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The Internal Revenue Service has opened a new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act (FATCA).Financial institutions that must register with the IRS to meet their FATCA...
For Truckers and other owners of heavy highway vehicles, the next federal highway use tax return is due on Tuesday, September 3, 2013. This due date generally applies to Form 2290 and the accompanying tax payment for the tax year that begins on July 1, 2013, and ends...
California taxpayers may be interested to know that the Treasury Inspector General for Tax Administration (TIGTA) recently released its annual report on whether the IRS is in compliance with Section 6501(c)(4)(B) of the Tax Code. The IRS is supposed to give taxpayers...
The IRS is contacting small businesses based on a determination that close to $450 billion of taxes goes uncollected and approximately $140,000 billion of that amount is owed by small businesses. By identifying small businesses with high credit card sales, the IRS is...
The number of individuals with special needs is on the rise. Whether this is due to better recognition and diagnostic tools or an actual escalation in disabilities, the increase is taking its toll on state and local government program budgets. Such shortfalls require...
The IRS offers a free online interactive program entitled "Understanding Taxes." Designed in partnership with teachers for use in middle school, high school, or community college classrooms, the program can be used by anyone to learn about the history, theory, and...
The United States is one of the only countries that tax the earnings of its citizens that are earned in another country. As such, the IRS often deals with foreign banks in order to discover accounts of Americans who are avoiding paying taxes on foreign earnings. Since...
This week, the IRS issued proposed regulations that would make permanent rules to extend the amount of time taxpayers can apply for equitable relief through an innocent spouse application. Under the proposed rules, taxpayers would have up to ten years - or generally,...
The IRS has released Publication 1304 which reports on statistical data from a sampling of the 145.4 million individual income tax returns filed for tax year 2011. Tax filings are up, adjusted gross income has risen and IRS collections continue to increase. The report...
The United States has agreed to forego criminal prosecution against the bank, Liechtensteinsche Landesbank AG, for opening and maintaining bank accounts for U.S. taxpayers from 2001 through 2011 and assisting U.S. taxpayers in evading their U.S. tax obligations. In...
