IRS Tax Experts Blog

  It can be a zero-sum game in a high-pressure corporate finance environment in 2026 when a large IRS tax debt needs to be managed. Corporate officers will have to resort to found money in their respective supply chains when shoestring credit lines are stretched to the limit. The federal arsenal has 19 U.S.C. SS 1313, often referred to as the Duty Drawback program, which is one of the most neglected secret weapons. Through the recovery of up to 99 percent of duties and taxes charged on imported goods that are further exported, the companies can create liquidity of immediate importance in meeting immediate tax obligations without liquidation of core assets. How does a "Drawback" transform into immediate cash for the IRS? The United States Customs and Border Protection (CBP) and the IRS are part of the same department of the Treasury. Although they are used in different respects, the cash created as a duty drawback is fungible. The use of an IRS tax lawyer from Los Angel...

Investment income and capital gains are increasingly becoming a source of individual wealth in North America and Western Europe. Though these sources of income may help improve trade long run financial positions, they also come with complexities of tax that have been understated. The following are some of the questions that demonstrate how the amount of income that is associated with investment may raise tax exposure in the event that it is not addressed properly. Why are capital gains taxed differently from regular income? Taxation of capital gains depends on the duration in which the asset is held before it is sold. Ordinary income tax rates usually apply to short-term gains, and reduced rates are usually available on long-term gains. Poor interpretation of holding periods or characterization of gains merely leaves underpaid taxes and draws the attention of tax agencies. Experienced IRS tax experts (former IRS tax agents, former auditors , and experienced tax attorneys in Sa...