With mandatory government spending cuts looming, Acting IRS Commissioner Steven Miller sent a Memo to all IRS employees on Thursday (See Below), outlining the agency’s plans in the event sequestration occurs as planned on Friday. He outlined spending cuts the IRS plans to make, including employee furloughs, but emphasized that the furloughs would not affect…
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DOJ Wins $1 Billion Tax Shelter Case Against Dow Chemical.
The Justice Department has won a tax shelter case involving Dow Chemical, in which the company was accused of creating approximately $1 billion in phony tax deductions in a scheme designed by Goldman Sachs and lawyers at King & Spalding. A federal court in Baton Rouge, La., on Monday rejected two tax shelter transactions entered…
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Aother UBS-Related FBAR Conviction!
According to Anthony Parent -- The US Department of Justice (DOJ) scored yet another victoryin its crusade against Offshore tax evasion. Christopher B. Berg of Portola Valley, Calif. plead guilty in U.S. District Court in San Jose, California of one count of willful failure to file, in 2005, the required report of foreign bank account (FBAR)…
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What … More Reporting Requirements in Addition to the Dreaded FBAR Report?
Besides having to file FBAR reports for a US taxpayer's Interest in Foreign Accounts, US Taxpayers also have the following Reporting Requirement for their Investments in Foreign Entities: · Form 5471 –Used to report that you are a 10% or more shareholder in a foreign corporation. · Form 5472 –Used to report that a US…
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