Category Archives: IRS Compliance

Check the Tax Rules Before Lending Money to Relatives

Posted on 02/17/2014 by Sandy Suchoff

There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The … Continue reading →

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The IRS is Having a Bad Year

Posted on 09/23/2013 by Sandy Suchoff

  First it was the acknowledgement of mishandling non-profit applications for groups with “Tea Party” and “Patriot” in their name. Then it was the bad publicity around lavish spending at IRS internal conventions and meetings. The latest oops is the … Continue reading →

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Follow the Tax Rules When You Borrow From Your Corporation

Posted on 07/29/2013 by Sandy Suchoff

If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised … Continue reading →

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Are you Using the Correct Filing Status When Filing Your Income Tax Return?

Posted on 05/10/2013 by Sandy Suchoff

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether … Continue reading →

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How to Designate Power of Attorney with the IRS

Posted on 04/29/2013 by Sandy Suchoff

  You have the right to represent yourself or have someone represent you before the IRS in connection with a federal tax matter.  At Lefstein-Suchoff CPA and Associates we represent many clients who face IRS problems.  Please read below for … Continue reading →

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IRS has Another Swiss Bank to Find Unreported Foreign Accounts

Posted on 03/22/2013 by Sandy Suchoff

If you still haven’t reported taxable foreign account income to the IRS, the IRS offshore voluntary disclosure amnesty program might be your final chance.  If you fail to participate, you could be hit with stiffer fines and possible criminal charges. … Continue reading →

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Gift Tax Returns More Likely to be Subject to IRS Audits

Posted on 03/14/2013 by Sandy Suchoff

The Internal Revenue Service is likely to step up audits of gift tax returns, it may appear. Fewer estate tax returns are being filed because of the increased estate tax exemption, so the agency has more staff and resources to … Continue reading →

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IRS Practice and Procedure Change: Voluntary Compliance Programs

Posted on 02/21/2013 by Sandy Suchoff

On Jan. 9, 2012, the IRS provided another opportunity for taxpayers to disclose previously unreported offshore accounts: the 2012 Offshore Voluntary Disclosure Program (OVDP). OVDP is the third voluntary foreign bank account reporting (FBAR) program from the IRS in four … Continue reading →

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