The US Foreign Account Tax Compliance Act (FATCA) will definitely come into effect on 1 July this year with no possibility of further delay, according to officials of the US Internal Revenue Service (IRS). The difficulties include negotiations with foreign governments and problems in setting up the necessary administrative systems, for example a website where…
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Simplified Method for Estate Tax Portability Provided in Rev. Proc. 2014-18.
The Internal Revenue Service has released a revenue procedure this week allowing taxpayers who fall below the threshold for having to file an estate tax return, but who want to claim the portability exclusion, a simplified method for getting an automatic extension of time to file Revenue Procedure 2014-18 provides an automatic extension of time for…
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IRS Wins Tax Shelter Penalty Case & DOJ Going Back Into Cases affected by the Decision.
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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