The United States Department of Treasury has issued a news release today regarding the FATCA FFI Agreement. Click here to access the FFI Agreement that foreign financial institutions must use.If you have any questions, call our office at our office.
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FATCA News & Information
The United States Department of Treasury has issued a news release today regarding the FATCA FFI Agreement. Click here to access the FFI Agreement that foreign financial institutions must use.If you have any questions, call our office at our office.
California based Twitter makes plans to sidestep the IRS
Even though California based Twitter hasn't made any money this year, it is doing some major tax planning. Just as Apple and Facebook have made moves to sidestep the IRS, Twitter is taking steps to move out of the country to save on taxes. These plans are being made...
2014 Tax Season to Start Later Following Government Closure
The Internal Revenue Service today announced a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure.The IRS is exploring options...
Bartering goods and services? You may owe tax!
Sometimes a client cannot pay their bill. When this happens, some business owners will look to the goods or services provided by the client in her business, to see if a trade can be made to satisfy the debt. While most business owners would rather be paid for services...
National Organization for Marriage sues IRS
People in California may have heard of the National Organization for Marriage (NOM). People may also have heard about people who donate money to the organization because, according to NOM, its list of donors was leaked from within the IRS. NOM says the information...
Individual Taxpayers can Obtain Transcripts During IRS Shutdown; Practitioners Cannot
Despite most lights being out at the IRS, taxpayers can still receive some services at the IRS. Crucial to many tax professionals are the IRS Transcripts of Account. Since it is an automated process, taxpayers can still use automated tools, such as IRS.gov, to request...
Governor Signs Bill to Reduce Excise Tax Penalty, Clarifies use of Motion Picture Tax Credit and Simplifies Tax-Exempt Process for some Nonprofits
Governor Brown signed AB 1173 by Assemblymember Raul Bocanegra (D-Los Angeles) which reduces the excise tax penalty from 20% to 5% for taxable years beginning January 1, 2013, amounts deferred under a nonqualified deferred compensation plan that does not meet the...
Israeli Bank Account Owners Readmitted to OVDP
Although the IRS won't comment on the reason Bank Leumi customers were kicked out of the IRS' Offshore Voluntary Disclosure Program (OVDP) after not only being accepted into the program, but after some had already received a final clearance and paid the amounts...
IRS Posts New Frequently Asked Questions on FATCA
The IRS has posted new information to its website, in the form of frequently asked questions (FAQs), relating to FATCA. One set of FAQs focuses on the registration system and can be located at this link. A second series of FAQs involves FACTA issues relating to...
