...If taxpayers are non-compliant with their foreign asset and income reporting requirements, they should consider getting qualified tax legal advice and considering applying to one of IRS’ voluntary disclosure programs....
...taxes you can use to calculate certain credits. In some cases, criminal penalties may also apply to taxpayers who do not file a required Form 8858. Submitting Delinquent Forms In...
...taxpayers with transactions or accounts at offshore private banks. This campaign targets tax noncompliance and the information reporting associated with these offshore accounts. Both of these two new IRS campaigns...
...are several ways the new taxpayer-friendly law will reform the IRS and improve the IRS’ generally bad reputation. The TFA has many welcome developments regarding IRS customer service and modernization...
Accountable Plans, established under IRS Reg. Section 1.62-2(c)(4), are important tools to help a business optimally classify expenses paid to employees without fear of the payments being treated as taxable...
...offshore private banks. This campaign indicates the IRS’ renewed focus on OVDP and taxpayers’ foreign activities. The IRS will initially address tax noncompliance through audit examination and soft letter treatment...
...helping taxpayers fully understand and meet their obligations.” The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive...
The new Loose Filed Forms 5471 targeted enforcement campaign was identified through LB&I data analysis and suggestions from IRS employees. IRS employees likely received many Loose Filed Forms 5471 that...
...(SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SFOP. The Internal Revenue Service (IRS) recently modified the non-willfulness certification form that individual taxpayers must submit...
...accounts at offshore private banks. This campaign addresses tax noncompliance and the information reporting associated with these offshore accounts. The IRS will initially address tax noncompliance through audit examination and...
...(SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SDOP, which is for taxpayers who reside in the United States. The Internal Revenue Service (IRS) recently...
...cleaned up) taxpayers in complex tax controversy matters, including US international tax compliance. Interestingly, he also mentioned that he will not allow the illegal tax shelter scandals to happen during...
