The Internal Revenue Service announced in IR-2015-01 the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the…
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Tax Season Opens As Planned Following Extenders Legislation
ollowing the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time. The decision follows Congress renewing a number of "extender" provisions of…
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Tax Cases To Watch In 2015?
According to Law360 -- The U.S. Supreme Court is poised to decide three weighty tax cases in 2015 that could implicate: How states assess income taxes, Whether taxpayers can challenge state tax reporting requirements in federal court, How discrimination is defined in federal tax statutes, As well as a high-profile transfer pricing case and 2 economic substance…
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