As it relates to potential tax changes as a result of the Trump administration, we posted: Trump Also Proposes 15% Tax Rate For Pass-Through Entities, One Time Repatriation Tax & Switch To a Territorial Tax System Border Tariff or Border Adjustment Tax or US VAT? Ryan’s Border Tax Shaky as Trump Ponders Overhaul Plan Trump Presidency Could…
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Have Undeclared Income From Foreign Accounts? The OVDP Program May End After 2017?
U.S. taxpayers who have foreign bank and/or financial accounts should be watching the clock. The window to Voluntarily Report Foreign Accounts in order to mitigate IRS Penalties May Be Ending After 2017. According to Tax Analysts Exclusive: Conversations: Koskinen Looks to Future of Tax Administration, IRS Budget, IRS Commissioner John Koskinen stated on December 12, 2016 that,…
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2016 Saw Increased Global Tax Evasion Enforcement – What Are Your Waiting For?
In 2016, there was a clear upward trend in the fight against tax evasion globally. The April 2016 release of the Panama Papers caused an international shake-up that resulted in multiple global tax evasion investigations and regulatory reviews including in the British Virgin Islands, Singapore, Hong Kong, France, Spain, Germany, Australia, Austria, Sweden and the Netherlands. The…
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Tax Court May Determine Negligence Penalty Where Partner Omits Partnership Item.
The Tax Court has held that, where a partner omits a partnership item from his individual tax return, and the partnership itself was subject to a TEFRA audit, the Court has jurisdiction to determine that partner's resulting negligence penalty. The Tax Court's jurisdiction generally is limited to the review of deficiencies asserted by IRS (and…
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