A couple hoping to pay off their tax debt with a 6-year installment agreement cannot ignore the IRS’s insistence that they instead pay immediately with their $7 million in cryptocurrency.
As of May 2, 2020, over 40 cruise ships were dealing with positive cases of the COVID-19. The New York Times published an article on April 14, 2020, pointing out that over 80,000 crew members were stranded on 100 cruise ships. There is great [...]
Corporations with net operating losses in 2018, 2019, or 2020 could be eligible for significant tax refunds under the new rules of the CARES Act. Previously, the Tax Cuts and Jobs Act, passed in December 2017, limited the ability of corporations to use their [...]
When COVID-19 hit, it posed an additional challenge for US expats who were temporarily in the US for business or personal reasons. Many became stranded in the US due to restrictions on international travel, borders closing, or local COVID-19 conditions. This left them scrambling [...]
Were you in the US visiting or on short-term business travel when COVID-19 struck? And has your stay been extended as a result? Like many countries, the US has rules about how much time a nonresident can spend in the country before triggering US [...]
Are you a foreign individual or a foreign business from one of the many countries that the US has a tax treaty with (such as the UK, France, or Australia)? If so, then you may know that you can come to the US and [...]
The IRS issues a statement of work request for consultants to assist with virtual currency examination, similar to the HMRC contract on January 17, 2020.
Most people are unaware that the IRS tends to “bury” high-stakes questions in individual tax returns. Yet a different approach could benefit and protect taxpayers. Did you even notice an additional question on the 2019 US Individual Income Tax Return (Form 1040)? The IRS [...]
As reported widely in the news, The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The law introduced “economic impact payments” that were applicable to individuals and businesses. Although many Americans are eligible for these “economic [...]
With the progression of COVID-19 in the US, the IRS and states have scrambled to provide relief to taxpayers. Over the past few weeks, each day has brought new developments. Most recently, the IRS has extended more deadlines and reversed stance on a deadline [...]
