The IRS has an interest in U.S. taxpayer transactions overseas. Therefore, it is no surprise that Congress has enacted numerous federal tax reporting laws that require individuals to prepare and file foreign information...
Category: Blog
Why Metadata Matters When Working with the IRS
November 24, 2025
By Joel N. Crouch, Blog
When I first started working at Meadows Collier many years ago, I was amazed at how some of my long-practicing colleagues could not use Westlaw and or Lexis for research. How could they not understand how to use the latest...
Another Texas Contractor’s Sales and Use Tax Conundrum: Is it “Maintenance” or Just Maintenance?
November 20, 2025
One of the many issues contractors must contend with for Texas sales and use tax purposes is whether an improvement to real property qualifies as “maintenance” under the Texas Comptroller’s Contractor Rule 3.291. The...
PFIC Rules & Late Form 8621: Understanding Your IRS Compliance Options
November 14, 2025
The passive foreign investment company (PFIC) rules are complex and nuanced. Generally, a U.S. shareholder with a PFIC interest must pay federal income tax on “excess distributions” received from the foreign corporation...
Beyond Reasonable Cause: Exploring Alternative IRS Penalty Defenses
November 10, 2025
The Internal Revenue Code (Code) contains more than 100 penalties. Used as a means to deter and punish unwanted taxpayer behavior, penalties may apply where a taxpayer files a return late, where a taxpayer pays tax late, or...