The IRS Whistleblower Office pays money to people who blow the whistle on persons who fail to pay the tax that they owe. If the IRS uses information provided by the whistleblower, it can award the whistleblower up to 30 percent of the additional tax, penalty and other amounts it collects. Over the last three…
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Taxpayer Allowed To Re-Elect §911 Exclusion After A Previous Revocation
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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