Foreign bank account filings due June 30

The Bank Secrecy Act (BSA) requires that a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) be filed if the aggregate maximum values of the foreign financial accounts of a United States Person [US citizen or resident, or … Continue reading →

Tax Information for Students with a Summer Job

Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, … Continue reading →

Tax treatment for virtual currency transactions

A taxpayer who receives virtual currency as payment for goods or services must include in gross income the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.  If this amount is … Continue reading →

The IRS Examination Process (Audits by Mail)

While most tax returns are accepted as filed, some tax returns are selected for audit to determine if income, expenses, and/or credits are being reported accurately.  This selection may be triggered by specific items on the tax return filed that are controversial … Continue reading →

Use EFTPS Inquiry PIN to ensure tax deposits are correct

Employers using a third-party payroll service provider are responsible for their tax obligation if federal tax deposits are not made or are not timely. In recent years there have been many cases of third-party payroll service providers routinely impounding the employee tax withholdings and employer … Continue reading →