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Not reporting offshore accounts is a crime

Posted by: Zaher Fallahi

IRS: Failure to report offshore funds remains a crime; IRS includes topic on its 2019 ‘Dirty Dozen’ scams list   WASHINGTON — Hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019, the agency said today. Compiled annually, the “Dirty Dozen” lists a […]

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Taxpayers Have a set of Fundamental Rights

Posted by: Zaher Fallahi

Taxpayers Have a set of Fundamental Rights Source: IRS Issue Number:    IR-2019-44 Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. 1-The Right to Be Informed Taxpayers have the right to know what they need to […]

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Taxpayer has a set of Fundamental Rights

Posted by: Zaher Fallahi

Source: IRS Issue Number:    IR-2019-44 Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. 1-The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. […]

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Avoid improper claims for business credits; topic makes this year’s IRS ‘Dirty Dozen’ list

Posted by: Zaher Fallahi

IRS Issue Number:    IR-2019-42 WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid improperly claiming various business tax credits, a common scam used by unscrupulous tax preparers. Two credits often targeted for abuse by shady tax return preparers are the Research Credit and the Fuel Tax Credit. Each of these credits has specific eligibility […]

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Taxpayers who may lose their passport

Posted by: Zaher Fallahi

Source: IRS Issue Number:    IR-2019-23   Individuals who need passports for imminent travel should contact IRS promptly to resolve tax debt WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in […]

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Here’s how tax reform affects taxpayers who claim the child tax credit

Posted by: Zaher Fallahi

Source: IRS Issue Number:    Tax Reform Tax Tip 2019-15 Here’s how tax reform affects taxpayers who claim the child tax credit Many people claim the child tax credit to help offset the cost of raising children. The reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know. Credit […]

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Taxpayers take to Twitter to voice frustration over tax refunds

Posted by: Zaher Fallahi

Taxpayers take to Twitter to voice frustration over tax refunds By: Michael Cohn Published: Accounting Today February 06 2019, 1:22pm EST   Taxpayers who ended up with unexpectedly large tax bills after the Tax Cuts and Jobs Act have been tweeting their displeasure. “I usually get back around 5k in tax refund,” wrote one Twitter […]

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IRS; Protect Taxpayers from Identity Theft

Posted by: Zaher Fallahi

Identity theft happens when someone steals someone else’s personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they are victims of identity theft when they […]

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Taxation of Americans Living Abroad

Posted by: Zaher Fallahi

If you are a US citizen or a US Green Card Holder, a US person the Internal Revenue Code 7701(b), and live overseas, you are taxed on your worldwide income regardless of where you earned it. You are also subject to all the US international tax laws, including Report of Foreign Bank & Financial Accounts ( FBAR), Foreign […]

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IRS Update on Shutdown Impact on Tax Court Cases; Important Information for Taxpayers, Tax Professionals with Pending Cases

Posted by: Zaher Fallahi

January 25, 2019 The United States Tax Court’s website announced that the Tax Court shut down operations on Friday, December 28, 2018, at 11:59 P.M. and will remain closed until further notice.  The IRS reminds taxpayers and tax professionals the Tax Court website is the best place to get information about a pending case.  There are some […]

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