High-income and high-net-worth taxpayers who have assets offshore must report these assets to the U.S. government annually. For most, this means filing both IRS Form 8938 to comply with the Foreign Account Tax Compliance Act (FATCA) and a Report of Foreign Bank and Financial Accounts (FBAR) to comply with the […] The post FATCA and BSA Compliance: What Happens If You Don’t Report Your Offshore Assets to the U.S. Government? appeared first on Brown Tax, PC ..read more

While the national public health emergency related to the COVID-19 pandemic may have ended in 2023, combating COVID-related fraud remains a top federal law enforcement priority in 2024. The Internal Revenue Service (IRS) is one of several agencies involved in the government’s ongoing response, and IRS Criminal Investigation (IRS CI) […] The post IRS CI’s Early Enforcement Efforts Make Clear that COVID-Related Fraud Remains a Top Enforcement Priority in 2024 appeared first on Brown Tax, PC ..read more

On February 21, 2024, the Internal Revenue Service (IRS) announced that it plans to conduct “dozens of audits on business aircraft involving personal use” throughout the year. Citing the IRS’ additional funding under the Inflation Reduction Act, the News Release quotes IRS Commissioner Danney Werfel as stating: “With expanded resources, […] The post IRS Begins Audits of Corporate Jet Usage appeared first on Brown Tax, PC ..read more

The Internal Revenue Service (IRS) recently issued a News Release in which it advises employers to resolve any issues with their Employee Retention Credit (ERC) filings by March 22, 2024. This is the deadline to file under the IRS’ limited-time ERC Voluntary Disclosure Program (VDP). But, filing under the ERC […] The post IRS Advises Employers to Resolve Employee Retention Credit (ERC) Issues Before March 22, 2024 appeared first on Brown Tax, PC ..read more

The Internal Revenue Service (IRS) is continuing to prioritize cryptocurrency-related compliance in 2024. As we previously discussed, the IRS identified digital asset compliance as one of its three “priority areas” for enforcement in 2024, and it recently issued a News Release reminding U.S. taxpayers of the obligation to report cryptocurrency […] The post Federal Cryptocurrency Tax Compliance in 2024: What Investors, Miners and Others Need to Know appeared first on Brown Tax, PC ..read more

Most U.S. taxpayers who own offshore accounts have a legal obligation to disclose these accounts to the federal government on an annual basis. In most cases, taxpayers must separately report their offshore accounts to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN), which is also part […] The post Resolving Offshore Account Disclosure Violations in 2024: Key Insights for Taxpayers in the U.S. and Abroad appeared first on Brown Tax, PC ..read more

Failing to file all necessary returns and pay all federal taxes when due can expose U.S. taxpayers to interest and penalties. This includes not only civil penalties but also criminal penalties in some cases. Interest and civil penalties begin to accrue immediately upon noncompliance, while criminal penalties can result from […] The post IRS Interest and Penalties: 2024 Update appeared first on Brown Tax, PC ..read more

The Internal Revenue Service (IRS) recently launched its highly anticipated Employee Retention Credit Voluntary Disclosure Program (ERC VDP). Under the ERC VDP, eligible businesses can resolve improper ERC claims without liability for interest or penalties. However, filing under the ERC VDP can be risky, and it isn’t the best option […] The post What Business Owners Need to Know About the Employee Retention Credit Voluntary Disclosure Program (ERC VDP) appeared first on Brown Tax, PC ..read more

Taxpayers who own qualifying offshore accounts and other foreign financial assets have an obligation to disclose these assets to the federal government on an annual basis. As we move into 2024, it is important for high-income and high-net-worth taxpayers to ensure that they have a clear understanding of their reporting […] The post What Are the Offshore Disclosure Requirements for the 2023 Tax Year? appeared first on Brown Tax, PC ..read more

On December 6, 2023, the Internal Revenue Service (IRS) announced that it was sending an “initial round” of 20,000 letters to taxpayers informing them that their Employee Retention Credit (ERC) claims had been denied. According to the IRS’ press release, the letters reflect the agency’s “increased scrutiny of ERC claims in […] The post What Business Owners Need to Know if They Received an ERC Disallowance Letter from the IRS appeared first on Brown Tax, PC ..read more