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Lawsuit: IRS data breach could affect more than 500,000

Twenty-five years ago, the IRS e-file system became operational nationwide. For the most part, it's been a secure system that protects taxpayers' information, but there have certainly been some bungles -- the latest being the subject of a lawsuit recently filed against the IRS and IRS Commissioner John A. Koskinen.

A basic understanding of business expense deductions: Part II

In our last post, we began a discussion about business expense deductions. If you're a small business owner, you may have struggled with this issue in the past (or are struggling with it right now). Perhaps the most confusing deductions are those involving expenses and property that are put to both business use and personal use.

A basic understanding of business expense deductions: Part I

If you own a business or are trying to start one, you have probably realized the legal regulations that business owners must abide by are often complex and confusing. Tax compliance alone is complicated enough to make you rethink your decision to be an entrepreneur.

Asset forfeiture case stands as example for business owners

Thanks to media coverage over the last few months, civil asset forfeiture is no longer an unknown term. Many Americans are now aware of this process by which government agencies are allowed to seize assets from an individual even if they are never charged with committing a crime.

After Obergefell: Congratulations on your new tax status!

California's same-sex married couples have enjoyed the privileges and responsibilities of legal marriage for a couple of years. With the ruling in Obergefell v. Hodges, the U.S. Supreme Court has now extended those rights to GLBT couples in every state. These couples will now have the often frustrating task of navigating state tax and probate laws as legal spouses. Yes, now the state and the federal government recognize the marriage, so filing the annual tax return will be a little easier, but estate and tax planning strategies will have to be reviewed and updated accordingly.

If FATCA and FBAR regs combined, would the new regs be FATBAR? p2

We are talking about the Taxpayer Advocate Service's recommendations to simplify reporting under the Foreign Account Tax Compliance Act. The TAS is an independent agency -- helmed by the National Taxpayer Advocate -- that monitors the activities of the IRS. The recommendations in this case came about with the help of American Citizens Abroad and other organizations that look after the interests of U.S. citizens living in foreign countries.

If FATCA and FBAR regs combined, would the new regs be FATBAR?

Since the implementation of reporting rules under the Foreign Account Tax Compliance Act, U.S. citizens living in foreign countries have found that some foreign banks are less than enthusiastic about taking them on as customers. It goes further than just refusing to do business with expatriates: Some banks have closed existing accounts. And it's all because of FATCA's onerous reporting requirements.

Check your math, check your options before filing your return

Tomorrow is April 15. While we sincerely hope that no one spends the day in a panic and the evening in line at the post office or wrestling with tax prep software in a desperate attempt to make that midnight deadline, we know it will happen. We wonder, though, if it might be wiser to file for an extension than to speed through the tax forms.

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