Qualified Intermediaries that need to renew their QI agreements during the period January to June 2012 were granted a postponement under Notice 2011-53to accomplish their registration as Participating Foreign Financial Institutions (PFFI) for compliance with the Foreign Asset Tax Compliance Act. QI’s must register and receive a QI/PFFI agreement in order to retain their QI status.…
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Puerto Rico Offers Income Tax Holiday to New Resident Investors
Puerto Rico recently approved Legislation, which grants substantial income tax benefits to individual investors not previously resident of Puerto Rico. These individuals can benefit from total income tax exemption through year 2035 on their worldwide income consisting of interest and dividends, including dividends from qualifying registered investment companies, and interest, finance charges, dividends and partnership…
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Adviser Convicted of Using Fake Financial Instruments to Pay Taxes
A Massachusetts financial adviser who allegedly submitted more than $2.2 million in fake financial instruments called “bills of exchange” and checks drawn on a closed bank account to pay his tax bills is convicted by a jury in federal court on 17 counts of tax crimes and contempt. The DOJ reported on their website January…
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IRS Doubles Threshold for Automatic Installment Payment Plans!
The IRS released SBSE Memorandum (SBSE-05-0112-013), Streamlined Installment Agreements (IA), on January 20, 2012. It provides interim guidance memorandum and is issued to Collection Field function employees to implement policy changes to Streamlined Installment Agreements. These changes are effective immediately and will be placed into the next revisions of the IRMs 5.14.5 and 5.14.10. The primary changes to…
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