Tax News –Passport Revocation for Seriously Delinquent Taxpayers

The federal government recently signed the Fixing America’s Surface Transportation Act (“FAST Act”) into law allowing the Secretary of State to deny, revoke or limit the United States passports of individuals with “seriously delinquent” tax debt. This legislation allows the IRS and Department of Treasury to notify the Secretary of State where any individual taxpayer […]

EQUITY COMPENSATION PART 3 – RESTRICTED STOCK

What It Is “Restricted stock” refers to shares of stock granted to an employee at a reduced or no cost, sometimes linked with a cash bonus to offset tax liability.  Restricted stock constitutes actual ownership but is subject to restrictions on transferability and substantial risk of forfeiture. The recipient’s rights in the shares are restricted until the shares vest, […]

Tax News: IRS Updates for FBAR Penalties

Any US taxpayer with an interest in, or signatory authority over, a foreign financial account must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) where the aggregate value of all foreign financial accounts exceeds $10,000 during a tax year. FBARs must be submitted to the IRS by June 30th of each […]

Tax Tip: Trust Fund Recovery Penalty

Generally, a person is responsible for paying his or her own taxes directly to the Internal Revenue Service. However, sometimes the law requires one party to collect and pay tax on behalf of a taxpayer, such as an employer’s obligation to collect payroll taxes (“trust fund taxes”) on behalf of its employees. These taxes include […]

Tax News: Affordable Care Act

While the Affordable Care Act, or “ACA,” makes obtaining health care coverage accessible for many Americans, the law imposes additional obligations on many taxpayers who benefit from its provisions. As of July 1, 2014 most taxpayers are required to report qualified health care coverage on their federal income tax returns pursuant to the ACA. Certain taxpayers […]

Breaking Tax News: All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that  recognize their marriages, will be treated as married for federal tax  purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does […]

Will California FTB Collections Be Calling You?

In July, the California Franchise Tax Board (FTB) began implementing an automated dialer to make outbound collection calls to individual taxpayers as an effort to prevent collection actions such as tax liens, bank levies, and wage garnishments. In September the FTB will implement an automated dialer for business entity taxpayers. In all cases, the FTB […]

Do you owe back taxes? You could lose your passport.

Currently, there is a bill in the process of being approved by Congress, which would not allow Americans to leave the country if they owe certain tax debts.   Senate Bill 1813, which has already been passed by the Senate, would give the Secretary of State the authority to revoke or deny a passport to any […]

Yearend Tax Planning

As the end of the year draws near, small business owners need to review their tax-planning strategies.  It is important to understand what tax planning strategies you can still take advantage of, both personally and on the business side, before the end of the calendar year. Given that so many small businesses are organized as […]

Tax Tips for Professionals

Hoping to lower your tax bill?  Many professionals miss tax deductions each year because they aren’t aware of them or fail to keep the necessary records required to substantiate such deductions.  Below are some of the tax deductions that are often missed. 1. Local transportation: Professionals can deduct the costs of local transportation expenses if […]