The CARES Act created the Paycheck Protection Program (“PPP”). Under the program, small businesses can take a loan to cover expenses to help get through the COVID-19 pandemic. The funding for the loan quickly ran out leaving many struggling business without the help...
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Living in the World of COVID-19: You May Want to Check in with the IRS to Make Sure They Know Where to Find You!
No one can predict the future, but it is possible there will be another round of direct payments to American households. One legislative proposal is for a $2,000 per month payment for each household for a six month period. It’s not possible to say what additional...
State of IRS Operations Amid COVID-19 Pandemic
The IRS issued an evacuation order on March 30, 2020, to minimize the spread of COVID-19 and protect both its employees and the public. The IRS provided an update on its operations in IR-2020-68. The IRS is still on the job and adapting to the current situation along with the rest of us. The notice encourages taxpayers to use electronic…
IRS Order to Employees: Evacuate Your Post of Duty
IRS Order to Employees: Evacuate Your IRS Order to Employees: Evacuate Your Post of Duty On Friday March 27, according to the Federal News Network,[1] effective today, IRS employees are to evacuate their posts in an effort to limit the spread of COVID-19, which has...
IRS OVDP Ending: Last Chance for Some Taxpayers with Unreported Foreign Financial Assets
IRS OVDP Ending: Last Chance for Some IRS OVDP Ending: Last Chance for Some Taxpayers with Unreported Foreign Financial Assets By: Steven J. Mopsick As many in the tax and accounting field have predicted for some time, the IRS will be ending the 2014 Offshore...
BITCOIN USERS BEWARE: THE IRS MAY BE LOOKING FOR YOUR NAME
BITCOIN USERS BEWARE: THE IRS MAY BE LOOKING FOR YOUR NAME By Steven J. Mopsick, Almost everyone has heard about Bitcoin by now, a digital currency which appears to offer the user a degree of privacy if not secrecy. One of its biggest...
Jackie Bugnion, Former Tax Director of American Citizens Abroad, Comments to U.S. Senate Finance Committee Request for Tax Reform Proposals: Adopt Residence-Based Taxation (RBT) for Americans Resident Overseas
Jackie Bugnion, Former Tax Director of American Citizens Abroad, Comments to U.S. Senate Finance Committee Request for Tax Reform Proposals: Adopt Residence-Based Taxation (RBT) for Americans Resident Overseas One of the great anomalies in the world of international...
Americans Abroad: Welcome to the Hotel California: “You Can Check Out Any Time You Like But You Can Never Leave.”
Americans Abroad: Welcome to the Hotel California: “You Can Check Out Any Time You Like But You Can Never Leave.” Beware: Americans Thinking About Moving Abroad or Dropping Their U.S. Citizenship. As the government looks for more ways to enforce the tax laws, a recent...
Summa Holdings – IRS Pushed Back on Substance Over Form Doctrine
Summa Holdings – IRS Pushed Back on Substance Over Form Doctrine Domestic International Sales Corporations (DISC) allow deferral of federal income tax on certain income from exports. A DISC is often nothing more than a corporate shell formed to take advantage of a...
Owe An IRS Tax Debt? You May Soon Be Contacted By A Private Collection Agency!
Owe An IRS Tax Debt? You May Soon Be Contacted By A Private Collection Agency! The IRS will soon begin using private collection agencies (PCA) to collect delinquent tax debts. The IRS has not yet announced a specific date, but said it will begin using PCAs as early as...