Don’t Invite an IRS Audit With mid-April marking the official sunset for regular tax season, many may be breathing a sigh of relief that the always dreaded chore is over for your family and/or business. However, a potential audit always hangs over your head. No one wants to deal with the immense hassle of finding …
Read more »What is FATCA? The Foreign Account Tax Compliance Act (FATCA) is a significant development in U.S. Treasury’s efforts to improve tax compliance involving foreign financial assets and offshore accounts. Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made …
Read more »Petition Delayed by U.S. Postal Service Errors Accepted as Timely When you get a Notice of Deficiency from the IRS, you have several options on how to respond. One of those options is to file a Petition with the United States Tax Court, based in Washington, DC. You have 90-days to respond if you live in …
Read more »IRS to Start Processing Tax Returns With Education Credit, Depreciation For those of you are eager to get your tax returns filed so that you can get your tax refund as soon as possible, the recent delay in processing caused by the issues in Washington may have been an inconvenience or frustration. The good news …
Read more »FinCEN Extends FBAR Filing Deadline Until June 30, 2014, for Some Foreign Accounts The Financial Crimes Enforcement Network (FinCEN) is giving some individuals more time to report their foreign accounts if they have signature authority over the account but no financial interest in it. Under the Bank Secrecy Act, US taxpayers with a financial interest in, or signature …
Read more »WASHINGTON — The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues. “Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations …
Read more »(Source: FBI) – Preet Bharara, the United States Attorney for the Southern District of New York, announced that former New York State Senator NICHOLAS A. SPANO was sentenced today in White Plains federal court to a year and a day in prison for obstructing the ability of the Internal Revenue Service to assess and collect U.S. …
Read more »WASHINGTON — The Internal Revenue Service today announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. “We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not …
Read more »Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative (OVDI) requests until Sept. 9, 2011, from the prior deadline of August 31, 2011. This is a nice strategy move by the IRS, who would like as many people as possible to participate in …
Read more »On June 16, 2011, the IRS issued a new notice extending the time to file FBAR forms for some taxpayers to November 1, 2011. In particular, persons having signature authority over, but no financial interest in, a foreign financial account in 2009 or earlier calendar years for which the reporting deadline was extended by Notice …
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