Recently we blogged about the “Exit Tax” or Expatriation Tax. We wrote that the only other country in the world with universal tax jurisdiction, like the United States, was North Korea. A few of our friends, notably Chad Conrad, tax counsel at the Canadian firm of Felesky Flynn LLP, informed us that this may not …

The IRS Expatriation Tax explained
NOTE:  This article is about the exit tax due from US persons, also known as the IRS Expatriation Tax, when they expatriate and relinquish their US citizenship.  For relevant articles about the IRS Expatriation Tax for current US citizens living overseas, see …

Medical expenses can be a valuable source of tax savings, but they need to be properly tracked….

What are the FBAR penalty procedures administrative processes? An IRS examiner will determine, based on facts and circumstances (and IRM guidelines) what action is appropriate in the FBAR case. If FBAR penalty procedures are found…

The state tax amnesty run by the State of Connecticut is how many State amnesties are run. The primary objective isn’t really to give taxpayers a break, but rather to increase tax revenues into the state.

Many people that we talk to, both prospective clients and long – time clients alike, tell us numerous times “I can’t have the IRS file a lien against me.” Sometimes, these people understand what a lien is and why an IRS lien is bad. But more often, they are confused about what a lien is and what …

When reviewing income tax returns we always pay special attention to the Business use of your home section (Line 30) of the Schedule C. The reason we do so is that a lot of our IRS audit representation has stemmed from this troublesome area, the home office expense audit. The IRS knows that small …