The IRS just released a new DRAFT of Form 8938 and a first DRAFT set of Instructions. This Statement of Specified Foreign Financial Assets needs to be attached to and filed with the taxpayer's tax return (eg Form 1040) in addition to filing the FBAR (TDF 90.22.1) for all tax years starting after March 18, 2010. Therefore calendar year…
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IRS Chief Counsel Reissues Tax Levy Guidance
The IRS Small Business/Self-Employed Division Sept. 29 reissued interim guidance for issuing a notice of intent to levy/notice of a right to a hearing in a collection field function to a taxpayer. In SBSE-05-0911-081, dated Sept. 26, the memorandum said after issuing Letter 1058 to a taxpayer, 15 extra days must elapse after the 30-day…
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