close the 2014 OVDP effective September 28, 2018. The FAQs for the 2014 OVDP provided that the program may close stating: “[T]he terms of this program could change at any time going forward. For example, the IRS may increase penalties or limit eligibility in the program for all or some taxpayers or defined classes of taxpayers – or decide to end the program entirely at Read More
IRS to end offshore voluntary disclosure program; Taxpayers with undisclosed foreign assets urged to come forward now
WASHINGTON – The Internal Revenue Service today announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes. “Taxpayers have had several years to come into compliance with U.S. tax laws Read More
