Internal Revenue Service Archives - Page 2 of 2

Changes to the § 108 Exclusion Rule

Normally, under Internal Revenue Code § 61(a)(12), income from the discharge of indebtedness is includable in gross income, however, such income may be excludable from gross income under certain exceptions…

October 19, 2016

Foreign Tax Preparation Forms and Filings Internal Revenue Code Internal Revenue Service Tax Compliance

Form 3520 – Substituting the Foreign Grantor Trust Beneficiary Statement

Beneficiaries of Foreign Grantor Trusts will generally receive a Foreign Grantor Trust Beneficiary Statement detailing information for the tax year related to that trust. Question 29 of Part III of…

June 22, 2016

Foreign Tax Preparation Internal Revenue Code Internal Revenue Service Tax Compliance

Nonresident Aliens and the § 121 Principal Residence Exclusion

Internal Revenue Code § 121 provides taxpayers with an exclusion from gross income of up to $250,000 of gain on the sale of a taxpayer’s principal residence. A married couple…

June 22, 2016

Compliance Issues Internal Revenue Code Internal Revenue Service Tax Compliance

Form 8938 – New IRS Regulations Require Domestic Entity Filers

Pursuant to new guidance (T.D. 9752, RIN 1545-BM54) issued by the Department of Treasury under Internal Revenue Code § 6038D and effective as of February 23, 2016, the requirement for…

June 16, 2016

Internal Revenue Service Tax Compliance

Foreign Charities

Pursuant to Internal Revenue Code § 170, contributions to certain charitable organizations are tax-exempt. Generally, contributions to foreign organizations are not tax-deductible. Certain foreign organizations, however, can be treated as…

March 25, 2016

Compliance Issues Foreign Tax Preparation Internal Revenue Service Tax Amnesty Tax Compliance

Justice Department and IRS Continue to Crackdown on Switzerland, Expand Investigation into Belize

The U.S. Justice Department recently projected that it would collect more than $1.36 billion from 80 Swiss banks and other Swiss financial firms that encouraged U.S. taxpayers to hide money…

March 25, 2016

Internal Revenue Service

IRS Phone Scam

As tax season approaches, taxpayers should be aware of an ongoing IRS phone scam. Callers will generally contact taxpayers and represent themselves to be IRS agents and state that money…

February 8, 2016

Foreign Tax Preparation Forms and Filings Internal Revenue Service International Taxation International Treaty United Kingdom

Alimony payments to nonresidents under the UK- U.S. tax treaty

Generally alimony paid by a U.S. citizen or resident of the U.S. to a non-resident Alien is U.S.-source income, deductible by the payor and reportable by the recipient. Because alimony…

September 11, 2014

Category: Internal Revenue Service