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Category: News - Page 14

What to Do if You Get an Audit Notice from the IRS

Posted in News on May 17, 2017

The Internal Revenue Service audits less than one percent of all of the tax returns that it receives.  While the percentage of audits is small, the threat of being audited looms large in every taxpayer's mind. Receiving notice that you're being audited can be frightening and you may be unsure of what your best course of action is if you find out that the IRS wants to take a closer look at your tax return.   Read More

Can You Amend Your Tax Return if You Made a Mistake?

Posted in News on April 28, 2017

The IRS requires taxpayers to file tax returns each year which include extensive information about income and about deductions.  Filing tax returns can be complicated, as there are a lot of details to include. Mistakes are not uncommon, and if you make an error, you may need to alert the IRS and fix the error by amending your return. Read More

How Long Does OVDP Take?

Posted in News on March 31, 2017

The Offshore Voluntary Disclosure Process (OVDP) provides an opportunity to limit penalties for a failure to properly disclose offshore accounts as required by U.S. law. If you do not participate in OVDP and undeclared offshore accounts are discovered, it is possible you will face substantial civil penalties. The financial loss has, in some cases, exceeded the value of the undeclared accounts. Potential criminal prosecution is also a possibility if it is determined that you were evading your reporting and tax obligations for offshore accounts.

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The OVDP Opt Out

Posted in News on February 24, 2017

The Offshore Voluntary Disclosure Program (OVDP) is a program allowing for U.S. taxpayers to voluntarily report offshore accounts that they had failed to report to the IRS in the past. Depending upon the value of your offshore account and whether you live in the U.S. or abroad, you may have been required to file a Report of Foreign Bank and Financial Account (FBAR) and/or a Form 8938, Statement of Specified Foreign Financial Assets. If you failed to comply with reporting requirements, OVDP gives you the chance to come forward and correct the situation before the IRS comes after you.

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9 Steps to Surviving an IRS Audit

Posted in News on January 20, 2017

The threat of being subjected to an IRS audit is a major fear of many taxpayers throughout the United States. An audit can be time consuming and it can be a major hassle. In a worst-case scenario, an audit can also result in you being found to owe back taxes and penalties if the IRS determines you did not declare all of your income or determines you cannot support the deductions that you claimed. 

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