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The Inflation Reduction Act of 2022 (the “Act”) was recently passed, and it includes a range of new tax rules addressing various areas, including healthcare, energy, and tax measures. With one of its significant goals being to address climate change and jump-start clean energy production, the Act created a significant number of renewable energy sector […]
Are you considering buying an electric vehicle in 2023? The rules have recently changed, due to the passage of the Inflation Reduction Act of 2022 (the “Act”) in the summer of 2022. This bill included a range of new tax rules addressing various areas, and one of its significant goals was to address climate change […]
IFRS – Interest rates are going up, my assets will be impaired, what do I do?Companies are often affected by external forces beyond their control. In fact good executive boards use external market change to add shareholder value. As the saying goes, “never let a crisis go to waste.” When interest rates go up, shareholders demand higher […]
There is now a choice for tax professionals who need to make changes to a tax return that has already been filed with the IRS. Superseding vs. Amended Tax Returns You’re likely already familiar with the amended tax return. An amended return is filed subsequent to the originally-filed or superseding return and after the due […]
Performing these tasks at year-end will help your tax professional prepare your return accurately, plus it will make your tax professional very happy when you have these answers at the ready! Write down the odometer reading on the vehicles you use for business. It is important to know what percent you are using the vehicle […]
Who doesn’t want to pay fewer taxes? The key to minimizing your tax bill is to plan ahead and select the strategies that work for your situation. When April 15, 2023 rolls around, it’s simply too late for tax planning, so now is the time to be proactive and save on your 2022 taxes. Here […]
For ex-pats and other United States taxpayers with foreign bank accounts, understanding the Report of Foreign Bank and Financial Accounts (FBAR) and other informational filing requirements is essential. Failing to file an FBAR when required can result in hefty fines and even criminal penalties.Fortunately, the IRS’s Streamlined Filing Compliance Procedures can help you correct past […]
The IRS has long had a keen interest in foreign transactions because these transactions are often associated with tax evasion or money laundering. As a result, U.S. citizens or residents who have received foreign gifts or inherited assets from foreign trusts may need to file IRS Form 3520 or Form 3520-A with the IRS. What is […]
When the SECURE Act went into effect on January 1, 2020, there were many open questions from tax professionals and taxpayers about Required Minimum Distributions (RMDs) and how certain provisions of the new legislation should be treated. Some of the language in a number of the provisions was not defined well or was left open […]
The Large Business and International (LB&I) Division of the IRS is responsible for tax administration activities for domestic and foreign businesses with U.S. reporting requirements and assets of at least $10 million, as well as the Global High Wealth and International Individual Compliance programs. LB&I addresses taxpayer noncompliance related to unreported income, undisclosed assets, and […]
