The Internal Revenue Service doesn't care who you use as a nanny or babysitter for your kids, but it does take more than a passing interest in what you're paying them.As in how much. As noted in a recent Accounting Today article, revenue agents don't do much more than...
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An evolutionary path: same-sex marriage in the federal tax realm
At one time, of course, same-sex partners were not legally defined as married couples in any state of the country. Given that, many people found questions relating to same-sex couples and linked issues surrounding federal taxation to be both incomprehensible and...
Hooray, you just won the lottery! Now pay the IRS.
If bells and buzzers started clanging seconds after you just pulled the lever on a slot machine, you're likely a bit jazzed about reality at the momentAlthough giddiness is understandable, so too is the need to take a breath, gather yourself and make sure that you...
How private is your tax return?
With this being an active campaigning year the subject of disclosure of tax returns has surfaced. The top runners for each party have sparred over transparency and the release to the public of their own tax returns.Currently Hillary Clinton has agreed to provide her...
The IRS calls it the “sharing economy.” Do you know what that is?
Maybe you advertise online and periodically use your truck as a moving van for residents in your locale who are relocating.Perhaps you live in a city replete with sports teams and use the Internet to help you snag renters during tournaments and other high-profile...
Can the IRS take my passport?
In short yes. In January 2016 a new law was enacted that allows the Internal Revenue Service (IRS) to rescind your passport if you owe more than $50,000 in taxes.This number may seem like a lot of money until you take into account penalties and interest. This IRS tax...
Could expansive Tax Court ruling open up litigation flood gates?
Although a commentator in a recent media article on IRS whistleblowing calls a United States Tax Court ruling "good news," that sentiment is certainly not universally shared.And it's especially not endorsed if you're an individual or business enterprise that suddenly...
Tax-related sparring turns to litigation in IRS/Facebook spat
It is certainly no secret that the Internal Revenue Service has had a sharp and unwavering spotlight on American taxpayers with foreign assets and accounts over the past few years.Media stories have been replete with tales featuring the acronyms FBAR and FATCA, and...
Offshore Voluntary Disclosure Program: What does that entail?
Acronyms authored by or otherwise linked with the U.S. Internal Revenue Service tend to immediately strike a good many Americans with fear. Take OVDP, for instance. Are there some potentially frightening or outright scary implications hidden in those letters? For some...
What is the IRS Criminal Investigation Division?
"A deterrent effect" and a signal "that fraud will not be tolerated."Such are the words employed by the Internal Revenue Service on an agency website page chronicling the objectives of the department's Criminal Investigation Division (most often delineated by the...
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Even a fortune can disappear without sound estate planning
Some figures baffle.Like the speed of light. Like the age and size of the universe. And like estimates pegging the personal fortunes of America's richest families.Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling...
Broad, measured thinking out of the box promotes sound estate planning
"You own this." Those words might sound frightening to a would-be California estate planner, but they are actually meant to promote a feeling of empowerment rather than intimidation. It is no secret that legions of...
Remarrying couples unquestionably need to focus on estate planning
Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new realities.Don't be one of them. Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new...
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