What is the Wealth Squad, and Why is It in the News?

Every few years, it seems, the IRS announces a renewed effort to focus on high-net-worth (HNW) individuals and various financial entities connected to them. 2020 is one of those years, it seems, with the announcement from representatives associated with the Large Business and International (LBI) Division that certain HNW individuals should expect audits through the late summer and going into early fall. Officially, Read More

The IRS Has the Power to Place Levies on Your Property

The most obvious way to stay on the IRS’ good side is to file your tax returns and pay your tax liabilities on time. You might be able to get away with not fulfilling these basic obligations for a while, but your luck will eventually run out. If you genuinely cannot pay what you owe to the IRS, the best thing to do is to be proactive and communicate to the agency what you are able to pay; usually, some sort of Read More

IRS Releases 2020 Final Regulations Related to GILTI

The IRS, nearly three years after the fact, continues to implement, clarify and regulate the Tax Cuts and Jobs Act of 2017 (TCJA), reflected by the issuance of the 2020 Final Regulations, which was released on July 20, 2020. While there is some welcome news in these regulations, it also makes the reporting of foreign income more complex for certain U.S. persons who gain income from foreign companies. This blog will Read More

3 Ways You Can Purposefully, or Accidentally, Commit Tax Fraud

It is next to impossible for the average U.S. person to fully understand every applicable IRS provision, regulations, or law when it comes to doing taxes. Many taxpayers with complex situations, of course, elect to enlist the help of accountants and other financial professionals to ensure they are, ultimately, in compliance. Still, things may slip through the cracks for tax professionals. Regardless of your position Read More

What happens if you are stuck in the U.S. because of COVID-19 and spend too many days here? Emergency Period: The IRS and Rev. Proc. 2020-20

It would appear that more people than not have had vacation and travel plans upended due to the COVID-19 pandemic, which has caused major transportation issues (especially with international flights). Beneath the obvious health risks of the pandemic, it has also caused logistical issues with the IRS and various tax-related matters. This can cause unintended consequences for non-U.S. people who end up spending too Read More

3 Tips to Prepare for Your Meeting with the IRS

No matter your reason for having to meet with the IRS, the prospect of having to show your face in front of federal agents or investigators would make anyone nervous. From simply walking into an office to discuss tax issues with an IRS representative, going to an appeals conference, or meeting with an agent for a field audit, there are some things you need to do in order to be as prepared as you can be. This blog Read More

Examples of Healthcare Fraud and Trends to Look for in 2020

Through the many intricacies, nuances, and complexities of Medicare and other healthcare programs offered by the federal government, there are plenty of ways to illegally  exploit these programs. There are many opportunities within the private sector to commit acts of fraud. We will take a look at some of the common ways fraud in the healthcare industry can manifest itself and connect them with current trends. 1. Read More

IRS Collection Appeals Program

If you are interested in appealing an IRS collection action such as a federal tax lien filing or a levy on your assets, you have two options generally available: the Collections Due Process Hearing and the Collection Appeals Program. The Collection Appeals Program (“CAP”), which this blog will be focusing on, can be an avenue to appeal based on: Any federal tax liens A notice by the IRS of its intent to levy Read More

For Employers: COVID-19 and Employment Taxes

Weisberg Kainen Mark applauds all employers and business owners who are doing everything they can to retain employees and keep their companies afloat. To that end, we want to pass on some information on certain tax credits and benefits Congress has made available with recent laws.  Wages Paid for Emergency Sick Leave and Emergency Family and Medical Leave As part of the Families First Coronavirus Response Act Read More

Updated Foreign Bank and Financial Accounts Report (FBAR) Penalties

Any U.S. person who has an interest in or some type of authority over a foreign financial account or accounts worth $10,000 or more at any point during a calendar year must submit an FBAR to the U.S. Treasury Department. Specifically, you must send it to the department’s Financial Crimes Enforcement Network (FinCEN). This program is aimed at reducing tax evasion and includes foreign accounts owned by non-citizens and Read More