On February 7, 2017 we posted IRS Has 13 New Compliance Campaigns for LB&I Taxpayers where we discussed our previous posted on October 9, 2015 LB&I Agents Lose Autonomy To Centralized Office That Will Be Using Data to Identify Compliance Risks For Audit! that discussed the fact that Tax practitioners will face new questions from examination teams…
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Tax Havens Still Very Much Alive & Well!
According to National Bureau of Economic Research (NBER) there is over ARS220 billion in offshore accounts, the equivalent of almost 40 percent of Argentina’s GDP. The country ranks 5th globally for offshore account deposits, behind Russia, Saudi Arabia, Venezuela and the UAE. Drawing on newly published macroeconomic statistics, the National Bureau of Economic Research estimates the…
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IRS Tell Estates No Closing Letters – Pull Transcripts!
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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