A House committee approved H.R. 2513: Corporate Transparency Act of 2019 June 12, 2019 that would require companies to disclose the identity of their beneficial owners in an effort to unmask anonymous shell companies and help law enforcement combat illicit money laundering and tax evasion. In a vote of 46-13, the House Committee on Financial…
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Finally the Senate To Vote On Tax Treaties Previously Blocked by Senator Rand Paul
On November 11, 2015 we posted Finally the Senate Foreign Relations Committee Approves 8 Tax Treaties! where we discussed the lack of progress regarding the U.S.-Switzerland tax treaty remains stuck in the Senate after Sen. Rand Paul (R-Ky.) blocked an effort to propel it forward by Senate Foreign Relations Committee Chairman Robert Menendez (D-N.J.) Back in 2015…
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IRS Commissioner Tells CPAs That Enforcement is Top on His Agenda
The Internal Revenue Service may be short-staffed and have seen its budget cut, but Commissioner Charles Rettig believes he can both improve taxpayer and tax practitioner service, and up the agency’s enforcement game. "I’m An Enforcement Guy, I’m A Taxpayer Service Guy -- I Hope To Touch Every Aspect Of The Tax Service," he…
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IRS Warns Of Higher Penalty For Some Tax Returns Filed After June 14
On June 7, 2019 the IRS released IR-2019-106 where The Service urges taxpayers who owe tax and have not filed their 2018 return to act before Friday, June 14, before a larger penalty kicks in. The failure-to-file penalty is assessed if there is unpaid tax and the taxpayer fails to file a tax return or request an…
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