IRS fails to inform taxpayers they qualify for penalty relief to the tune of $181 million in 2010 TIGTA estimated that for Tax Year 2010, approximately 250,000 taxpayers with Failure to File (FTF) penalties and 1.2 million taxpayers with Failure to Pay (FTP) penalties did not receive penalty relief even though they qualified under First-time…
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FICA Refunds Possible for Employers in Certain States – United States v. Quality Stores Inc.
The decision in United States v. Quality Stores, Inc., No. 10-1563, 2012 WL 3871364, (6th Cir. Sept. 7, 2012) ("Quality Stores"), could provide significant Federal Insurance Contributions Act (FICA) refund opportunities for employers that have made severance payments to employees and have a principal place of business in certain states, KPMG officials said on a…
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Appeals Court Upholds 40% Penalty Against “Sophisticated” Tax Shelter Investor.
The U.S. Court of Appeals for the Eleventh Circuit upheld the imposition of 40 percent gross valuation misstatement penalties against an individual with almost 30 years of business experience Circuit Judge Frank Hull said that although a tax shelter can be legitimate, William Gustashaw Jr. participated in one that was not, and Gustashaw's level of…
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FATCA Causes Chinese to ditch US passports
The long arm of the American taxman has many wealthy mainlanders ruing the day they decided to get US citizenship, and more are considering trying to get rid of it. Formany wealthy mainland Chinese who immigrated to the US, an American passport is a genie that cannot be put back in the bottle. More and…
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