Category Archives: Tax Law

1. Tax Debt? Check Your Passport Status

   The IRS and the Department of State have joined forces in battling outstanding

2. Europe the New Switzerland?

   In the past few months, the Department of Treasury has been diligently working to expose those taxpayers who are seeking refuge

3. The Rich Might Get Richer

   Now that Donald Trump has been elected as the United States’ next president, taxes are expected to extremely drop

4. IRS or Scam?

   As the IRS prepares for the release of its new private debt collection program, concerns have begun to surface regarding the program’s effectiveness.

5. Limited Partner’s Capital Income is Not Self-Employment Income

   After a recent incident that tested the boundaries and definition of Tax Code Section 1402(a)(13), the IRS has reiterated the fact that managers and/or presidents of LLCs are not considered limited partners and thus must pay self-employment tax on any received shares from their companies.

6. 401K Contribution Standards Remain Unchanged for 2017

   The IRS recently released Notice 2016-62, which lists the new limitations on various benefits and contributions for 2017.

7. IRS Expands Its Search For Tax Evaders

   As the world’s largest tax haven, it is no surprise that, up until now, the IRS has been focusing its search for offshore tax avoiders primarily on Switzerland.

8. New IRS Rates for Business Traveling Expenses

   Does your business require you to travel away from home? Are you the one who double checks to make sure you obtain every receipt for every expense paid during your business trips? Then you should be relieved to hear that the IRS has updated its per diem (daily allowance) rates for the expenses you incur…

9. Annual Reports Are Due – Florida Corporations And LLCs

   The annual reports are due on May 1st for corporations and limited liability companies (LLCs). The failure to file an annual report by May 1st will result in

10. Disclosing Foreign Accounts — Delinquent FBAR Submission Procedures

    In our previous post regarding disclosing foreign accounts, we discussed the OVDP and the Streamlined Filing procedures.  These programs were implemented for taxpayers who have foreign financial accounts