Taxpayers may receive a IRS Supporting Document Request from the Internal Revenue Service requesting supporting documents for certain items, issues or positions taken on a tax return. Common issues of which the IRS would request a taxpayer support could be IRS Filing Status. For example, if a taxpayer filed head of household, the IRS may […]
FinCEN is the Financial Crimes Enforcement Network. The goal and objective of FinCEN is to monitor financial institutions through regulations that require certain record keeping, record maintenance and reporting. Because many crimes such as illegal drug trafficking, terrorism and others involve large sums of money and the use of financial institution, FinCEN and other law […]
Are tax liens a matter of public record? If so, why? The answer is, yes, a tax lien, such as a notice of federal tax lien filed by the Internal Revenue Service is made public. The reasoning is the same as to why certain debts are made a matter of public record as it provides notice […]
What is the Offshore Voluntary Disclosure Program? Often referred to as the OVDP, this program was created to allow taxpayers with foreign financial accounts and interests to voluntarily disclose their interests for a reduced penalty. Currently the foreign bank reporting requirements require that taxpayers with foreign financial accounts or interests report these interests when the […]
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IRS Form 8829 is used to calculate business use of the home expenses that can be claimed on your tax return. The form looks at direct and indirect expenses and most expenses are taken on a pro-rata basis. The video below has been prepared by tax attorney John McGuire to provide additional information regarding IRS […]
The IRS may issue Form 12257 after an appeals hearing. Form 12257 provides a summary of the determination made by the IRS Appeals Office. Further, by executing the form, you may be waiving certain rights regarding the issue and matter at hand and thus it is important that you agree with the determination made by […]
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Are distributions from my Roth IRA taxable? Many people know and understand that when they take distributions from their traditional IRA or a 401(k) the distributions are taxable. These distributions are taxable, and it makes sense because you contributed money to the traditional IRA or 401(k) without paying income tax on the contributions. Thus, being […]
What is the Bank Secrecy Act? The Financial Recordkeeping and Reporting of Currency and Foreign Financial Transactions Act of 1970, is generally referred to the Bank Secrecy Act (BSA). The act can be found at 31 U.S.C. 5311. The purpose of the act is relatively simple, that being to require financial institutions in the United […]