Last winter, Congress passed the 2015 Fixing America’s Surface Transportation Act to address our nation’s infrastructure. The FAST Act allows the IRS, for the first time, to share information with the State Department, which can cause the State Department to take…
Since 2012 the IRS has been much more willing to compromise with taxpayers with overwhelming tax debt than in the prior decade. IRC §7122 permits the IRS to accept offers in compromise in settlement of tax obligations for less than…
FRESH START INITIATIVE 2012- Fresh Start Initiative For offers in Compromise 1.10 On May 21, 2012 the Internal Revenue Service announced another expansion of its "Fresh Start" initiative by offering more flexible terms to its Offer in Compromise (OIC) program…
"Know The Process, Know Your Rights" Criminal Tax Issues The IRS Criminal Investigation Division has increased its efforts to prosecute dishonest taxpayers over the last few years. Although every client who becomes the subject of a CI investigation should be…
This article, authored by Robert E. McKenzie, was originally published in CPA Magazine.
Tax season is upon us, and Arnstein & Lehr’s Chicago partner Robert McKenzie helps shed some light on new rules for offshore foreign account filing. The Foreign Account Tax Compliance Act’s (FATCA) was passed in 2010 after Congress discovered the…
Not everyone is intentionally doing something wrong when it comes to filing taxes. In some cases, it is simply a lack of understanding of U.S. rules and regulations. If an immigrant has been in the U.S. for 180 days, they…
The IRS has several programs in place, including the Offshore Voluntary Disclosure Program. Even those who intentionally hid their money overseas are allowed to confess to the IRS and correct their taxes for eight years.
This article was originally published in Forbes.
By: Robert E. McKenzie 1. A CHANGING IRS IRS Workforce 1.10 Because of Congressional cuts in IRS budgets its workforce continued to shrink until 2008. In 2009 and 2010 the IRS had its budgets grow and its workforce grew. In…