The IRS changed many tax filing and tax payment deadlines in response to the coronavirus outbreak. The IRS launched the People First Initiative. As a result,  Individual and business taxpayers have additional time to take the following actions:

Taxpayers with foreign bank accounts are required to disclose these accounts under the Foreign Account Tax Compliance Act (FATCA) and on the Report of Foreign Bank and Financial Accounts (FBAR). Do you have an overseas bank account you haven’t disclosed it to the IRS? If so, you are risking significant penalties and even possible criminal prosecution in certain cases.

The Tax Cuts and Jobs Act (TCJA) has made sweeping changes to the United States tax laws. You have probably heard about some of the major changes that take effect beginning in 2018—a big cut to the corporate tax rate, lower marginal rates across the board, and a larger standard deduction. But there are some other less publicized changes that will still have a significant impact many taxpayers.