Tax Attorney Blog

10 Things You Should Know About An IRS Audit

The Internal Revenue Service defines an audit as “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is substantially correct.” The idea of being audited by the IRS can make anyone nervous.

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I Just Received a Letter from my Bank about FATCA and my Connection to the U.S.

Banks and financial institutions around the world are mailing letters to account holders requesting U.S. tax documentation. If you have received a letter similar to this one from your foreign bank, it is because the bank is complying with the Foreign Account Tax Compliance Act or FATCA.

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Large Tax Debt? You May Lose Your Passport

The State Department may revoke, deny or limit your passport if you have a large tax debt. As part of the FAST Act, a new code section was added to the Internal Revenue Code: Section 7345 “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.”

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Ten Most Litigated Tax Issues

Every year the National Taxpayer Advocate analyzes tax cases litigated in federal court to identify the most commonly litigated issues. The ten most litigated tax issues from June 1, 2014 – May 31, 2015 are:

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IRS Program Intended to Help Employers Avoid Payroll and Employment Tax Penalties

Interest and penalty charges related to payroll and employment tax problems can be very costly for employers, especially small businesses and family owned businesses. The Internal Revenue Service (IRS) has a new program to help employers comply with employment taxes and avoid crippling fees.

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18,000 Retired U.S. Military Personnel Are Living Abroad: How Many Know About FBAR and Foreign Asset Reporting Requirements?

The U.S. Department of Justice reports 18,000 retired U.S. military personnel are living outside the United States. If you are a U.S. taxpayer living outside the United States and you have assets in a foreign bank account, you may need to file an FBAR or other specific foreign asset reporting forms with the Internal Revenue Service (IRS).

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McMahon & Associates Adds Tax Attorney Elissa Sneider Burton

Please join us in welcoming Elissa Sneider Burton to McMahon & Associates. Elissa joins us a tax attorney in our Boston office. Elissa represents individuals, estates and businesses before the Internal Revenue Service (IRS) and Massachusetts Department of Revenue (DOR). She has a Masters of Laws in Taxation from the Georgetown University Law Center and served as an intern for Frank Scharaffa, Commissioner of the Massachusetts Appellate Tax Board.

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D. Sean McMahon Named to 2015 Super Lawyers List

Congratulations to D. Sean McMahon for being named to the 2015 Massachusetts Super Lawyers list in the area of Tax. This is the third year that Sean had been named to the list.

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Offshore Voluntary Disclosure Programs Still an Option for US Taxpayers

The Internal Revenue Service (IRS) announced that more than 54,000 taxpayers have participated in offshore disclosure programs since 2009. The programs have collected more than $8 billion in taxes and fees. U.S. taxpayers still have the option to disclose foreign bank accounts under the disclosure programs but time may be running out.

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What do Bill Belichick and Tax Attorneys have in common?

Belichick doesn’t exactly evoke images of General Patton; he’s more like an outstanding tax attorney who is equally adept at avoiding eye contact as he is at finding every possible loophole to maximize your return (although he might get you audited every few years). -Andrew Perloff, “Against the Grain: The Patriots’ biggest crime? Making football boring,” Sports Illustrated, September 11, 2015.

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