IRS Reference Guide Aids FBAR Filers

The IRS recently issued a Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR). This IRS reference guide is available on the IRS website ( www.irs.gov), specifically at the webpage entitled “Report of Foreign Bank and Financial … Continued

Phone Fraud Scam Targeting Taxpayers

Federal Tax Day – Current,T.1,TIGTA Warns of Largest Ever Phone Fraud Scam Targeting Taxpayers, (Mar. 24, 2014) The Treasury Inspector General for Taxpayer Administration (TIGTA) has issued a warning to taxpayers to beware of phone calls from individuals claiming to … Continued

Does Marriage Complicate Your Tax Return?

In spite of legislative changes and political hype, the “marriage penalty” that has existed in the tax laws is far from gone. A “marriage penalty” still exists in several areas of the tax law. Recent tax legislation made the standard … Continued

Help with Educations Costs

Virtually all taxpayers can get help to pay for education costs in the form of tax credits and/or special deductions. Students and their parents can capitalize on a number of different education benefits. For example, the maximum amount that can … Continued

Dangers in Shareholder Loans Continue

Loans between shareholders and closely held corporations are subject to special tax scrutiny and if not properly documented, can produce adverse tax results. Loans from corporations to shareholders are the subject of an IRS Audit Technique Guide that stresses the … Continued

Choosing the Right Type of Business

CHOOSING THE RIGHT TYPE OF BUSINESS ENTITY IS AN IMPORTANT DECISION If you are forming a small business, you face several choices: Sole Proprietorship, Partnership, C-corporation, S-corporation, Limited Liability Partnership and Limited Liability Company. Here are the basics. When you … Continued