Do You Own a Foreign Corporation? IRS Presses Form 5471 Penalties
The San Francisco Bay Area is a focal point for international business. It is common for individuals to start a business, and... Read More
Are You an Owner or Beneficiary of a Foreign Trust or Receive a Foreign Gift or Bequest?
The Government is pressing taxpayers with large civil penalties for late-filed Forms 3520. The IRS may assert the penalty in the context... Read More
Key Moves in Difficult Times -Options for Taxpayers Facing Economic Uncertainty
We are in tough economic times. A record number of Americans have filed for unemployment benefits, and business owners are forecasting a... Read More
Relief for Taxpayers Affected by Coronavirus Disease 2019 (COVID-19) Pandemic
The recent COVID-19 pandemic has already had a significant effect on our personal and professional lives. Between states and localities implementing “shelter-in-place”... Read More
Congress Passes New Law, Allows Early Distribution from IRAs for COVID-19
A new law allows individuals under the age of 60 to withdraw up to $100,000 from their IRAs without facing an early... Read More
Congresses Passes New Law, Allows Early Distribution from IRA
As Congress begins to implement the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act in the coming days, there are important aspects... Read More
Avoiding Civil Penalties for Failing to File or Pay
The IRS can assess a penalty for the failure to timely file a tax return on or before the due date, and... Read More
Best Practices for Making Tax Payments – Don’t Send in a Check
Both the IRS and the FTB offer the ability to make electronic payments online. Therefore, the days of manually writing a check... Read More
Words of Wisdom —Always File on or Before the Deadline
Taxpayers should always file their tax return on or before the due date and confirm with their tax return preparer that the... Read More
IRS and Virtual Currency
IRS Has Begun Sending Letters to Virtual Currency Owners Advising Them to Pay Back Taxes, Files Amended Returns; Part of IRS’ Larger... Read More