October 16, 2017
by Attorney Patricia Weisgerber, LL.M.
Small businesses run on tight margins. The last thing a business owner wants is an IRS notice announcing the disallowance any of their business expense deductions. This is particularly the case for sole proprietorships who report their business expenses on Schedule C of IRS Form 1040. For ...
September 26, 2017
The IRS is offering tax relief for taxpayers affected by Hurricanes Harvey and Irma. This relief is automatic for those taxpayers located in designated disaster areas
. These areas include Florida, Georgia, Puerto Rico, the Virgin Islands and parts of Texas. In general, the IRS is providing extensions until January 31, 2018
July 28, 2017
by Attorney Patricia Weisgerber, LLM
Like Napolean recognizing that an army marches on its stomach, the owners of the Boston Bruins know a hockey team needs to be well-fed to ensure optimal performance on game day. So, when the Bruins go on the road to play away-games, management plans ahead. With ...
June 22, 2017
If you haven’t filed your Report of Foreign Bank and Financial Accounts (FBARs) on a timely basis, you could be at risk of a higher civil penalty assessment. Inflation-adjusted FBAR penalties are now in effect.
New FBAR Civil Penalties Framework
The statutory civil penalties most people are familiar with, and as reflected ...
June 14, 2017
In 2016, the Treasury Inspector General for Tax Administration (TIGTA) released a report which assessed how well that IRS was managing the Offshore Voluntary Disclosure Program (OVDP). OVDP is one of the programs taxpayers may use to become compliant if they previously had failed to report offshore income on their ...
June 14, 2017
IRS Announces Tax Audit Targets
By Attorney Morris N. Robinson, CPA, LLM
June 14, 2017
Over the past several years, IRS has reduced the number of its tax auditors by about 25 percent – from just over 12,000 tax auditors in 2011 to about 9,000 tax auditors ...
May 16, 2017
Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers:
1. Know What Tax
May 15, 2017
Attorney Morris N. Robinson, the Managing Director of M. Robinson Tax Law in Boston, recently published an op-ed titled: Viewpoint: A 15 percent tax rate on business would maximize economic growth
(Boston Business Journal, May 5, 2017, subscription required).
April 5, 2017
We represent a client who may need to file delinquent international information returns under the IRS Delinquent International Information Return Submission Procedures
. These procedures invite taxpayers who meet the specified criteria to “file the delinquent information returns with a statement of all facts establishing reasonable cause for the failure to file.”
December 23, 2016
Financial and tax policies of the United States government can help Americans achieve significant wealth through real estate ownership. These policies tend to favor taxpayers who, like the Trump family, are willing to commit to "the long game”, where the full benefits of real estate ownership accrue over decades and ...