The Treasury Inspector General for Tax Administration (TIGTA) released its annual report on IRS compliance trends on September 12, 2014. Individual income tax return examinations conducted by the US Internal Revenue Service decreased in 2013 for the third year in a row, falling to USD1.4 million or one for every 104 tax returns. Just over…
Read more
IRS Simplifies Procedures For Canadian Retirement Plans – EY
The Internal Revenue Service today made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans. As part of this, the IRS provided retroactive relief to eligible taxpayers who failed to…
Read more
21 Year Tax Fugitive Sentenced – Located on Facebook By State Department – Really?
Francisco R. Legaspi was sentenced today to 21 months for aiding and assisting in the preparation and presentation of false tax returns and for failing to appear for his sentencing on the tax charges originally scheduled to take place on Jan. 28, 1993, U.S. Attorney Melinda Haag and IRS-CI Special Agent in Charge José M.…
Read more
Zwerner Case Jury Provides for a Cumulative 150-Percent FBAR Penalty!
We had previously posted on May 29, 2014 "IRS Successfully Assesses 50% FBAR Penalty for "Quiet Disclosures"! where we discussed that on May 28, 2014, the Department of Justice released the outcome of that trial declaring that a jury in Miami found Carl R. Zwerner responsible for civil penalties for willfully failing to file required Reports…
Read more
