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

What Taxpayers Need to Know About COVID-19

As with nearly everything else, the COVID-19 pandemic has affected taxpayers and their upcoming obligations with the IRS. A few federal bills have been passed that aim to help U.S. citizens stay financially afloat the next few months, and some parts of those laws affect what is already a busy season for filing taxes. To help clear up some of the confusion surrounding coronavirus and its effect on tax programs, we Read More

Understanding Quiet Disclosure

While the IRS has promulgated many options for taxpayers to become compliant with their IRS tax and reporting requirements, including Voluntary Disclosure and Streamlined Procedures, another option that may, in certain cases, be a reasonable alternative is “filing quietly” or a “quiet disclosure.”  Although the IRS officially looks down on a quiet disclosure, there are certain instances where it may make sense for a Read More

Understanding Voluntary Disclosure

The IRS relies on taxpayers self-reporting their income, offshore bank accounts, real estate holdings, and other reportable assets. Because taxpayers have a voluntary relationship with the IRS, they can often find a way to get back in the agency’s good graces when they find themselves in non-compliance with some provision of tax law. One way the IRS extends mercy to taxpayers who admit wrongdoing is through Voluntary Read More

A Breakdown of the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (“CARES”) is a recently passed assistance package. INDIVIDUAL PROVISIONS Recovery Rebates (Refundable Tax Credit) – The CARES Act provides direct rebates of up to $1,200 for each qualified adult ($2,400 for married couples) and $500 per child. The full rebate amount is available if you have income at or below $75,000 per adult ($150,000 for married couples), Read More