There are both civil and criminal penalties for failure to file a Foreign Bank Account Report 90-22.1 (FBAR). Criminal Penalties: FAQ #6: What are some of the criminal charges I might face if I don't come in under OVDP and the IRS examines me? Possible criminal charges related to tax returns include tax evasion…
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5 Recent Changes to IRS Collection Procedures
Recently, joint research from the Internal Revenue Service and the Urban-Brookings Institute highlighted the results of many IRS enforcement activities, including the impact of past years’ changes to IRS Collection policy. It is no secret that the IRS has been kinder and gentler to tax debtors during the past five years. The 2012 Fresh…
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Tax Relief for Victims of Hurricane Irma in Florida is Over!!!
After 4 1/2 months of no activity, the IRS is back in Florida as of February 1, 2018. After Hurricane Irma in September, a disaster declaration FL-2017-04 was issued in all 67 counties of Florida. The IRS was told to back off all taxpayers until February 1, 2018. The good news for delinquent taxpayers is…
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Treasury Scrapping Nearly 300 Tax Rules & Regulations
According to Law360, the U.S. Department of the Treasury intends to scrap nearly 300 tax rules in keeping with President Donald Trump's executive orders to cut back on regulatory burdens, according to proposed regulations released Tuesday. Treasury is proposing to remove 298 regulations it says are no longer necessary because they have no current or future…
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