By: Amanda Wilson A taxpayer that has a foreign bank account is required to file a special form, the Report of Foreign Bank and Financial Accounts, disclosing information about the account. Failure to file this form, which is commonly referred to as...

By: Amanda Wilson When deciding how to form their new business, small business owners are often encouraged to organize as an S corporation because of self-employment tax savings. This recommendation is because the IRS does not recognize that a...

By: Amanda Wilson April 15th is usually greeted with dread as tax day. However, April 15th also offers an important tax planning opportunity for partners in partnerships (including limited liability companies that are treated as partnerships for...

By: Amanda Wilson Last month, the IRS announced that same-sex marriages would be recognized as marriages for federal tax purposes. It is important to recognize that this position extends beyond individual income tax consequences and can impact...