Federal Taxation

  • International Tax and Withholding Issues for Entertainers and Athletes

    By:
    Carola Knoll, CPA
    |
    Aug 1, 2015

    Entertainers and athletes that come into the United States to perform are subject to U.S. taxation at the federal level, and possibly at the state and local levels as well. This article will highlight various federal U.S. tax compliance issues they could face.

  • Options for Tax Collection Problems

    By:
    Daniel Gibson, CPA, EA
    |
    Aug 1, 2015
    Tax professionals encounter a myriad of reasons why taxpayers fail to keep up with their tax debts—for example, a sudden business downturn, unexpected catastrophic medical expenditures, or just living a lifestyle that leaves little left for the nuisance of tax payments to the government. 
  • Advising U.S. Charities That Are Friends of Foreign Charities

    By:
    Emily Grand
    |
    Aug 1, 2015
    A “friends of” charity usually has a simple mission: raise funds for and awareness of the foreign charity that shares its name. For example, American Friends of the British Museum works in the United States to raise money to support projects and programs of the British Museum and to increase the museum’s profile among Americans. 
  • The Challenges of Bitcoin: What Has the IRS Done, and What Else Can It Do?

    By:
    Carnet A. Brown, CPA
    |
    Jul 1, 2015
    There can be no growth or development unless there is change—either positive or negative. The former is welcomed and supported; the latter must be managed with the hope of mitigating its effects. 
  • IRS Real Property Foreclosure and Cancellation of Debt Audit Technique Guide: A First Look

    By:
    H. Wayne Cecil, PhD, CPA, and Teresa King, PhD, CPA
    |
    Jul 1, 2015
    The IRS publishes Audit Technique Guides (ATG) to assist its examiners in performing appropriately focused audits of federal income tax returns. 
  • When Can a Taxpayer Use the Streamlined Filing Procedures to Disclose Unreported Foreign Assets?

    By:
    Bryan C. Skarlatos, Esq.
    |
    May 1, 2015
    Many taxpayers have foreign assets that they have not reported on prior years’ tax returns, and they have several options to address this noncompliance. 
  • Choices for Taxpayers with Unreported Foreign Assets: Voluntary Disclosure, Streamlined Submission, or Run Away and Hide?

    By:
    Bryan C. Skarlatos, Esq.
    |
    Apr 1, 2015

    Recently, many tax return preparers have learned that a number of their clients failed to report their interest in a foreign bank account, corporation or trust to the IRS.  Because the Foreign Asset Tax Compliance Act requires foreign financial institutions to report their U.S. depositors to the IRS, the IRS is more likely to discover non-reporting taxpayers.  Furthermore, in light of more stringent reporting requirements, recent publicity and IRS enforcement action focused on non-reporters of foreign assets, all tax preparers should ask their clients whether they have failed to report foreign assets to the IRS.  When a practitioner learns of a client’s unreported foreign assets, what should he or she do?  

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