The Internal Revenue Service spelled out the rules for U.S. and dual citizens who want to comply with U.S. requirements to report their foreign bank accounts, noting they will not be subject to penalties in all cases where they have failed to file. IRS said it is aware that some taxpayers who are citizens of both…
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Florida Gov. Scott Proposes $35 Million in Tax Relief for Businesses
Florida Gov. Rick Scott (R) Dec. 7 unveiled his $66.4 billion spendingplan for fiscal year 2012-13—a budget that would contain $35 million in tax-relief proposals for businesses. Scott proposed increasing the corporate income tax exemption from $25,000 to $50,000. Such a move, he said, would eliminate the tax liability for more than 25 percent of…
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FORM ZT09 – FL DOR TAXPAYER LIABILITY HISTORY
We've all had a new client come in the door and the first thing we want to know is their tax history. Well, if you know what to ask for, then the Florida Department of Revenue has a specific form that provides a breakdown of taxes the DOR believes our client owes from past filing…
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IRS to go easy on American residents in Canada
After protest from Ottawa, ambassador says IRS will institute new rules that will waive penalties for people filing late. Americans living in Canada who've neglected to pay their U.S. taxes are getting a big break from Uncle Sam. The U.S. Internal Revenue Service is poised to waive potentially massive penalties for Americans who agree to…
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