On April 19, 2013 we posted "IRS Begins Furlough Notice" which discussed that the IRS planned furlough included May 24, June 14, July 5, July 22 and August 30, with another two days possible in August or September. The Internal Revenue Service announced on Aug. 7, 2013 that it will be open on Friday, Aug. 30,…
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Need To Renew Your US Passport … IRS and State Department Begin “Cooperating”!
There are millions of Americans living overseas but only a fraction file United States tax returns and even fewer file Reports of Foreign Bank and Financial Accounts (“FBARs” for short). Back in the 1970’s, Congress passed the Bank Secrecy Act, which requires U.S. taxpayers with aggregate offshore financial assets in excess of $10,000 to report…
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New Florida Sales & Use Exemption For Machinery & Equipment
On May 17, 2013 Governor Rick Scott signed into law one of the main agenda goals of his term in office. Specifically, Sec. 212.08(7)(kkk), Florida Statutes (F.S.), was enacted to allow a 100% exemption for machinery and equipment purchased for the use in Florida based manufacturing and processing companies. A simply exemption certificate can…
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325% Cost Where IRS Discovers Your Offshore Account! — Do You Feel Lucky?
There are both civil and criminal penalties for failure to file a Foreign Bank Account Report 90-22.1 (FBAR). Criminal Penalties: FAQ #6: What are some of the criminal charges I might face if I don't come in under OVDP and the IRS examines me? Possible criminal charges related to tax returns include tax evasion (26 U.S.C.…
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