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In the past, the U.S. Internal Revenue Service (IRS) could garnish wages, file liens or levy assets and accounts of tax defaulters. Now, the latest addition to this list is revocation of the taxpayer’s U.S. passport. In 2015, the U.S. government passed a law under the Fixing America’s Surface Transportation Act (FAST) Act, that allows...
Filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return provides U.S. taxpayers additional time to file their federal income tax return if they are unable to file the tax return by the tax filing deadline (April 17, 2018 Tax Day). This form provides an extension of six months,...
Recently, one of our U.S. based clients received a call from someone claiming to be from the U.S. Internal Revenue Service (IRS) Tax Fraud Department. Our client disconnected the call, thinking that it could be a tax scam and immediately consulted us. Thanks to her quick thinking, she avoided falling victim to a tax scam....
Identity theft and related-tax scams have always proven to be troublesome for tax authorities. To counter these scams as much as possible, the Internal Revenue Service (IRS) initiates certain preventative measures every year. These measures are part of the Security Summit Initiative between the IRS, state authorities and financial sector under the ‘Taxes. Security. Together’...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part III of the series, we will discuss the requirements to file the...
As a US taxpayer, it is always prudent to notify the US Internal Revenue Service (IRS) in case there is a change to the taxpayer’s name, address or any incorrect information on record that needs to be rectified such as responsible party or principal officer, or any other tax-related information to ensure that IRS has...
We have received a many inquiries recently regarding tax planning for next year. There was uncertainty as to what the tax outcomes would be during the presidential election. Since the re-election of President Barack Obama, one of the most important new areas of concern for year-end tax planning in 2012 is the 3.8 percent “unearned income...
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