On Friday, March 15, 2019 we posted Know Your Choices to Pay Your Tax Bill! - Part 1 where we discussed Paying in full within 120 days (short-term payment plan) and Installment agreements (long-term payment plan). In this Part 2we will discuss two other alternative for taxpayers who do not have the money to pay…
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FACTA Reporting Not Working as Designed
The Internal Revenue Service is having trouble dealing with the information it’s getting from foreign banks about U.S. taxpayer assets under the Foreign Account Tax Compliance Act because of problems with the data and various mismatches, according to a new government report. The report, from the Government Accountability Office, found that data quality and management…
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2020 Budget Calls For $11.5B In IRS Funding Up $200 Million From 2019 Budget!
According to Law360, President Donald Trump’s budget for fiscal year 2020, released Monday, calls for $11.5 billion in funding for the Internal Revenue Service, up from $11.3 billion in the current fiscal year. The Trump administration’s "Budget for a Better America” would work in tandem with legislation that would require employees and those attempting to claim…
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Failure to Report Offshore Funds Remains a Crime & it's Included in the IRS' 2019 ‘Dirty Dozen’ Scams List!
Hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019, the agency said on March 15, 2019. Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime, including offshore schemes. Many of these peak during filing season…
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