News and Events

In an effort to provide some financial relief to individual and corporate taxpayers during the novel coronavirus pandemic, the Internal Revenue Service (IRS) has extended the federal income tax filing and payment deadline for 2020 from April 15 to July 15. The Virginia Department of Treasury has extended the state income tax payment deadline to June 1. These extensions apply to all taxpayers automatically. In other words, there is nothing you need to do in order to delay your filings and payments (if applicable) to these revised deadlines. Read More

On February 19, 2020, the Internal Revenue Service (IRS) announced that it will be stepping up its efforts to target high-income taxpayers who have failed to file all necessary return forms in prior years. Read More

If you have unreported offshore bank accounts, you may be aware that you can disclose these accounts to the IRS while minimizing your penalties and criminal exposure. However, you may also be inclined to refrain from disclosing these accounts immediately. That said, the question is: Disclose now or later?

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For Virginia professionals, being targeted by the IRS for a tax audit can be a daunting prospect. With an audit, the IRS can challenge a professional’s tax reporting on his or her business income. And the taxpayer could face additional taxes, interest and penalties at the end of the process.

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Virginia taxpayers are routinely audited on their state taxes. Just as the IRS performs its audits, the Virginia Department of Taxation also audits tax returns to ensure compliance with state tax law. It is important for Virginia taxpayers to know their rights during these audits. And since a Virginia tax audit is a serious process, it is just as important for taxpayers to be aware of their responsibilities.

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