The IRS places heavy emphasis on Form 8938, the Statement of Specified Foreign Financial Assets mandated by FATCA, and noncompliance can lead to harsh penalties and extended audit exposure. This...
The IRS continues to aggressively enforce penalties related to Form 5471, one of the most complex and punitive international reporting requirements for U.S. taxpayers. Form 5471 is required for certain...
...the IRS. Gumucio established YTTP in 2006, expanding it into a multi-state operation with approximately 20 yoga studios and affiliated entities. Despite generating over $20 million in gross receipts between...
...Welcome News from IRS for Late Form 3520 Penalties, the IRS recently announced changes to reduce duplicative penalties. Under these new guidelines, taxpayers no longer face overlapping penalties for late...
...important than ever. A significant shift occurred when the IRS announced it would no longer mitigate non-willful FBAR penalties, meaning taxpayers may now face the full $10,000 penalty for each...
...an in-depth understanding of tax law, criminal tax procedures, and IRS policy. Whether your noncompliance was willful or not, engaging with the IRS through the VDP with tax legal counsel...
...evade payment. Submission of False Documents to the IRS: Violation: In 2019, Tucci submitted false documents to the IRS, claiming no connection to the entity that owned the 12 properties....
...prolonged IRS processing times. With no statutory deadlines compelling the IRS to expedite these refunds, many businesses are facing financial uncertainty and opting to file ERC refund lawsuits to compel...
...the account. Foreign banks, therefore, play a crucial role in providing the IRS with data on U.S. taxpayers’ offshore assets. This information is a primary source for the IRS to...
...thus allowing for the step-up basis. This strengthens your position with the IRS, and can be invaluable in providing clarity and potentially mitigating tax liabilities and penalties for the heirs....
IRS Form 3520, a critical international compliance document, requires meticulous attention, particularly Part IV, which involves the receipt of substantial foreign gifts and inheritances. For advisors, understanding the specific audit...
...a substantial impact. The termination of more than 6,500 IRS employees, the reassignment of IRS Criminal Investigation (CI) agents to immigration enforcement, and dismissals within the Department of Justice raise...
