...amnesty programs, under which a previously non-compliant individual can become compliant and avoid potentially very high penalties or criminal prosecution. However these amnesty programs generally require the taxpayer to come...
...letter when the IRS receives income, deduction or credit information that does not match your return. You are provided a computation of the proposed adjustments to your tax return based...
...perfect the submissions. 7. Use the table below to determine if the required certification is complete: NOTE: If the taxpayer completes the certification for only one or two tax years,...
...You should review your Social Security card, as well as your spouse’s, and/or your dependents’ social security cards to ensure that the names on the cards match exactly with how...
What is a foreign grantor trust (“FGT”). A FGT is typically used when a non-U.S. Person individual (i.e., an individual who is a non-U.S. citizen, not a “green card” holder,...
...and remains unpaid, or a tax credit was reversed. If the taxpayer disagrees with the original determination, he/she must provide information that was not previously considered during the original examination....
...reporting obligation. FATCA has left many with no choice but to stay compliant or come clean with the IRS if they are behind in their filings. 2. Staying tax-compliant doesn’t...
...Requirements IR-2016-42, March 15, 2016 WASHINGTON — Strong and sustained growth of taxpayers complying with foreign financial account reporting reflects improving awareness and compliance of this important part of offshore...
...or an increase in credit. Q15 Who can I contact if I have general questions about the terms of the Streamlined Filing Compliance Procedures or completing Form 14654? If you...
...Certificate. Technically, there is no FATCA Compliance Certificate, per se. Practically speaking, a FATCA Compliance Certificate simply refers to that indicates that the foreign account has been properly reported to...
A US passport or green-card is losing its glamour and appeal. Some people are surrendering their prized green cards because of the US Foreign Account Tax Compliance Act (FATCA), which...
...Filing Obligations U.S. citizens, U.S. green card holders and U.S. corporations are clearly required to file a U.S. income tax return each year if their income meets the filing threshold....
