The IRS May Have a Say in Your Passport Status
H.R. 22, otherwise known as the Surface Transportation Reauthorization and Reform Act of 2015, is an interesting piece of legislation for reasons beyond the fact that it is one of few bills that has managed to pass in both the Senate and House of Representatives. The act deals with much more than whatever “surface transportation” […]
Missing IRS Notices? You’re Not the Only One
In some situations, no news is not always good news. As the Treasury Inspector General of Tax Administration (TIGTA) reported, sometimes no news just means that computer systems aren’t always performing properly. The TIGTA report, dated June 18, 2015, focuses on the notification procedure used by the Internal Revenue Service to alert taxpayers of assessed […]
When Structuring Laws Go Bad, Congress Steps In
In October 2014, the IRS made a very important decision regarding structuring laws and civil forfeitures. Structuring laws, which prohibit the break-up of large deposits for purposes of avoiding bank reporting requirements, were meant to nab criminals seeking to bypass the IRS and/or commit money laundering violations. In application, however, the laws also had the […]
Mark Your Calendars Now to Get Ahead of New Filing Deadlines
On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. With transportation funds scheduled to run out within the week, Congress took care to pass the measure quickly.Just a few days after its introduction in the House of Representatives, this “band aid” bill was […]
FBAR from an Examiner’s Viewpoint: A Quick Look at How the IRS Assesses Penalties
For the Internal Revenue Service, the difference between tens of thousands of dollars all comes down to three letters that make up one important prefix: non. As the IRS looks at untimely filed Reports of Foreign Bank and Financial Accounts (FBAR), the question that determines how much tardy reporters will be penalized boils down to […]
A Grim Outlook for Michael Grimm
Twenty years, to three years, to eight months. That was the time that former U.S. Representative Michael Grimm faced for tax related charges originally outlined in a 21 count indictment brought against him in April 2014 that he promised to “fight tooth and nail” until his eventual exoneration. Grimm, a Republican from New York, managed […]