Monthly Archives: July 2018
IRS Offers Relief to Taxpayers Subject to Transition Tax on Foreign Earnings
The new tax law, passed late last year, made a number of changes to the tax code, one of which, was the imposition of a transition tax on untaxed foreign earnings of overseas companies owned by U.S. shareholders. According to the new law, these types of foreign earnings that are held in the form… Read More »
Payment Options Available to Taxpayers Who Filed Their Taxes But Didn’t Pay
The IRS gives taxpayers an extension when it comes to filing their tax returns. However, this extension does not apply to any liabilities owed by taxpayers, so all payments were supposed to be submitted by mid April. Many taxpayers were unable to meet this deadline and so are now receiving tax bills because, although… Read More »
New Deduction-Related Changes Enacted
Late last year, Congress made significant changes to U.S. tax law when it passed the Tax Cuts and Jobs Act. Many of these changes will affect not only individual taxpayers, but also their employers. For instance, under the terms of the new amendments, all miscellaneous itemized deductions that were formerly subject to the two… Read More »
Challenging Wrongful IRS Levies
When taxpayers fail to pay tax debt, the IRS is permitted to issue a levy against them, which permits the agency to seize and sell the taxpayer’s property, including wages, vehicles, real estate, personal assets, and the contents of financial accounts in order to cover the liability. Previously, those against whom a levy was… Read More »