Pandemic Tax Payment Problems: What should I do if the IRS does not process my check for payment of the my taxes?
As a result of the Pandemic, the Internal Revenue Service has experienced significant delays in processing checks received for payment of taxes. In most cases, IRS Revenue Officers are recommending that Taxpayers make payments electronically via the IRS website. We...
IRS’s New Micro-Captive Insurance Settlement Program Offers a Path to Resolution, But Is the Settlement Best for You?
For years, the Internal Revenue Service (IRS) has audited so-called “abusive micro-captive insurance transactions.” The IRS is focused on certain captive arrangements that were marketed towards small to mid-sized businesses in a manner more akin to tax shelters. In...
Recent FBAR Cases Show Mixed Results in Taxpayers Fighting Against Aggressive Penalties
Crackdown on the offshore accounts continues to be one of the top priority issues for the IRS. In the last few years, the DOJ and the IRS have taken aggressive positions in imposing and collecting huge penalties for taxpayers’ failure to report their foreign accounts...
Considering Bankruptcy for Your Corporation? This Tax Issue Might Affect Your Business’s Largest Asset
Net Operating Losses in Bankruptcy Author: David J. Warner COVID-19 is having an immeasurable effect on our lives—both personal and professional. The economic effect of this pandemic has affected businesses large and small. Many businesses have sought bankruptcy...
Beware the Ides of July 2020
On July 15, 2020, taxpayers will be faced with the trifecta of the due dates for their federal tax reporting and payment obligations for 2019 and the first and second quarters of 2020. In response to the COVID-19 crisis, the IRS provided tax relief in the form of an extension of federal tax filing and payment obligations.