Editorial team of TFX
Articles
An important update for U.S. owners of businesses incorporated outside of the United States
In a landmark ruling that could have far-reaching implications, the U.S. Tax Court has recently made a decision that could significantly impact U.S. owners of businesses incorporated outside of the United States. The case Farhy v. Commissioner has challenged the IRS<...
Penalty Abatement Options for Forms 5471, 5472, and 8865
The U.S. tax system demands that individuals and corporations with international ties submit various information returns to the Internal Revenue Service (IRS). Failure to comply within the stipulated time frame can lead to hefty penalties. However, various options can help lessen or even nullify these penalties. Key...
Taxpayers Must Act Fast to Claim $1.5 Billion in Refunds for Tax Year 2019 Before July 17 Deadline
(update) Last Call to Claim 2019 Tax Refunds Before Upcoming Deadline July 6, 2023 The Internal Revenue Service (IRS) has issued an urgent reminder to approximately 1.5 million Americans who have not yet claimed their tax refunds for 2019. These individuals are encouraged to take ac...
IRS Advises Early Filers Who Reported Certain State Tax Refunds as Taxable to Consider Filing Amended Returns
The Internal Revenue Service (IRS) has recently released a statement advising taxpayers who filed their federal income taxes early this year and reported certain state 2022 tax refunds as taxable income to consider filing an amended return. The IRS clarified the federal tax status ...
IRS Announces Tax Relief for Mississippi, Arkansas, Tennessee & Indiana Storm Victims: Deadline Extended to July 31
The Internal Revenue Service (IRS) has announced tax relief for the victims of severe storms, tornadoes, straight-line winds, and flooding that occurred in Mississippi, Arkansas, Tennessee and Indiana from February 11-19, 2022. The IRS has extended the deadline for affected taxpayers to file their returns and make payments until July 31...
IRS to Offer Saturday Hours at Taxpayer Assistance Centers
The IRS has announced that it will offer Saturday hours at many of its Taxpayer Assistance Centers across the country, as part of its efforts to improve customer service during the tax season. The special Saturday hours will be available on March 11, April 8, and May 13, from 9am to 4pm Walk-In Service Without Appointments D...