The new Form 8938, Statement of Specified Foreign Financial Assets, does not eliminate a taxpayer’s obligation to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Some taxpayers are required to file both. A new comparisonchart explains the filing requirements for both Form 8938 and Form TD F 90-22.1. Read more…
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Penalty Relief for the Unemployed and Greater Accessibility to Installment Agreements
The IRS has announced, in IR-2012-31 (3/7/12), a significant expansion of its “Fresh Start” initiative that was begun last year to assist financially distressed taxpayers by providing new penalty relief to the unemployed and making installment agreements more accessible. Now, certain taxpayers who have been unemployed for 30 days or longer will be able to…
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IRS Releases FY 2011 Data Book
WASHINGTON — The Internal Revenue Service today released the 2011 IRS Data Book, a snapshot of agency activities for fiscal year 2011 – Oct. 1, 2010, to Sept. 30, 2011. During the year, the IRS collected $2.4 trillion and processed more than 234 million tax returns. In addition to information on taxes collected and returns…
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Switzerland is nearing deals with the United States and Germany over hidden offshore accounts
ZURICH, March 28 (Reuters) - Switzerland is nearing dealswith Germany and the United States over hidden offshoreaccounts, including paying U.S. officials 5 billion Swiss francs ($5.5 billion) to settle allegations of aiding tax evasion, according to reports on Wednesday. Tensions in Switzerland's talks with the United States have eased after the U.S. Department of Justice shifted…
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