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2017 Tax Reform: House GOP Releases “Tax Cuts and Jobs Act”
On November 2, 2017, the Tax Cuts and Jobs Act was released by House Republicans. The bill is scheduled to be marked up by Ways and Means on Nov. 6. If the bill becomes law, it would mark the most significant changes to the federal income tax system in the past 30...
Avoiding IRS Identity Theft: How to Recognize Phishing Scams
Avoiding IRS Identity Theft and Phishing Scams What is the easiest way for an identity thief to steal your personal information? Simply ask for it. According to the IRS, each day, people fall victim to phishing scams through emails, texts, or phone calls and...
IRS Encouraged to Overhaul Offer in Compromise Public Files
Offer in Compromise Digital File Retention TIGTA recommends that IRS keep offer in compromise public access files as electronic copies to better manage the retrieval, movement, retention, and destruction of files. The tax attorney at Columbus, Ohio-based law...
ITIN Application Process Changes from PATH Act of 2015
The Internal Revenue Service ("IRS") announced today important changes to help taxpayers comply with revisions to the Individual Taxpayer Identification Number ("ITIN") program. The ITIN program changes require some taxpayers to renew their ITINs beginning in...
IRS Statute of Limitations on Tax Debt | Is it Really 10 Years?
By law, the IRS statute of limitations on collecting a tax debt is 10 years. Did you know that the IRS only has 10 years to collect a tax debt? According to federal tax law, Internal Revenue Code ("I.R.C.") Sec. 6502, the length of the period for the IRS to collect is...
Filing Deadline for FBAR and Offshore Assets in 2015
The FBAR filing deadline is June 30. Under FATCA, U.S. tax residents must report the existence of foreign accounts and income from them on Schedule B and may be required to file Form 8938. U.S. citizens and residents must report their worldwide income on their federal...