The Internal Revenue Service announced today a limited test in 10 of its larger Tax Assistance Centers around the country to determine if an appointment-based service approach can help reduce taxpayer wait times during a time of severe budget cuts. While the IRS believes this approach will benefit taxpayers by helping them avoid long waits…
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Is the US Tax System a Political Pawn?
We previously posted Taxpayer Advocate Delivers Annual Report to Congress and Cites Offshore Voluntary Disclosure Program Inequities where we discussed that the report says the combination of the IRS’s increasing workload, the erosion of public trust occasioned by the IRS’s use of “tea party” and similar terms in screening applicants for tax-exempt status, and the…
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US Expatriation Increase At a Record Pace in 2014!
We previously posted US Expatriation Increase At a Record Pace in 2014! where we discussed that the number of Americans renouncing U.S. citizenship stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force (FATCA - Effective Date July 1, 2014). …
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Final Regulations on Reporting Foreign Financial Assets – Form 8938
The IRS published final regulations (TD 9706, 12/12/14) on the statutory provisions that require specified foreign financial assets to be reported for tax years beginning after 3/18/10. The regulations provide guidance on the requirement that individuals attach a statement to their income tax return to provide required information regarding specified foreign financial assets in which…
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