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Month: April 2014

IRS Reminds (again) Taxpayers to Report Foreign Income and Assets

30 April, 2014

Earlier this month on April 11, 2014, the Internal Revenue Service issued Notice IR-2014-52 reminding U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013,

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Most Swiss banks participating in the US Department of Justice (DOJ) amnesty program seek extension to disclose

28 April, 2014

By April 30, 2014, unless granted a 60-day extension, all Swiss banks participating in the US Department of Justice (DOJ) amnesty program will be required to provide substantial client information on its US account holders.

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IRS’ first-time penalty abatement administrative waiver (FTA)

24 April, 2014

12 years ago the IRS created the first-time penalty abatement administrative waiver (FTA), which allows typically compliant individual and business taxpayers to request abatement, or removal, of certain penalties that the IRS has assessed against them

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IRS issues new information document request (IDR) directives

14 April, 2014

The IRS’ Large Business & International division has issued a series of directives that streamline its information document request (IDR) process by establishing stricter deadlines and requiring the agency to issue highly specific information requests.

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Cayman Islands Advisors Arrest Suggest U.S. Government Receiving More Information About Offshore Accounts

8 April, 2014

According to a DOJ Tax Press Release, here, the IRS has arrested a U.S. Citizen and two Canadian citizens who offered enabler services to U.S. taxpayers.  They were caught in a classic IRS sting operation.  Here

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