financial advisors, portland, oregon

If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips

Article Highlights:  

  • Seriously Delinquent Tax Debt
  • Exceptions
  • Passport Denial or Revocation

As promised several months back, the IRS has begun to crack down on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously delinquent tax debt,” after which the State Department will generally deny an application for issuance or renewal of a passport for that individual and can even revoke or limit a previously issued passport. Read more

accountants, business advisors, portland, oregon

Cristiano Ronaldo Accused of $16.5M Tax Evasion

Article by Tariq Panja | Found on AccountingToday.com

Soccer superstar Cristiano Ronaldo has been accused of failing to pay 14.7 million euros ($16.5 million) in taxes.

The prosecutor’s office in Madrid filed a lawsuit that alleges that the 31-year-old knowingly used offshore accounts to hide income from his image-rights payments. The charges come months after Spanish newspaper El Mundo published leaked documents revealing details of the offshore holdings of several soccer players, including Ronaldo. The tax evasion relates to a three-year period starting in 2011. Read more

Protect Yourself from a Tax Audit - Isler NW

Protect Yourself from a Tax Audit

Tax audits are rare. The average taxpayer has a 1-in-100 probability of being formally audited by the IRS in a given year. The odds of a tax audit rise if, among other things, you itemize deductions, report profits or losses on a home business or rental property, or have an income of $200,000 or more.

And the IRS conducts many more informal reviews for problems like math errors and mismatches between the income taxpayers show on their tax forms and what their employers and other income providers report. Those raise your chances of being contacted by the IRS closer to 7 in 100. But you can take steps that will help you survive a tax audit in some key areas.

Read more