In PLR 201433002 which was issued on August 15, 2014, provided that a U.S. Citizen who resided in and was employed by a Company in foreign country A who elected to exclude his foreign earned income and housing costs under Code Sec. 911(a), was permitted to reelect Code Sec. 911 exclusion for the stated and…
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Financial Institutions Get A New ‘Landing Page’ to Help With FATCA Registration
Financial Institutions that want to register for the Foreign Account Tax Compliance Act have a new IRS FATCA Foreign Financial Institution Registration Page.The FATCA Registration tool is a secure, web-based system. They can access the FATCA online registration system through the new page which describes: What is it? The FATCA Registration tool is a…
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“Taxpayer Bill of Rights” – 10 Key Rights Outlined in Pub #1
The Internal Revenue Service announced August 12, 2014 that its cornerstone "Taxpayer Bill of Rights“ document is now available in six languages. Newly-revised versions of Publication 1, "Your Rights as a Taxpayer,” are now posted on IRS.gov in English, Spanish, Chinese, Korean, Russian and Vietnamese. By making this important publication available in multiple languages, the…
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Get Your Whistles Ready – IRS Issues Final Regs. on How To Get Your Reward!
IRS has issued final regs that provide comprehensive guidance for IRS' Code Sec. 7623 award program (i.e., whistle blower awards). Summary. These regulations provide comprehensive guidance for the award program authorized under Internal Revenue Code (Code) section 7623. The regulations provide guidance on: Submitting information regarding underpayments of tax or violations of the internal revenue…
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