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The IRS just instituted a new voluntary disclosure program for taxpayers (now closed) who have offshore accounts or assets and who failed to properly report them to the IRS and pay appropriate U.S. taxes. It is called 2011 Offshore Voluntary Disclosure Initiative (“2011 OVDI”). While 2011 OVDI is not available for everyone and some particular […]
On February 8, 2011, the Internal Revenue Service announced that a new special voluntary disclosure initiative, designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes, will be available through August 31, 2011. The IRS decision to open a […]
Generally, most income you receive is considered taxable. However, the tax code is riddled with various exceptions where certain types of income are partially taxed or not taxed at all. For instance, here is a non-exclusive list of common examples of types of income usually excluded from taxable income: Adoption Expense Reimbursements for qualifying expenses […]
It may be possible for you to be able to deduct medical and dental care expenses incurred in the tax year 2010. This deduction, however, is available only if you itemize your deductions on Schedule A (Form 1040). This deduction is allowed only for expenses primarily paid for the prevention or alleviation of a physical […]
Closing agreements constitute an important part of tax representation and tax planning. A “closing agreement” is a final agreement between the IRS and the taxpayer on a specific issue or liability. Closing agreements are entered into pursuant to IRC Section 7121. Usually, closing agreements may be entered into when it is beneficial to permanently and […]