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Category: News - Page 20

IRS to Step Up Audits Targeting High-Income Taxpayers

News

Posted in on February 28, 2020

On February 19, 2020, the Internal Revenue Service (IRS) announced that it will be stepping up its efforts to target high-income taxpayers who have failed to file all necessary return forms in prior years.

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Should You Disclose Your Virginia Offshore Bank Account Now or Later?

News, Offshore Account Update

Posted in on August 22, 2019

If you have unreported offshore bank accounts, you may be aware that you can disclose these accounts to the IRS while minimizing your penalties and criminal exposure. However, you may also be inclined to refrain from disclosing these accounts immediately. That said, the question is: Disclose now or later?

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Responding to Tax Audits: Let a Virginia IRS Audit Lawyer Help

News

Posted in on June 26, 2019

For Virginia professionals, being targeted by the IRS for a tax audit can be a daunting prospect. With an audit, the IRS can challenge a professional’s tax reporting on his or her business income. And the taxpayer could face additional taxes, interest and penalties at the end of the process.

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Virginia Tax Audits: Your Rights and Responsibilities

News

Posted in on May 6, 2019

Virginia taxpayers are routinely audited on their state taxes. Just as the IRS performs its audits, the Virginia Department of Taxation also audits tax returns to ensure compliance with state tax law. It is important for Virginia taxpayers to know their rights during these audits. And since a Virginia tax audit is a serious process, it is just as important for taxpayers to be aware of their responsibilities.

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Tax Implications of Commingling Expenses from Different Businesses

News

Posted in on March 29, 2019

For U.S. taxpayers who own multiple businesses, they must be wary of commingling expenses between the businesses. If one company is used to pay the other’s expenses, the tax consequences could be severe. This point is demonstrated by the recent IRS case of Key Carpets v. Commissioner.

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