The IRS may have failed to follow one or more of the correct procedures for partnership audits in nearly 1,700 examinations in fiscal year 2012, Treasury Inspector General for Tax Administration said in a report released Oct. 22, 2014. The agency needs to do a better job of making sure its examiners follow the procedures…
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IRS Wrights Off 5X More Than it Collects?
We previously posted, IRS To Realign Compliance Operations where we discussed Starting Oct. 20, the IRS is realigning its tax compliance organizations serving individual and small business taxpayers. This may be a result of the fact that IRS Collection Action Can Be Delayed For A Long Time - Forbes forbes.com If you want to contemplate…
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Ireland's plan to close a “Double Irish” tax loophole could cost Apple and Google Billions of Dollars
Following pressure from the United States and EU, the Dublin government said it planned to change a rule underpinning this system which allows a company to be registered in Ireland but not resident there for tax purposes. In his budget, Ireland's Finance Minister Michael Noonan has also announced changes to the intellectual property tax regime…
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So What is the Fatca Deadline for Trusts?
The Financial Times (FT) ran a story on Saturday 18 October about confusion over the Foreign Account tax Compliance Act (FATCA) deadline for trusts. Trustees of private family trusts are being urged to register with the US tax authority or risk non-compliance with new counter-tax avoidance legislation. Investment-based trusts that are managed by a discretionary…
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