The IRS has released their statistics on Uncertain Tax Position (UTP) filingsby taxpayers for the 2011 tax year. The Schedule UTP asks for information about tax positions that affect the U.S. federal income tax liabilities of certain corporations that issue or are included in audited financial statements and have assets that equal or exceed…
Read more
How to Report Your Tribal Trust Settlement to the IRS?
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…
Read more
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…
Read more
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…
Read more
