Beginning September 1st, some taxpayers living abroad who have not filed tax returns will get help from the IRS, if little or no back taxes are due. This is a great relief to taxpayers who have lived overseas and have failed to file timely tax returns or Reports of...
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New Laws
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...
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...
Supreme Court rules against the IRS
In United States v. Home Concrete & Supply, LLC, the US Supreme Court affirmed the decision of the Fourth Circuit, holding that Section 6501(e)(1)(A) of the Internal Revenue Code, which extends the limitations period for the government to assess a deficiency...
A Reminder to File IRS Form 8938, Statement of Specified Foreign Financial Assets
Most taxpayers with a reporting requirement for their interests in specified foreign financial assets must file their first IRS Form 8938 with their 2011 income tax return. The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires certain U.S....
New IRS tax preparer requirements based on California law
The IRS is using California law as a model for new education requirements for tax preparers. The new requirements will go into effect in 2012, their purpose being to prevent tax fraud and protect taxpayers from bad decisions on the part of preparers.The new IRS...
The IRS Announces Increases to Tax Benefits in 2012
Thanks to inflation, the IRS will increase certain tax benefits that will affect most taxpayers including the estates of decedents dying in 2012.Under the law, most tax provisions are adjusted annually for inflation. The net result of the changes taking effect in 2012...
New Law Means Delinquent Taxpayers Must Pay Up or Face Losing State Licenses
On October 4, 2011, Governor Jerry Brown signed Assembly Bill 1424, The Delinquent Taxpayer Accountability Act, requiring the California Department of Motor Vehicles Department to suspend the driver's licenses of its worst delinquents. "If you don't pay your...
