According to accountinTODAY, most taxpayers envision Internal Revenue Service audits as intrusive investigations resulting in criminal sentences. Today, nothing could be farther than the truth. The IRS’s auditing power has been greatly diminished in the past decade. IRS audit resources have been reduced by 28 percent in the last decade and the audit rate has…
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Ten Facts About Tax Expatriation – Part II
On November 6, 2019 we posted Ten Facts About Tax Expatriation - Part I, where we discussed that whatever your motives, just because you leave the United States and renounce your citizenship, don't assume you can leave U.S. taxes (or U.S. tax forms and complexity) behind, particularly if you are financially well-off. For those who expatriate…
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In-Person IRS Tax Compliance Visits Coming to Your Neighborhood Soon!
According to accountingTODAY, the Internal Revenue Service is expanding its efforts to ensure businesses and individuals are paying their taxes, particularly payroll taxes, with in-person visits planned by revenue officers to more parts of the country, starting recently in Wisconsin and later this month Texas and Arkansas. The goal of the visits is to help…
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IRS Announces Increases Enforcement on Syndicated Conservation Easements
The Internal Revenue Service announced in IR 2019-182, 11/12/2019 a significant increase in enforcement actions for syndicated conservation easement transactions, a priority compliance area for the agency. Coordinated examinations are being conducted across the IRS in the Small Business and Self-Employed Division, Large Business and International Division and Tax Exempt and Government Entities Division. Separately,…
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