On July 24, 2018 we posted Understanding IRS Tax Audits - Part I where we discussed that careful advance preparation can help reduce the scope of a tax audit or examination and can lead to a more favorable outcome. Although a thorough understanding of the underlying facts and applicable law is a must, understanding IRS procedures…
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TIGTA Released It's Review of the Office of Appeals CDP Program
The Treasury Inspector General for Tax Administration (TIGTA) released on September 5, 2018 their Final Audit Report of their Review of the Office of Appeals Collection Due Process Program. The Collection Due Process (CDP) Program was designed to give taxpayers an opportunity for an independent review to ensure that a levy action that has been proposed or…
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150 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS – What Are Your Waiting For?
On August 15, 2018 we posted 148 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS - What Are Your Waiting For? and since then the Government has add Atlas Capital, S.A. (effective 8/21/2018) and Basler Kantonalbank (effective 8/28/2018) to this list bringing the number to 150 Offshore Banks and Foreign Financial Advisors.The IRS keeps updating its list…
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Mizrahi Bank Close To Settling with IRS on Tax Conspiracy Charges
Israel's Mizrahi-Tefahot bank now expects to pay the US authorities a penalty of USD116.5 million, to ward off prosecution for helping US persons evade tax on their offshore assets, it revealed in its second quarter results statement. Previously, it had estimated the penalty at only USD44 million. Last month, it rejected an offer from the…
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