The Internal Revenue Service (IRS) has reported in its WhistleblowerProgram Fiscal Year 2018 Annual Report to Congress that information provided to the program in the past tax year has led to the collection of USD1.44 billion in taxes, penalties and interest from those attempting to cheat the system. Further, Lee Martin, Dir. of the IRS…
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The Deceptive Simplicity of Form 706 NA
For those of you whose practice involves international tax, I would like to take this opportunity to explain the deceptive simplicity of the form 706 NA. You must have a client who is a nonresident alien who dies. He/she owns US situs assets so you look at section 2014 of the Internal Revenue Code; you…
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Need to Contact the IRS: Be Prepared to Validate Your Identity
On February 14, 2019 the Internal Revenue Service reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS. The days before and after Presidents Day mark the peak period for taxpayer phone calls to the IRS. To avoid the rush, callers should use IRS.gov to access resources…
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IRS Makes it Easy for Taxpayers to Get Their Tax Transcript Online
On February 15, 2019 the IRS issued IR-2019-17 reminding taxpayers who need their prior-year tax records to either complete their 2018 tax return or to validate their income can use Get Transcript Online or Get Transcript by Mail. Taxpayers often call or visit the IRS seeking their prior-year tax transcript, which is a record of their tax return. Taxpayers…
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