IRS Commissioner John Koskinen recently announced that a combined effort between the IRS, state tax authorities and tax return software companies should be in place to combat stolen identity return fraud (SIRF) for the 2016 filing season. The Commissioner organized a summit in March 2015 that set up working groups of tax return software companies

In response to emerging calls for clarity on FBAR penalties, the IRS recently released a memorandum to all LB&I, SB/SE and TE/GE employees regarding guidelines for imposing FBAR penalties. As a quick review, the penalty for willfully failing to file an FBAR is capped at the greater of $100,000 or 50% of the highest aggregate

The Puerto Rican House recently voted 26 to 22 to accept a bill that establishes a Value Added Tax (VAT) effective April 2016. The bill will increase the sales tax rate from 7% to 11.5% effective from July 1, 2015 to April 1, 2016, when the sales tax would be repealed and replaced with an

The U.S. Supreme Court recently ruled in favor of taxpayers in Comptroller v. Wynne. Mr. and Mrs. Wynne, both Maryland residents, were shareholders in an S corporation that conducted business in close to 40 states. In filing their 2006 Maryland income tax return, the Wynnes claimed a credit for taxes paid to other states. Maryland’s

Last night, the House voted 274-145 in favor of a bill that would permanently extend and expand the federal Research and Development (R&D) Tax Credit. The bill now advances to the Senate, and it is unclear if and when the Senate will consider the House bill at this time. If the bill were to pass

Officials with the IRS and the Department of Justice (DOJ) recently announced that criminal investigations will increasingly focus on employment tax. As part of the Tax Increase Prevention Act of 2014, the IRS established a voluntary certification program for professional employer organizations (PEO). Many wonder whether the IRS’ increased focus on employment tax will give

King v. Burwell The Supreme Court recently heard oral arguments in King v. Burwell. Along with the same sex marriage case, this is the most important case the court will decide this year. Depending on the outcome, the court could change the future course of Obamacare. To quickly review the legal issues, section 36B of