For another client for the same tax year, she claimed a phony business loss of $115,458 and a false foreign income exclusion of $92,900, which resulted in a $787 refund, the charging document says.The foreign income exclusions Ybarra claimed for clients say that they were physically out of the U.S. for more than 330 days per year, which substantially reduces their taxable income, prosecutors said.Ybarra knew her customers did not work overseas for that long, prosecutors say in documents. Most of them worked overseas for less than six months at a time, government lawyers previously said. “L.R. did not tell Ybarra that she had an aviation consulting business,” the plea documents said. “However, on each tax return, Ybarra falsely included a claim of business losses for the aviation business.”Ybarra claimed her other client also had an aviation business with losses, records show.BarredGovernment lawyers won an injunction against Ybarra in 2013 that permanently … [Read more...] about Firewalking life coach admits to defrauding IRS with bogus tax returns
By Kathleen Pender Updated 3:13 pm, Friday, May 25, 2018 Photo: Paul Chinn / The Chronicle Image 1of/1 CaptionClose Image 1 of 1 Buy photo State Sen. Kevin de León, D-Los Angeles, authored a state and local taxes workaround bill that has passed the Senate, but not yet the Assembly. State Sen. Kevin de León, D-Los Angeles, authored a state and local taxes workaround bill that has passed the Senate, but not yet the Assembly. Photo: Paul Chinn / The Chronicle Buy this photo IRS hints it’s not excited about state workaround laws 1 / 1 Back to Gallery As California’s Legislature considers two bills to get around the new $10,000 limit on the federal deduction for state and local taxes, the Internal Revenue Service said it will issue regulations about such laws, in a notice seen as a warning. … [Read more...] about IRS hints it’s not excited about state workaround laws
This content is an advertisement. It was not produced by The Local's journalists. 15 May 2018 09:52 CEST+02:00 As Meghan Markle embarks on a new chapter of her life as a member of the Royal Family and a British citizen, she will also experience a whole new headache thanks to US tax law. As many US citizens and Green Card holders living abroad know (and many more don’t) the reach of the IRS extends across the globe. The United States is the only country in the developed world that imposes tax based on both citizenship and residency. No matter where in the world that they live, US citizens—including Meghan Markle—must annually file tax and information returns. The same is true for anyone who’s ever held a US Green Card and didn’t terminate it properly. Alexander Marino, JD, LLM (US Tax) of Moodys Gartner Tax Law, explains how American tax law will impact Meghan Markle, and what other US citizens living in the UK need to know. Attend a … [Read more...] about Meghan Markle and the long reach of the IRS: What US citizens living abroad need to know
By Alan Rappeport, New York Times Published 2:26 pm, Monday, May 7, 2018 Photo: AUDRA MELTON /NYT Image 1of/1 CaptionClose Image 1 of 1 FILE --Amber Higgins, a navigator with Insure Georgia, answers questions and gives out information regarding Affordable Care Act open enrollment at the Child Safety Trick or Treat expo in Macon, Ga., Oct. 28, 2017. The I.R.S. has started sending penalty notices to businesses that failed to comply with the Affordable Care Act’s employer mandate, angering Republicans and business groups. Despite Trump’s long-standing desire to unwind the signature legislative achievement of his predecessor, many parts of the Affordable Care Act remain in place. less FILE --Amber Higgins, a navigator with Insure Georgia, answers questions and gives out information regarding Affordable Care Act open enrollment at the Child Safety Trick or Treat expo in Macon, Ga., Oct. 28, … [Read more...] about Trump says he got rid of Obamacare. The IRS doesn’t agree.
Q: In March, you wrote that the IRS reduced the maximum amount a family could contribute to a health savings account for 2018 after it had announced a higher limit months earlier. Did the IRS ever do anything more on this for those who already contributed the higher amount?A: Yes, the IRS just issued a revenue procedure relaxing the rules and is allowing people with HSA-eligible family coverage to contribute up to $6,900 to their HSAs in 2018, rather than the $6,850 limit that was announced in March. If you already contributed the full $6,900 for the year, you won't need to withdraw the excess contributions. If you withdrew the extra $50, you can put it back into the account without taxes or penalties. And if you haven't made your contribution yet, you can contribute up to $6,900 too.The limits had been changed because the IRS recalculated the inflation adjustment used to determine the maximum HSA contributions for the year. The new tax law requires the IRS to calculate the inflation … [Read more...] about IRS revises HSA contribution limit for 2018 — again