Florida took in nearly 10 times as much sales tax revenue on sales of tax-capped boats as the state projected in the first year of implementation of the Maritime Full Employment Act, which was signed in 2010. That’s according to a study released by the Florida Yacht Brokers Association and the Marine Industries Association of…
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FBAR Non-Filers Beware: Either Tax Fraud OR Filing a False Tax Return Can Result in Deportation
Recently the Supreme Court held in Kawashima v. Holder (Feb. 21, 2012) that filing a false tax return in violation of IRC Section 7206(1) as well as other criminal tax offenses are aggravated felonies which can result in deportation of a resident alien. Background, Mr. and Mrs. Kawashima were legal residents of the United States…
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Unique Identification Number Allows IRS to Identify Foreign Entities
A new IRS Webpage on how to file tax forms related to foreign interests using a unique reference identification number (URI) is designed to allow the Internal Revenue Service to more easily identify a taxpayer's foreign entities and compare their activities, or lack of activities, from year to year. Beginning with U.S. federal tax returns…
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FinCEN postpones mandatory FBAR e-filing
The IRS does not permit electronic filing of US income tax returns for preparers living outside the US. It remains to be seen if they will apply the same rule to FBAR forms. For 2011 FBAR forms should be manually filed as in the past. Failure to file FBAR forms on time may result in…
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