The IRS announces the publication of Notice 2013-1, which updates and supersedes Notice 2012-60. Notice 2013-1 provides guidance concerning the federal income tax treatment of per capita payments that a member of an Indian tribe receives from the proceeds of certain settlements of tribal trust accounting and mismanagement cases between the United States and that…
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Swiss Sign FATCA Deal With US to Crack Down on US Tax Dodgers.
Switzerland and the United States have signed a controversial deal aimed at cracking down on wealthy American tax dodgers. The accord further undermines Switzerland’s tradition of banking secrecy. The Foreign Account Tax Compliance Act (Fatca) obliges foreign firms to report offshore accounts by US tax payers that amount to more than $50,000. The signing on…
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IRS' Whistleblower Program is in High Gear!
It official that the IRS' Whistleblower Program is in High Gear! The Internal Revenue Service issued its 2012 report to congress regarding the results of its' Whistleblower Program. During FY 2012, the IRS received 332 whistleblower submissions relating to 671 taxpayers that, based on the face of the submissions, appear to meet the threshold of…
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IRS Issues Memorandum For Obtaining an ITIN When Requesting ASFR/SFR Reconsideration.
SBSE-05-0213-009 February 7, 2013 Impacted: IRM 5.21.7 Procedures for Obtaining an ITIN when Requesting ASFR/SFR Reconsideration Current procedures for requesting an ITIN for cases in which ASFR/SFR reconsideration is needed has caused delays and confusion in processing the Form 3870 adjustment. Both the ITIN Operation and the ASFR/SFR unit need the original return to…
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