Buying or Selling Business Assets – Remember to File IRS Form 8594 & Avoid Future Headaches

Buying and selling business assets can be complicated.  The last thing you want - BELIEVE ME - is the hassle of explaining inconsistent treatment of the sale for tax purposes  3 YEARS INTO THE FUTURE. Avoiding this is simply accomplished

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Posted in Asset Classification

Decoding the IRS – Document 6209

Understanding what you are up against with the IRS can be frustrating on many levels. When it comes to the terminology they throw around, especially acronyms, what you will find is that even seasoned veterans quite often pull out specialty

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Taxation of Social Security Benefits

A good friend of mine, Bruce Larsen of Presidential Brokerage recently published an outstanding report on the Taxation of Social Security Benefits. One of the many things I like about Bruce is that he is passionate about all aspects of

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Posted in Pension Plan, Retirement, Social Security, Social Security Tax

Form 5500 Pension Plan Penalty Filing Relief

For those of you like me presently wrestling with this issue the IRS recently came out with the following: Revenue Procedure 2014-32 establishes a one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500

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Posted in Form 5500, IRS Enforcement, Penalty, Pension Plan, Tax Guidance & Preparation, Tax Problems & Requests

Reporting Investments In Certain Foreign Corporations for U.S. Tax Purposes

As we increasingly become more connected on this planet US Taxpayers are compelled more than ever before to hold investments in multiple countries. As a direct result timely filing IRS Form 5471 is becoming profoundly significant. I've been involved with enough international

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Posted in CFC, Corporation, FBAR, Foreign Income, International Tax, IRS Enforcement, IRS Examination, Tax Guidance & Preparation

IRS Bills, Penalties and Interest Charges

Many people have been reaching out to me to learn specifically about what they are up against for failing to hit the tax deadline of April 15th. To help those of you in this situation I've highlighted below what I

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Posted in IRS Collections, IRS Enforcement, IRS Penalties, IRS Penalty and Interest Abatement, Paying Taxes, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Refund, Tax Relief

S – Corp Charitable Donations

The most intriguing aspect of maintaining this tax blog is the pleasure of meeting and engaging a wide variety of successful people all with the courage to take the risk of venturing out on their own professionally in pursuit of

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Posted in Charitable Contribution, Sub-chapter S

Application for Automatic Extension of Time To File U.S. Individual Income Tax Return – IRS Form 4868

Everyone starts getting a little freaked out this time of year because of personal income tax reporting and paying obligations due on April 15th. I have found through the years that this kind of pressure causes people in all walks

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Posted in Extension

Retirement Plan Recharacterization

Retirement Plan Recharacterization means according to Reg. Sec. 1.408A-5 that if you make a contribution to one type of IRA you may be able to treat the contribution as though it had been made to a different type of IRA. This is basically

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Posted in IRA, Recharacterization, Retirement, Tax Guidance & Preparation

Tax Treatment of Virtual Currencies

As many of you know who follow this tax blog I enjoy dabbling in the uncharted waters of the US Tax Code. It helps keep me fresh. One of the many areas that this includes is the tax treatment of

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Posted in Bitcoin, Virtual Currency
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