Tax Tips

Update: The IRS has reversed their stance and senior citizens, Social Security recipients, and railroad retirees who are not otherwise required to file a return will not have to.  Update 2: IRS […]

COVID-19 impacted the whole world badly in general and USA in particular. Due to this unprecedented situation where normal travelling and flight operations has been suspended across the globe, many

As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law

IRS introduced many relief measures for taxpayers to help them through the economic disruption caused by COVID-19. These measures includes legislative and administrative changes to provide many short term and

In September, the IRS announced that they would mail time-limited settlement offers to certain taxpayers under audit who had participated in abusive micro captive insurance transactions (IRS News Release IR-2019-157).

The look and feel of iconic tax return form, the Form 1040 has been virtually recognized by everyone for many years. Although the form is complex yet consistent. With the

While submitting the shareholder’s tax return (or, if applicable, partnership or exempt organization return), fill the Form 8621 as per instructions mentioned in it, attach it with return and file

The IRS issued a revenue procedure to help tax payers and relevant passthrough entities (RPEs) that provides a safe harbor. As per procedure a “rental real estate enterprise” will be

Streamlined Program Overview The IRS streamlined program breaks down into two camps. 1. Streamlined Foreign Offshore Program (SFOP) 2. Streamlined Domestic Offshore Program (SDOP) – described herein The main difference between