On November 9, 2016 we posted President-Elect Donald Trump Is Less Than Ideal for Tax Advisers? where we discussed that Donald Trump has proposed tax reforms that would: significantly reduce marginal tax rates for both individuals and businesses, increase standard deduction amounts to nearly four times current levels, limit or repeal some tax expenditures, repeal the…
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IRS Issues John Doe Summons To Director of “Sovereign” a Panamanian Law Firm
The US Internal Revenue Service (IRS) has obtained a 'John Doe summons' against the director of a Panamanian company claimed by the IRS to have helped American taxpayers to set up anonymous offshore accounts. The summons demands all records of Sovereign Management & Legal's clients (SML). The phrase 'John Doe' indicates that the US authorities do…
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IRS Adopts New Offer in Compromise Policy
On February 28, 2017, we posted How To Get The IRS To Accept Your Offer In Compromise? where we discussed: Do you owe a substantial amount of taxes to the IRS? If so, you've likely looked into establishing a payment plan. What if you are simply unable to pay your tax balance? In this case,…
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Trump's Budget Is Trouble For the IRS
On December 14, 2016 we posted Trump's Anti-Union Drumbeat Could Be Trouble for the IRS where we discussed that IRS employees could be in for a rocky ride if President-elect Donald Trump and Congress move forward with sweeping pledges to rein in federal employee benefits and cripple unions. Now President Trump's America First, A Budget Blueprint to…
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