Archive by Year:2022

2022 Year in Review: What Are Our Lessons Learned for 2023?

Offshore Account Update

Posted in on December 30, 2022

The New Year is here. While this means it is time for New Year’s Resolutions and a fresh outlook on life, it also means that it is time to start thinking about tax season. Here is a look back at some of our top insights for U.S. taxpayers from 2022.Read More

When Can U.S. Taxpayers File for Penalty Relief with the IRS?

Offshore Account Update

Posted in on December 16, 2022

The Internal Revenue Service (IRS) imposes penalties on individual and corporate taxpayers for several reasons. These penalties begin to accrue immediately upon a filing or payment delinquency, and they can substantially increase taxpayers’ total liability. While some taxpayers will simply have to pay what they owe, there are various options for avoiding (or at least mitigating) liability for IRS penalties—one of which is filing for penalty relief.

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Is Your Giving Tuesday Donation Tax-Deductible?

Offshore Account Update

Posted in on November 29, 2022

Giving Tuesday is today, the first Tuesday following the Thanksgiving holiday. While not officially a day of recognition, Giving Tuesday is championed by the non-profit group, and it has become a day on which many people choose to make their charitable donations for the year. Many companies make donations as well, with many matching the gifts made by their employees.Read More

Citing Increased “Tax Gap,” IRS Plans More Robust Enforcement Going Forward

Offshore Account Update

Posted in on November 18, 2022

According to a recent News Release from the Internal Revenue Service (IRS), the federal “tax gap” increased by $58 billion for tax years 2014 through 2016. At $496 billion, the tax gap during this period was the highest in history. While the IRS notes that this increase “can be attributed to economic growth,” it is nonetheless planning to institute more robust enforcement efforts in 2023 and beyond.

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IRS Encourages Delinquent Taxpayers to Consider an Offer In Compromise

Offshore Account Update

Posted in on October 31, 2022

In a recent Tax Tip, the Internal Revenue Service (IRS) advised individuals and businesses that are behind on their federal tax obligations to consider submitting an offer in compromise. As the IRS explains, the offer in compromise program “allows taxpayers to enter into an agreement . . . that settles a tax debt for less than the full amount owed[, and s]ometimes . . . significantly less, especially if they have low income and few assets.”

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