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Pending Federal Legislation Would Authorize Revocation or Non-Renewal of Passports of U.S. Expatriates Who Owe $50,000 in Taxes

The House and Senate have passed separate versions of a highway funding bill (H.R. 3763: Surface Transportation Reauthorization and Reform Act of 2015; S.808 – Surface Transportation Board Reauthorization Act of 2015) which must be reconciled b… Read More
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Categories: Tax News

Bipartisan Budget Act of 2015 Repeals TEFRA Partnership Audit Rules in Effect Since 1982

Partnerships – including partnerships with 100 or more partners – are among the fastest growing types of business entities in the United States today. A provision of the Bipartisan Budget Act of 2015 (“BBA”), which had the salutary ef… Read More
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Categories: Tax News

IRS Issues Audit Technique Guide for Entertainment Industry

In connection with the examination (auditing) process, the IRS has been preparing Audit Techniques Guides (ATGs) intended to assist IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries. ATG… Read More
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Categories: IRS Audits

​New IRS Guidelines Limiting FBAR Penalties

Penalties for failure to file required FBAR reports disclosing foreign financial accounts for taxpayers who do not participate in one of the available Offshore Voluntary Disclosure Programs are severe. Civil penalties for non-willful failure to file,… Read More
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