The government may seize not only the account funds of a tax debtor held by a financial institution, but also the contents of a safe deposit box maintained at the bank. In a recent case, the state taxing agency seized the contents of a box which contained numerous...
Experience. Dedication. Results.
Photo of Professionals at Law Office of Williams & Associates, P.C.
IRS
IRS gets audited by Treasury Department
When it comes to audits, the American taxpayer is not the only one that can face challenges. According to recent news reports, the IRS itself has been audited by the Treasury Department and the results indicate problems. The audit conducted was for the 2011 tax year...
FATCA Update – IRS Releases Draft Form W-8IMY, Certificate of Foreign Intermediary
On August 14, 2012, the IRS released its draft form W-8IMY Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding.Institutions that are organized outside the United States, and classified for U.S....
Treasury Department Releases Model Intergovernmental Agreement To Guide Foreign Financial Institutions compliance with FATCA
On July 26, 2012, the United States Department of Treasury published two versions of model intergovernmental agreements, a reciprocal and non-reciprocal. These agreements establish a framework for financial institutions to report certain financial account information...
Why California taxpayers shouldn’t fear the IRS
Paying taxes will always remain as one of the few absolutes in society. Filing taxes either for personal or business incomes can be daunting sometimes, and California residents may benefit from having professional assistance. This may be even more helpful as the IRS...
IRS Breaks Law in 22% of Seizures?
On Monday, July 16, 2012, The Treasury Inspector General for Tax Administration (TIGTA) released Fiscal Year 2012 Review of Compliance with Legal Guidelines When Conducting Seizures of Taxpayers' Property (2012-30-072):The TIGTA report presents the results of their...
Congress Criticized for Lack of Action on 100+ Expiring Tax Provisions
Even the IRS is frustrated...Nina Olson, the National Tax Payer Advocate, is urging Congress to act sooner rather than later to resolve the many tax laws that either expired at the end of 2011 or are scheduled to expire throughout 2012. In her report dated June 30,...
IRS Reports $5 Billion Collected From Offshore Disclosures
The Internal Revenue Service's (IRS) third iteration of the Offshore Voluntary Disclosure Program continues to march through 2012 and indefinitely into the future. The IRS is reporting that at this point approximately 34,500 taxpayers have come forward and revealed...
IRS Fires Revenue Agent for Willfully Understating Personal Tax Liability
The Appeals Court for the Federal Circuit affirmed the IRS's 2008 termination of Revenue Agent, Anthony Agbaniyaka. While employed at the IRS, Mr. Agbaniyaka received excellent performance evaluations, and several promotions. He also obtained a Master's Degree in...
Worker classifications extremely important during IRS audits
California businesses should be cautious about how they classify their workers. Whether a worker ought to be classified as an independent contractor or an employee can be a tricky business that is carefully scrutinized by the IRS during audits. It is explicitly stated...
