The US has in recent years stepped up its initiatives to counter tax evasion and as part of this effort has introduced the FATCA statute. Although the primary purpose of FATCA is prevention and detection of tax evasion by US persons, it will have a significant impact across financial markets and affect non-US companies and…
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IRS Re-Opens After the 16 Day Shut Down!
The IRS started reopening operations on Oct. 17. Employees are reporting back to work, and the IRS IS assessing the impact of the 16-day shutdown on their national operations. At this point, the IRS has received a large amount of correspondence during the closure. They know there will be a substantial increase in demand for their IRS phone…
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Ireland to Close Highly Criticized Loophole, but Create an Even Bigger One.
Ireland said on Tuesday it planned to shut down a much-criticized tax arrangement used by Apple Inc to shelter over $40 billion from taxation - but will leave open an even bigger loophole that means the computer giant is unlikely to pay any more tax. Parliamentary hearings were held to review Ireland's tax rules amid concerns…
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Identity Protection PIN
In cases of identity theft, the IRS issues taxpayers an Identity Protection Personal Identification Number (IP PIN). The IP PIN does not prevent the filing of multiple returns by identity thieves using the legitimate taxpayer’s TIN, but it: Allows the legitimate taxpayer’s return to bypass the identity theft filters; Prevents fraudulent returns from being processed;…
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