We previously posted IRS Tell Estates No Closing Letters - Pull Transcripts Yourself! where we discussed that for estate tax returns filed after June 1, 2015, if the estate wished to receive a closing letter and form 5173, the personal representative or power of attorney had to send a letter to the IRS more than…
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IRS Warns of Variation of Form W-8BEN scam!
The Internal Revenue Service warned in IR-2018-119 of a new twist tied to an old scam aimed at international taxpayers and non-resident aliens. In this scam, criminals use a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. Here’s how the scam works: Criminals mail or fax a letter…
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ABA Request Voluntary Disclosure for Bitcoin
According to JDSUPRA, The American Bar Association has written to the US Internal Revenue Service, asking it clarify whether assets held as cryptocurrencies such as Bitcoin are subject to the Foreign Bank Account Reports (FBAR) and Form 8938 reporting rules. IRS Notice 2014-21asserted that cryptocurrencies were 'property' rather than currencies for federal income tax purposes but…
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IRS Searching For Non-Compliant Non-Residents'!
According to Law360, the Internal Revenue Service announced on May 14, 2018 that it will undertake a campaign to increase compliance for rules involving nonresident aliens' tax treaty exemption claims. Because the statutes involving income-based tax treaty exemption claims can be confusing, the IRS' Large Business and International Division will focus on education and outreach…
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