The U.S. Supreme Court agreed with the Internal Revenue Service and sustained the assessment of a 40% penalty against the taxpayer who invested in a 1990s tax shelter. The decision, U.S. v. Woods, reversed a 5th Circuit opinion which held that the 40% penalty did not apply in sham partnership cases and declared the issue…
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Offshore Swiss Bank Account? This May Be Your Last Chance To File A Voluntary Disclosure!
The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official. We first posted "Swiss Banks Agree to Plan to End Past US Tax Evasion Issues!" on August…
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FATCA Timelines – Ready or Not Here They Are!
Allen J. Littman of BakerHostetler wrote an article which highlights the key dates regarding FACTA contained in Notice 2013-43. Do You Have Unreported Foreign Income? Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at: www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243) Read more at: Tax Times blog
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Taxpayer Advocate Delivers Annual Report to Congress…Focuses on Taxpayer Bill of Rights, OVDP and IRS Funding.
National Taxpayer Advocate Nina E. Olson today released her 2013 annual report to Congress,urging the Internal Revenue Service to adopt a comprehensive Taxpayer Bill of Rights – a step she said would increase trust in the agency and, more generally, strengthen its ability to serve taxpayers and collect tax. The Advocate also expressed deep concern…
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