A draft of IRS Form 8957, which will be used to register financial instutions for FATCA, has been relased. To learn more, click here to view the IRS' announcement.
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IRS Releases 2012 Data Book: Criminal Investigations Referrals and Prosecutions Continue to Rise
The Internal Revenue Service recently released the 2012 IRS Data Book, which is, in essence, a snapshot of IRS's activities for the 2012 fiscal year.The Data Book describes activities conducted by the IRS from Oct. 1, 2011, through Sept. 30, 2012, and includes...
Seven Tips for Taxpayers with Foreign Income
The IRS reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in...
IRS Publishes List of “Dirty Dozen” Tax Scams
Each year, the Internal Revenue Service (IRS) issues a list of "Dirty Dozen" tax scams that can affect taxpayers. The IRS publishes the list in order to educate taxpayers about the need to protect financial information and use common sense when it comes to filing tax...
U.S. Tax Court Finds Construction Workers Classified as Employees; General Contractor Liable for Employment Taxes
In Kurek v. Commissioner, T.C. Memo 2013-64, the U.S. Tax Court held that a general contractor should have treated construction workers on his projects as employees rather than independent contractors. During the tax year at issue, Mieczyslaw Kurek hired approximately...
IRS expects taxpayers to list all income, even if it is illegal
California readers may be surprised to learn that not only does the IRS ask taxpayers to list any illegal income they earn on their tax return, but some actually do. The IRS instructions for tax returns state how illegal income should be included on the tax forms. It...
IRS Revokes Voluntary Disclosure Status
In a move that could result in an end to IRS voluntary disclosure participants with offshore accounts, the IRS rescinded approval to participants who were previously granted inclusion in the voluntary disclosure program. Tens of thousands of taxpayers have...
Swiss Bank Wegelin Sentenced to Pay almost $58 Million to the U.S for Conspiracy to Evade Tax
Yesterday, a U.S. court sentenced Swiss Wegelin & Co. to pay almost $58 million (on top of almost $16 million in forfeitures) for helping Americans evade taxes on $1.2 billion in Swiss accounts. In this historic first, the U.S. indicted a foreign bank and obtained...
FinCEN
The Financial Crimes Enforcement Network (FinCEN) has proposed changes to the FBAR to standardize it with other BSA electronically filed reports, add the capability for a third party preparer to file the report and record taxpayer identification numbers. To review the...
IRS Expands Voluntary Worker Classification Settlement – Some Relief Expires June 30, 2013
The IRS has announced both permanent and temporary modifications of eligibility requirements to its Voluntary Worker Classification Settlement (VWCS). Previously, employers who were under IRS audit could not participate. Now, however, employers under IRS audit (other...
