The deadline for filing federal income tax returns is fast approaching and nationwide tax season is in full force. During this hectic time of year, the Department of Justice’s Tax Division takes a moment to remind the public that year round, tax enforcement efforts are continually underway across the country. The Tax Division in collaboration…
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Understanding IRS Tax Audits – Part I
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 is critical to preserving a taxpayer’s rights. We summarize below and in Parts II & III,…
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US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's – We Can Help!
On June 21, 2016 we posted US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's - We Can Help! where we discussed that we have been receiving a lot of calls from businesses who have recently received penalty notices regarding late filed or non-filed Form 5471 & 5472's. The Internal Revenue…
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Taxpayers With Foreign Assets Need to File FBAR by April 15?
The Internal Revenue Service released IR-2019-63 on April 4, 2019 reminding U.S. citizens and resident aliens, including those with dual citizenship, that if they have a foreign bank or financial account, April 15, 2019, is the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR). Here is a rundown of key points to…
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