Category Archives: IRS

Jerry Lucente Speaks

Jerry Lucente is a Small Business/Self Employed Territory Manager with the North Atlantic Region of IRS, which includes the six New England states, New York and New Jersey. He is responsible for four groups at IRS that comprise about 100 employees. On Tuesday, December 15, 2015, Jerry spoke informally at ...

YEAR-END TAX TIPS

In advance, I would like to thank my colleague, Dean R. Jacobus, CPA, MST, for his diligent research and assistance in preparing and writing this blog. As 2015 comes to a close, folks have a lot on their plates – and that’s not just from the holiday hors d’oeuvres being passed ...

Defending Federal and State Tax Audits For High-Income Taxpayers

Originally published April 17, 2014

In 2013 the IRS audited slightly over one taxpayer in nine[1] with an income of $1 million or more.[2]  This audit rate represents a sharp 69 percent increase from the 6.42 percent audit rate that similar high-income taxpayers enjoyed as ...

Retiring Abroad: The Lure of the Exotic, the Chore of U.S. Tax Compliance

For anyone who has watched the movie “The Best Exotic Marigold Hotel,” the idea of retiring overseas may be tempting. Glamorous locales exist around the world with warm sands, fragrant breezes and stunning sunsets where pensions and retirement savings stretch much further than in the States. Publications like Forbes and ...

Face-to-Face: Best Practice to Visit the IRS in Person

Introduction Speaking to an IRS agent face-to-face can be more efficient than calling an IRS telephone hotline or sending mail to an IRS processing center. I learned the benefit of face-to-face interaction when I visited the IRS office in Boston on November 3, 2015.

Contributions of Art: Elements of a “Boring” Charitable Contribution Deduction

Introduction This article highlights some of the more critical income tax issues that taxpayers and their advisors must address when claiming the charitable contribution deduction for the gift of art to art museums. This article does not reflect all tax issues that must be considered in claiming a charitable contribution deduction on a United States income tax return. Rather, this article provides a broad and selective overview of a complex area of the United States income tax law.

Disaster Preparedness and Your Taxes

If you live on the East Coast of the United States, you are probably following the weather forecast for Hurricane Joaquin very closely. If you are also filing your U.S. income taxes on extension and are trying to make the October 15th deadline, you may be wondering how

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Do Recent FBAR Changes Indicate a Softening of the IRS’ Stance Toward Taxpayers with Foreign Financial Accounts?

Bring up the topic of FBARs (Report of Foreign Bank and Financial Accounts) with someone who has foreign financial accounts and the conversation will most likely take a nosedive. With an enforcement regime which can apply severe penalties for non-willful as well as willful violations, many taxpayers with small accounts ...

Update on IRS Treatment of Civil FBAR Penalties: A Move Toward Fairness

Recently, the IRS released an internal memorandum to employees providing interim guidance on FBAR (Report of Foreign Bank and Financial Accounts) penalties. It reminds IRS examiners that when they assert FBAR penalties, the penalty amounts established under Title 31 are maximum penalty amounts. The memorandum also emphasizes the point that ...

Delinquent International Information Tax Returns May Extend the Statute of Limitations on Your Entire Federal Tax Return

More and more, U.S. taxpayers are becoming aware of their federal tax reporting obligation for foreign financial accounts, interests and assets. With increased IRS enforcement, broader media coverage of international tax evasion cases, and the implementation of FATCA reporting[1] by foreign financial institutions, the term “FBAR”

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