Posts from August 2019.

The Fixing America’s Surface Transportation (FAST) Act, signed into law December 4, 2015, created new Internal Revenue Code § 7345 which requires the IRS to notify the United States State Department when an individual is certified as owing a “seriously delinquent tax debt”. When this notification of certification is received from the IRS, the State Department is generally required to deny the individual a U.S. passport (or renewal of a U.S. passport) or may revoke any U.S. passport previously issued to that individual. The State Department has the sole authority to revoke or ...

Posted in: Federal Tax

Spouses who file a joint income tax return are both jointly and severally liable for the taxes associated with the return, both federally and at the state level.  If the joint tax liability is not paid, or additional tax is assessed through an audit, the Internal Revenue Service (IRS) and state taxing authority (the South Carolina Department of Revenue in the case of South Carolina) will pursue both spouses in an effort to collect the tax.  One spouse may have believed that the other spouse had paid the taxes, or that all income and deductions were properly reported, only to find out a few years ...

Posted in: Federal Tax

President Trump signed the “Taxpayer First Act”, H.R. 3151, into law on July 1, 2019.  The Taxpayer First Act may be one of the most significant “taxpayer rights” laws since the adoption of the Internal Revenue Service Restructuring and Reform Act of 1998.  The key feature of the new law is its requirement that, within the next 12 months, the IRS submit to Congress a “written comprehensive customer service strategy”, and within 24 months “make available the updated guidance and training materials [under the strategy] … [which will be] easily understood … and provide ...

The IRS issued guidance in 2014, through Notice 2014-21, on how to report income from virtual or “crypto” currency transactions.  The IRS has since developed a “Virtual Currency Compliance” program focusing on U.S. taxpayers who may not be reporting, or correctly reporting, virtual currency transactions.  The IRS has now announced it will be issuing notices to over 10,000 specific U.S. taxpayers warning these recipients that they have been identified as having engaged in virtual currency transactions and their U.S. tax compliance obligations.  There are three (3) target ...

Posted in: Federal Tax
Jump to Page
Arrow icon Top

Contact Us

We use cookies to improve your website experience, provide additional security, and remember you when you return to the website. This website does not respond to "Do Not Track" signals. By clicking "Accept," you agree to our use of cookies. To learn more about how we use cookies, please see our Privacy Policy.

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. These cookies may only be disabled by changing your browser settings, but this may affect how the website functions.

Analytical Cookies

Analytical cookies help us improve our website by collecting and reporting information on its usage. We access and process information from these cookies at an aggregate level.