If you didn't file your taxes last year, or in some other previous year, you may be feeling immobilized by indecision about what to do. That's a natural human tendency, but there are several good reasons to address the situation now.
You open your mailbox and find a notice from the IRS called CP-2000. Looking it over, it appears to be about underreporting of income. If you are like most people, you will probably have many questions.
Let's resume our discussion of the complexities of employment taxes for people involved in the social-sharing economy.
The rapid increase in consumer transactions delivered through social-sharing services has many far-reaching implications. Ride-sharing services such as Uber and Lyft, for example, have begun to upend the business model for the taxi industry in Boston and other cities around the country.
For years, the IRS has had a whistleblower program under which individuals who provide information to the government that leads to the collection of unpaid taxes are eligible to apply for financial awards.
The Foreign Account Tax Compliance Act (FATCA) is a serious headache for Americans living abroad. Indeed, that is probably an understatement. If FATCA is a headache, it is perhaps best characterized as a migraine, carrying significant compliance pain.
"Don't look back," famous Americans from Satchel Paige to Bob Dylan have counseled. Neither of those two men, however, worked for the IRS.
For taxpayers without foreign bank accounts, filing season comes only once a year, in April. But if you have reporting obligations for a non-U.S. account, there is a second filing deadline that comes at the end of June. The applicable form for this second filing is now called FinCEN 114, though it is still widely known as the FBAR.
The filing deadline for foreign bank accounts that meet certain monetary thresholds is only a few weeks away. As in past years, the deadline is June 30.
This is a follow-up to a post we did last winter on filing requirements for foreign assets and income.