The IRS launched a New Compliance Program targeting the underreporting of income by Merchant taxpayers who receive Form 1099-K information returns from credit card companies and third-party transaction networks. If you receive a letter or notice from the IRS, it will explain the reasons for the correspondence (Audit) and provide instructions. The notice you receive…
Read more
IRS Posts Updated ITIN Procedure!
The Internal Revenue Service has announced updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. The new modifications and documentation standards further protect the integrity of the ITIN application process and strengthen the refund process while helping minimize burden for applicants.ITINs play a key role in the tax administration process and…
Read more
UK Press Exposes 'Sham' Companies Used To Shield The Identity of Wealthy Individuals.
The UK Press is running a series claiming to expose an 'extraordinary global network of sham company directors, most of them from the UK. Nominee directors are exposed as operating thousands of offshore companies, some said to be helping UK residents avoid tax and conceal their assets. They have published profiles of some wealthy individuals…
Read more
Mexican FATCA Agreement Requires New Reporting By BOTH Mexican & US Banks!
We first posted Mexico Becomes the 3rd Country to Sign a FATCAAgreement on Tuesday, November 27, 2012. The Treasury Department has now posted this agreement on its Website. This agreement sets out each Parties’ Obligations to Obtain and Exchange Information with Respect to Reportable Accounts which includes : A. MEXICO REPORTING TO THE US WITH RESPECT TO…
Read more
