Friday, November 8, 2019

What Happens During an IRS Audit?

“IRS audit” is a phrase dreaded among most of the United States. Even for those of us who keep the most meticulous of tax records and properly file everything, the prospect of an audit is a stressful one. If you receive a letter in the mail from the IRS notifying you of an audit, panic may have set in. To help assuage some of your anxiety and prepare yourself for what is to come next, it is a good idea to familiarize yourself with what actually happens during an Read more . . .

Wednesday, October 9, 2019

Estate Tax Returns

The executor of an estate is tasked with filing tax returns for the estate, if necessary. The estate of a deceased individual is considered to be a separate legal entity for purposes of federal income tax.
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Tuesday, August 13, 2019

Tax Fraud

Tax fraud is a pervasive crime in the United States that carries harsh penalties. The U.S. government does not take it likely on those looking to defraud them. They will go after the wealthy and those in lower socioeconomic levels if there is suspected tax fraud.
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Friday, May 17, 2019

Delinquent Foreign Bank Account Report

A Foreign Bank Account Report (FBAR) refers to FinCEN Form 114. It is a form that must be filed with the IRS by a US citizen and resident who owns or has signatory authority over a financial account that is outside of the country. You must report your foreign bank accounts to the IRS whenever the total value of all of your foreign bank accounts reaches an amount that is greater than $10,000 at any point of time throughout the year. Whether it is a savings account, checking account, or a securities or brokerage account, the foreign bank account must be reported to the IRS I a timely manner. If you have a delinquent FBAR, there are special procedures you must follow to file the past due report.
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Tuesday, February 12, 2019

How Will the Government Shutdown Affect Tax Filings?

The government shutdown is frustrating for many Americans. Even for those who are not directly impacted by the shutdown as an employee working without pay or an employee who is furloughed, the negative impact of the government shutdown may be felt by all taxpayers this year as we prepare to file our income tax returns. The IRS announced it would recall thousands of unpaid workers to avoid a delay in beginning the tax filing season.  However, our

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Tuesday, January 15, 2019

Do You Have Foreign Assets? How to Ensure You're Compliance with FBAR and FATCA Requirements

It is imperative that taxpayers who have financial assets outside of the United States review the filing requirements and deadlines for reporting foreign assets to ensure they remain compliant with IRS regulations. Filing the correct tax forms on time can avoid excessive fines and penalties that the IRS may assess for noncompliance. Our Arkansas foreign tax compliance lawyers discuss some of the FBAR and FATCA filing requirements below and are available to answer any questions you might have about reporting foreign assets.

Key Things to Know About Reporting Foreign Accounts (FBAR)

An FBAR is not filed with your tax return and does not go to the IRS. The FBAR is filed online through the BSA E-filing System for the Department of Treasury.

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Monday, October 8, 2018

What is an Offer in Compromise?

If you’ve ever received a notice from the IRS telling you that you owe more money, you know that sinking feeling in the pit of your stomach. You know the questions you start asking yourself -- How many more overtime hours will this take to pay off? How will I pay for my child’s college tuition? And more. While being under IRS scrutiny is never a comfortable thing, you may be able to take comfort in the IRS Offer in Compromise program, which provides relief to indebted taxpayers. It’s not as simple as filling out a form, so talking with an experienced offer in compromise lawyer is a good idea if you want to reduce your tax debt.

Reduce Your Tax Debt – As Seen on TV

Many purported “tax relief” companies tout the offer in compromise as a new, limited time gimmick. The truth is, the offer in compromise has been around for decades. Be careful when dealing with debt relief companies that advertise on late-night television. They like to promise big results quickly. Unfortunately, some of the less-scrupulous companies will do nothing but relieve you of your hard-earned money overnight.

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Friday, October 5, 2018

Five Things You Didn't Know About IRS Audits

If you receive notice of an audit by the Internal Revenue Service (IRS), stay calm, but do not ignore the notice. An audit notice does not necessarily mean that you have done anything wrong. But, you should also make sure that you understand your legal rights and responsibilities by speaking with an..

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Monday, July 23, 2018

Arkansas Faces Potential Online Sales Tax ‘Mess’

Do E-Commerce Sites Pay Sales Tax? 

In 1992, the United States Supreme Court decided in Quill Corporation v. North Dakota, that companies who had no physical locations within a state were not required to collect sales tax from its customers.

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Monday, July 2, 2018

What's New With Your Company's Retirement Plan

By: Danny Broaddrick, ERISA/Qualified Plan Counsel


Recent legislation has impacted various aspects of many qualified retirement plans such as 401(k), profit sharing and even defined benefit (pension) plans to some degree. Some of the significant changes to note are as follows:

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Thursday, March 15, 2018

5 Things You Can Do Today to Plan for the 2018 Tax Season

Planning for tax season is never fun, but 2018 may be especially daunting because of the new tax changes that went into effect as of January 1, 2018. In fact, the changes that have already taken effect are the most significant revisions to the tax code that the U.S. has seen in the past 30 years.

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