If you have any clients in the convenience store industry, then you have probably heard that the Florida Department of Revenue has painted a state wide target on the industry. THE REASON - A belief that the industry is systematically under reporting/remitting sales tax THE AMMUNITION - Detailed information about alcohol and tobacco PURCHASES by…
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Can IRS Offshore Account Program Clean Up Domestic Tax Problems Too?
In a word, yes. In fact, you can’t be selective when amending tax returns. You can’t pick and choose what to correct. If you amend a tax return, you must fix all errors. As a corollary, if you’re coming clean in a voluntary disclosure you must clean up everythingin the tax years that are impacted.…
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Draft of Form W-8IMYwith FATCA Changes
The IRS released modified versions of draft Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding., on August 13, 2012. The new form reveals a foreign financial institution employment identification number (FFI-EIN) and a FATCA ID for participating FFIs and deemed-compliant FFIs. In order to protect…
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Swiss Bank Advising Clients to Move Their Funds to Singapore
Swiss banks denied it is helping wealthy Germans dodge taxes by telling them to move funds to Singapore and other money centres ahead of a Swiss tax deal due to come into force in January. "We do not help clients to evade taxes and we clearly don't support clients in circumventing bilateral tax agreements, including the…
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