RJ and Makay

>> Read More RJ & Makay Blog Posts

As the deadline for taxes approaches, taxpayers should be mindful of easy steps to avoid triggering a possible IRS audit.  While high earners and workers that receive a lot of their income in cash are more susceptible to closer IRS scrutiny, there are several ways that all workers can avoid triggering a tax audit.

>> Read More RJ & Makay Blog Posts

The Internal Revenue Service (IRS) is cracking down on companies that shift profits from country to country to lower their tax obligations, according to a Reuters article today.  The practice, known as “transfer pricing,” led the agency to hire Samuel Maruca last spring in the newly created post of transfer pricing director.  To combat the practice, Maruca has brought in specialists from Big Four audit firms as well as experts from law firm Mayer Brown and boutique consultancy Horst Frisch.

>> Read More RJ & Makay Blog Posts

New U.S. tax-reporting rules will make it more risky to own offshore holdings and some advisors are urging their clients to repatriate money back to the U.S, according to an article yesterday in the Wall Street Journal.  The Foreign Account Tax Compliance Act (FATCA), scheduled to take effect this year, will require both U.S. citizens and foreigners who are living in the United States to make extensive disclosures about overseas holdings on their tax returns or risk severe penalties.