Law Office News

Law Office News

Fundamentals of 1031 Like Kind Exchange: Rules, Pitfalls & Examples

Introduction Section 1031 like-kind exchange of the Internal Revenue Code (IRC) allows taxpayers to defer…

What to Do if the IRS Disallows Your ERC Claim, Assesses Repayment, or Audits Your Business

The Law Office of Anthony N. Verni, Inc.  The IRS is now aggressively reviewing Employee…

Partial Pay Installment Agreement: IRS Guide & FAQs

Latest Facts and News Paying taxes can be hard, especially when the IRS keeps trying…

what will trigger an irs audit

What Will Trigger an IRS Audit? Your Guide to IRS Audit Triggers

Latest Facts & News Hook Getting audited by the IRS can come as a surprise,…

SUPREME COURT TO DECIDE WHETHER MANDATORY REPATRIATION TAX IS CONSTITUTIONAL WITH RESPECT TO CFC UNDISTRIBUTED INCOME

On June 26, 2023 the Supreme Court granted the Petitioners’ Application for a Writ of…

FORM 5471 FILING REQUIREMENTS FOR U.S. TAXPAYER MARRIED TO NON-RESIDENT SPOUSE

The requirements for filing Form 5471 are quite complex and confusing.  The obligation to file…

FATCA REPORTING CHANGES AND INFLATION REDUCTION ACT SPELL TROUBLE FOR TAXPAYERS WHO HAVE FAILED TO FILE FORM 8938 AND FBARS

A recent report (the “Report”) from The Treasury Inspector General for Tax Administration (“TIGTA”) addressing…

FBAR CONSENT TO EXTEND STATUTE OF LIMITATIONS OPERATES AS A WAIVER/NON WILLFUL FBAR PENALTIES ASSESSED PER ACCOUNT

U.S. DISTRICT COURT DECIDES FBAR PENALTY STATUTE OF LIMITATIONS WAIVED AND  ASSESMENT OF NON WILLFUL FBAR…

Quiet Disclosures and the Civil Willful FBAR Penalty. Even Death Will Not Help You

The Government will examine efforts by a Taxpayer to avoid detection by the Internal Revenue…

HOW BIDEN’S TAX PROPOSAL WILL IMPACT GIFT AND ESTATE TAX PLANNING

The Biden Tax Proposal, if enacted, will have a significant impact on estate planning for…

TRANSFERRING PROPERTY TO AVOID PAYING TAXES

Why it’s a Very Bad Idea? A taxpayer who owes or anticipates owing a substantial…

UNDERSTANDING THE STATUTUE OF LIMITATIONS

Duration the IRS Has to Assess Federal Income Tax? The statute of limitation for assessment…