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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Former Tax Attorney Pleads Guilty to Tax Evasion – Really?
According to DoJ, a former Indiana attorney, who also prepared tax returns for Indianapolis-area clients, pleaded guilty on April 4, 2019 to tax evasion. Scott C. Cole, 54, of Brownsburg, Indiana, pleaded guilty to one count of tax evasion for his multi-year effort to evade the payment of taxes and penalties on income he failed…
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IRS Updates Offer in Compromise Booklet
IRS has issued an updated version of Form 656-B, the "Form 656 Booklet, Offer in Compromise." It includes updated versions of the various forms required when a taxpayer wishes to have IRS accept his offer in compromise (OIC).The booklet sets out the rules, for making an offer in compromise and having it accepted. For example:…
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Tax Returns & 5th Amendment Privilege? – Part II
We covered in Tax Returns & 5th Amendment Privilege? - Part I - The Fifth Amendment and the Filing of Tax Returns. In this post we are covering Michael J. DeBlis III's discussion of Invoking the Fifth Amendment for an IRS Document Request and Obligations of Tax Professionals: Weighing a Prompt Resolution with Protecting Taxpayer Privilege.…
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