The Treasury Inspector General for Tax Administration (TIGTA) released an audit report on May 19, 2016 in which it claims that "billions of dollars in potentially improper payments will continue to go unaddressed unless the Internal Revenue Service (IRS) is allowed...
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IRS Webinar: Overseas Filing for US Taxpayers
The Internal Revenue Service is presenting "Overseas Filing for US Taxpayers" in webinar format on May 25, 2016 from 1:00pm-3:00pm EDT. You must register to attend this webinar. The session will be recorded. To register, click here.
Revision to IRS Offer in Compromise Procedures
Are you submitting an Offer in Compromise (OIC) application to the Internal Revenue Service? Make sure all your tax returns have been filed! Effective immediately, the IRS will be returning any newly filed OIC applications if the taxpayer involved has not yet come...
FinCen Issuing Final Rules Under Bank Secrecy Act
The US Department of the Treasury Financial Crimes Enforcement Network (FinCen) announced on May 11, 2016, that it is issuing final rules under the Bank Secrecy Act to "clarify and strengthen customer due diligence (CDD) requirements for: Banks; brokers or...
President Obama Calls for Congress to Respond to Panama Papers with Action
The Panama Papers leak has led President Obama to urge Congress to take action now against corruption and illegal financial activity. This recent, large-scale information leak has made it impossible for the government to ignore the less positive aspect of shell...
IRS Offers Free Webinar on Worker Classification
On the heels of the most recent development in the Uber worker classification dispute, the Internal Revenue Service has put together a free webinar about the differences between Employee and Independent Contractor worker classifications. Join the agency on May 12,...
IRS Growing Enforcement Staff By Up To 700
The Internal Revenue Service announced in its most recent e-newsletter that it will begin accepting applications for between 600 and 700 new revenue agents, revenue officers, tax compliance officers, and tax examiners starting Monday, May 9, 2016. Most...
What the Panama Papers Leak Means for You
If you have offshore assets that are not yet properly disclosed, you should consider contacting an attorney immediately for assistance, before a civil or criminal investigation begins. On April 3, 2016, the International Consortium of Investigative Journalists (ICIJ),...
Supreme Court Weighs In On FTB v. Hyatt
The US Supreme Court issued its decision in Franchise Tax Bd. of California v. Hyatt on April 19, 2016, affirming the jurisdiction of the Nevada courts but limiting the damages it could award against the California tax agency. This decision lays to rest a case in...
The South Dakota Nexus Plot Thickens…
Not surprisingly, a recent declaratory action has challenged South Dakota's bold move to require many out-of-state sellers to register with the state and begin collecting sales tax (previously discussed here). American Catalog Mailers Associations and NetChoice v....
