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IRS Matters & Disputes
IRS Offer in Compromise
Achieving Tax Relief: A Comprehensive Guide to the IRS Offer in Compromise Program You may have heard the ads on the radio, maybe seen them on TV, or companies have even called you about receiving tax relief by settling your tax debts through the IRS Offer in Compromise Program. Are these ads true? Can you...
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Foreign Bank Account Report (FBAR)
Navigating the world of international finance can be a complex task, especially when understanding the requirements and compliance issues related to the Foreign Bank Account Report (FBAR), also known as FinCEN Form 114. This guide aims to comprehensively understand FBAR, its requirements, and how to ensure compliance. What is the FBAR? The U.S. government requires...
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Man standing in front of employees
What is form 5471: Form 5471 is an information reporting form the must be filed with a taxpayer tax return when they meet certain ownership amounts of foreign corporations. Broadly speaking, the form reports who owns the foreign corporation, the current year financial information of the foreign corporation, information related to subpart F and GILTI...
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IRS Form 5471
Summary: Tax-exempt and/or nonprofit organizations may be required to file form 5471. There are several instances where form 5471 would be required. Often, detailed analysis and thorough understanding of the tax rules are required to determine if there is a filing obligation. Failing to file (including late filing) for form is subject to a $10,000...
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IRS Streamlined Offshore Voluntary Disclosure Program (OVDP)
The IRS Streamlined Procedures Q&A’s There are many legitimate reasons United States persons may maintain foreign bank accounts or foreign assets. Perhaps an individual owns real estate in a foreign country, making payments via a foreign bank account easier. Alternatively, an individual has come to the United States for education and remained or married a...
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IRC Section §351 and Property Contributions
Overview of IRC Section §351 and Contributing Property Are you considering establishing a corporation? Perhaps you have considered contributing property as consideration for your interest while another member would like to contribute cash. You may even find yourself in a situation where a third person would like to donate his services in exchange for an...
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Making Charitable Contributions You Should Know About IRS Form 8283
What Is Form 8283? Form 8283 is a tax reporting form used to report donations to charities. If you donate property valued at $500 or more during the calendar year, you must complete and submit Form 8283 within 30 days of making the gift. This includes cash gifts, securities, life insurance policies, annuities, real estate...
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FIRPTA McGuire Law Firm
Many people have questions relating to FIRPTA and the relating withholding tax requirements. Below are common questions and answers related to FIRPTA, but please remember to consult directly with your tax attorney and other tax advisors.  What is FIRPTA? FIRPTA is a withholding tax requirement for a foreign person’s disposition of a U.S. real property...
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Is A Lawsuit Settlement Taxable
Lawsuit Settlements And Taxes Lawsuits are one of those things that people always want to avoid. They don’t like being sued and don’t like paying up. When it comes to lawsuits, there are some exceptions. For example, most personal injury claims will not be taxed. This includes cases where someone falls off a ladder, slips,...
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How and When Does the IRS Begin a Criminal Investigation
IRS Special Agents & Criminal Investigations The Internal Revenue Service performs criminal investigations into individuals suspected of tax evasion, money laundering, drug trafficking, and other crimes. These investigations are conducted primarily by special agents assigned to the Criminal Investigation Division (CID). However, several sources of criminal investigation data are used by CID investigators. A Denver...
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