by Leif Jensen | Aug 4, 2021 | Taxes |
The fine for willfully failing to report foreign accounts are not capped, according to an appeals court decision. Under the statute, the penalty for willful failures is the greater of $100,000 or 50% of the highest balance in the overseas account. The IRS regulations...
by Leif Jensen | Aug 3, 2021 | Taxes |
IRS and the Justice Department continue to be on the prowl for undisclosed foreign accounts, devoting resources to get U.S. owners of the accounts to timely report them each year if the aggregate value exceeded $10,000 at any time during the prior year. Penalties for...
by Leif Jensen | Jul 13, 2021 | Taxes |
What are the federal income tax consequences from selling a timeshare? Losses from the sale of timeshares held for personal use are nondeductible. If you are one of the lucky few that sells a timeshare at a profit, you have capital gain. Different tax rules apply to...
by Leif Jensen | Jul 7, 2021 | Taxes |
Cases involving passport revocations are now coming before the Tax Court. A federal statute allows the Department of State to deny or revoke U.S. passports of individuals with federal tax debts of $54,000 or more on whom a tax lien or levy has been filed. The IRS...
by Leif Jensen | Jun 30, 2021 | Taxes |
Businesses can deduct 100% of restaurant meals in 2021 and 2022.The late 2020 stimulus law provides temporary relief from the 50% haircut that normally applies to the business meals write-off. The easing applies only to food and beverages purchased at a restaurant for...
by Leif Jensen | Jun 15, 2021 | Taxes |
For 2021, the maximum amount of tax-free employer-provided dependent care benefits increased to $10,500. This means an employee can set aside $10,500 in a dependent care flexible spending account, instead of the normal $5,000. Workers can only do this if their...
