Financial institutions should brace for a “FATCA cliff” as they prepare to implement the Foreign Account Tax Compliance Act, PricewaterhouseCoopers LLP says in a news alert. Taxpayers need to be prepared as the Internal Revenue Service heightens its scrutiny of reporting and withholding, both in general and as multiple dates for compliance with the Foreign…
Read more
Holders of Foreign Bank Accounts Need to Worry About IRS's Data-Mining Program !
Have you ever been surprised by Facebook or LinkedIn's ability to suggest people to whom you may be connected, when even you had forgotten how you were connected to those people? Perhaps the social networks' technology crunched data that you provided on your home town, Boy Scout troop, high school, first job at McDonald's, or…
Read more
Taxpayer Advocate suggests Common Sense changes to OVDI
Speaking at a recent international tax enforcement conference, National Taxpayer Advocate Nina Olson suggested that IRS implement an approach to its Offshore Voluntary Disclosure Initiative (OVDI) that would only penalize taxpayers based on their level of non-compliance. As Olsen noted at a conference sponsored by the Tax Section of the American Bar Association, there…
Read more
IRS Advisory Council Issues 2012 Annual Report
IR-2012-92, Nov. 15, 2012 WASHINGTON — One of the Internal Revenue Service’s main advisory panels for tax administration today issued its 2012 annual report, covering a range of key issues affecting taxpayers. The Internal Revenue Service Advisory Council (IRSAC) issued its report at a public meeting. IRSAC’s primary purpose is to provide an organized…
Read more
