FACING A PENNSYLVANIA SALES TAX AUDIT: WHAT TO KNOW

Posted by amlaw

FACING A PENNSYLVANIA SALES TAX AUDIT: WHAT TO KNOW. As a small business, you have plenty of challenges, some of which come at you faster than you can deal with. While sales tax audits are a routine part of tax enforcement, their impact on business operations is often more disruptive, costly, and time-consuming than many business owners anticipate. At its core, a sales tax audit is the state’s way of verifying that a business has properly collected, reported, and remitted sales tax. In Pennsylvania, this responsibility falls on the seller, not the customer. That means if a business fails to collect the...

18 March

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To Disclosure or Not Disclose Foreign Assets to the IRS: That is the Question

Posted by amlaw

in Foreign Assets, Tax Law

To Disclosure or Not Disclose Foreign Assets to the IRS: That is the Question U.S. taxpayers failing to disclose their foreign assets to the Internal Revenue Service (IRS) face serious repercussions. The penalties for non-compliance are severe, including criminal charges. This article explores the scope of these disclosure obligations, who must comply, the pros and cons of voluntary disclosure, the steps involved in voluntary disclosure, and the penalties for non-compliance. Scope of Foreign Asset Disclosure Requirements The IRS mandates the disclosure of foreign assets under two primary reporting frameworks: the Report of Foreign Bank and Financial Accounts (FBAR) and the Foreign Account Tax...

16 December

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IRS Administrative Appeal vs. Going to Tax Court: Which is Right for Me?

Posted by amlaw

in Tax Law

Letter of Intent: What Is It and Do You Need One?

IRS Administrative Appeal vs. Going to Tax Court: Which is Right for Me? The Internal Revenue Service (IRS) regularly audits individual and business tax returns to verify income, deductions, credits, carryforwards, etc. and ensure compliance with federal tax laws. The different types of audits conducted by the IRS constitute the main source of tax disputes. Typically, tax disputes occur where the IRS and taxpayer disagree on a specific tax position or decision. If you have a tax dispute with the IRS, the Office of Appeals allows you to resolve the issue without going to court. However, depending on the nature and circumstances of...

17 January

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PARTIAL PAYMENT INSTALLMENT AGREEMENT

Posted by amlaw

in Tax Law

Don’t qualify for an Offer in Compromise (OIC)? Consider a Partial Payment Installment Agreement (PPIA). The IRS implemented the PPIA option on January 17, 2005, for taxpayers with outstanding federal tax liabilities over $10,000, including interest and penalties. It allows the IRS to enter into installment agreements that will result in full or partial payments of tax liabilities. Prior to this legislation, taxpayers who could not fully pay outstanding liabilities could only enter an agreement that resulted in a full payment (assuming they did not qualify for an OIC). A PPIA is less time consuming and easier to apply for than...

29 January

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Offer in Compromise: How the 2012 Change in Guidelines Will Help You Settle Your IRS Debts

Posted by amlaw

in Tax Law

We aim to lead in each practice and area of law we work in. Coming from in-depth understanding of the law and the industry, capitalizing on extensive experience, we provide hands-on advice that speaks the language of our client’s business. Whether in aviation, sales and distribution, antitrust, corporate and M&A, finance, employment, energy, IP, litigation, TMT, real estate, or any other area of law, our clients can expect excellence and commitment to their objectives. Ensuring the operational functioning of the organisation, the development of external relations, management of press relations and constant communication with the press....