The US Internal Revenue Service (IRS) is planning to drop the complex rules governing written opinions supplied by tax-planning advisors, and replace them with a single simplified regulation applying to all tax advice. The IRS has acknowledged the force of this criticism and published proposals to replace Circular 230 with a simpler catch-all regulation.…
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33,000 Voluntary Disclosures & $5 Billion in Back Taxes & Penalties – So Far!
Stepped-up efforts by IRS to identify tax evasion outside the United States, including increased information-sharing with other countries, better use of third-party information, and voluntary reporting compliance programs has led to an increase in voluntary disclosures by taxpayers of offshore income, a senior IRS official says. Gary Gray, deputy chief counsel (Procedure…
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IRS fails to inform taxpayers they qualify for Penalty Relief.
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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