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National Tax Resolution Blog

New tax changes will impact small business owners

Business owners generally feel the impact of changes to the tax code. Business taxes are complex to begin with. This is in part due to issues regarding profit and loss, depreciation, sales, expenses and payroll.

Recently, the IRS sent out a news release informing business owners of changes that occurred due to last December’s tax reform. This release states these changes will particularly impact small business owners and self-employed individuals. And the new changes will likely not make reporting taxes easier.

Undisclosed foreign assets and the amnesty deadline

Amnesty deadlines concerning reporting of offshore assets ended back in September. However, options may still be available.

For whatever reasons, the approaching deadlines concerning the ending of IRS programs such as the Offshore Voluntary Disclosure Program (OVDP) didn’t appear to get more taxpayers to disclose their assets. It’s possible that most taxpayers planning to participate in the program already did so at an earlier date.

When innocent spouse relief might be a defense

Each spouse may be responsible for the taxes owed by the other. In fact, a spouse may be 100 percent responsible for the acts of that spouse.

A recent example of this involved the spouse of a wife accused of embezzling close to $500,000 from her employer. This led to claims against the husband that he had to pay approximately $128,000 in taxes owed.

Tax Audits And Social Media – What You Should Know

Different people use social media for different reasons. From professional networking to marketing creative works to maintaining personal relationships, various social networks allow the flexibility individuals need to customize the messages they make public on the Internet. In nearly all instances, however, the message contains a certain level of pride and, perhaps, boasting. Unfortunately, this information can often be used against the individual in question.

Final rules on substantiation of charitable contributions

The IRS issued final rules pertaining to charitable deduction substantiation. With a few exceptions, these regulations will impact charitable contributions made after July 30, 2018.

The new regulations concern cash contributions to charities. These also clarify substantiation requirements pertaining to donations of property. There are also sections pertaining qualified appraisals, and defining what is a qualified appraiser.

Tax scams vs. legitimate IRS inquires

Tax scams will likely continue and possibly even increase. One possible reason there are so many tax scams that exist is because of taxpayer confusion regarding the new tax laws. When a scammer claims a taxpayer is not in compliance with the law and asks for additional information, many taxpayers believe the request is from the IRS.

There are a number of ways for taxpayers to protect themselves from scams, however. A firm understanding of how the IRS operates can provide protection. For example, the IRS is not going to first inform you of an investigation by contacting you by telephone.

When an offer in compromise is the right option

An offer of compromise can allow taxpayers to pay less than the IRS alleges they owe. It is extremely common to resolve tax debt matters in this manner. But an offer in compromise is only one particular manner for the discharging of tax debt.

There are certain situations where making an offer in compromise to the IRS makes total sense. Sometimes taxpayers are facing financial hardship that makes paying off taxes owed difficult. This can mean that accounts are in what’s called Currently Not Collectible status. There may also be certain circumstances where there is doubt as to the taxpayer being liable for the debt.

The new 1040 form may not make tax filing easier

Despite promises to simplify the filing of taxes, reporting your income to the IRS may now be even more complex. With the passing of the Tax Cut and Jobs Act, there are also a number of other complexities that accompany the filing of taxes.

While the Form 1040 is now shorter, it requires greater use of schedules. One tax preparer notes that there are now “six additional schedules” accompanying this form. This does not include additional schedules required for reporting self-employment income and for other sorts of filing.

5 Strange IRS Asset Seizures

The IRS uses property seizure as a last resort when attempting to resolve tax debt. While the notion of having a car, house or bank account seized can be terrifying for many individuals and families, the IRS employs various rules, regulations and procedures to ensure that tax-payers are protected and are given every opportunity possible to resolve the tax debt either through litigation or offers in compromise. However, even with strict controls in place, the seizing of assets can run afoul of common sense. 

Extradition is possible for dealing with FATCA violations

While the Foreign Account Tax Compliance Act (FATCA) has been around for close to a decade, new developments continue to arise. For example, a federal court brought a conviction against a naturalized citizen of St. Vincent for failing to comply with the act.

What’s significant about this case is that it involves an executive of a foreign financial institution found guilty of defrauding the U.S. by failing to comply with FATCA. The U.S. took the steps of extradition to bring this individual to the U.S. to face trial. Discovery of his infractions came about due to the investigation of an undercover agent. He now faces a possible prison sentence of five years.

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  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

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