Offshore tax planning can create legitimate opportunities to preserve capital, protect assets, and reduce tax liability. Offshore tax strategy can also bring regulatory scrutiny and, if mishandled, potentially cross into the realm of criminal tax evasion. Just as you...
It’s crucial to ensure you pay all taxes to the Internal Revenue Service when they are due, which is crucial. If you owe back taxes and don’t arrange to pay, the IRS may levy your bank account and seize your property. In the event you’ve been contacted by the IRS...
Receiving notice from the Internal Revenue Service (IRS) that you’ve been selected for an audit can be stressful and overwhelming. However, receiving a notice does not necessarily show any wrongdoing. IRS audits can be targetted or can be random — the IRS conducts...
Everyone dreads the possibility of being audited by the Internal Revenue Service (IRS). While it’s better not to be audited, a marked difference exists between a routine IRS audit and a targeted audit. Although you cannot always avoid an audit, careful recordkeeping,...
Many people choose to gift assets to their loved ones while they are still alive so they may see them enjoying the benefits. In 2024, the Internal Revenue Service (IRS) increased the limits for both the gift tax exclusion and the lifetime estate and gift tax exemption...
The Internal Revenue Service (IRS) is taking measures to increase tax enforcement for high earners this tax season by implementing the use of artificial intelligence (AI). That’s correct – SkyNet is going to audit your tax returns. These efforts are meant to help the...
