Category Archives: IRS

IRS Deductions for State and Local Taxes and Charitable Donations: Recent Guidance

The Internal Revenue Service (IRS) advised taxpayers this month to exercise care in claiming tax deductions for (1) state and local taxes, and (2) charitable donations.  The guidance applies to 2018 and future tax years.

IRS Bitcoin Enforcement: Four Suggestions for Cryptocurrency Investors

In January 2018, an individual investor visited my office and asked me to prepare income tax returns based on his cryptocurrency trading gains.  This individual used U.S. dollars to buy Bitcoins.  He proceeded to trade in and out of other cryptocurrencies (“altcoins”) on a major trading exchange.  When he first ...

IRS Announces Withholding Tax Changes for 2018

IRS Announces Withholding Tax Changes for 2018: Employers and Employees Should Review Their W-4 Forms During “Tax Season” By Yale Yechiel N. Robinson The Massachusetts Tax Alert™ The Internal Revenue Service (IRS) announced on February 28, 2018 that it has updated its online withholding calculator and the W-4 form to comply with the new tax rates under the Tax Cuts and Jobs Act of 2017.  Most employers have already adopted the new tax withholding tables for their employees’ wages based on the revised IRS Notice 1036.

Wire Transfer Audits and FATCA: What Every Taxpayer Needs to Know

Wire Transfer Audits and FATCA

What Every Taxpayer Needs to Know

by Attorney Morris N. Robinson, CPA, LLM

February 19, 2018

1. FATCA

FATCA: The Foreign Account Tax Compliance Act[1] was signed into law by President Obama on March 18, 2010. There ...

IRS Notice 2018-01: Passport Denial/Revocation for “Seriously Delinquent Tax Debts” to Begin

In 2015, the Fixing America's Surface Transportation (FAST) Act contained a provision in which the IRS would interact with the State Department to deny or revoke the passports of taxpayers with "seriously delinquent tax debts." However, details needed to be worked out between the two agencies before the effort could begin. On January ...

Estate and Gift Tax Audits: TIGTA Report Exposes Need for Improvement

While proposals for the eventual elimination of the estate tax are being hashed out in Congress, the IRS effort of auditing estate tax returns continues - business as usual. A recent report by the Treasury Inspector General for Tax Administration (TIGTA) highlighted ...

Are Your Business Deductions at Risk of Being Disallowed by the IRS?

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 instance, deductions on Schedule ...

SCORE! for the Boston Bruins – Jacobs v. Commissioner

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 half of the Bruins’ ...

FBAR Penalties Now Adjusted for Inflation: Abatement/Mitigation Still Possible

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 ...