Some of the more important tax developments that have come out during the first three months of 2012. Most are documents from the Internal Revenue Service, but some are important cases and legislative changes you might want to be aware of for you or your business. Payroll Tax Cut Full-Year Extension: On February 22, President…
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About: Ronald Marini
Recent Posts by Ronald Marini
Treasury Official Says Tough Decisions Remain on Rescission Doctrine Guidance
Questions and difficult decisions remain as the government works diligently on high-profile guidance on the rescission doctrine, a senior Treasury official said March 30. The doctrine generally says transactions can be disregarded for federal income tax purposes if the parties return to the status quo in the same tax year. The issue is of key…
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Which Form? IRS Chart Explains Foreign Asset Reporting
The new Form 8938, Statement of Specified Foreign Financial Assets, does not eliminate a taxpayer’s obligation to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Some taxpayers are required to file both. A new comparisonchart explains the filing requirements for both Form 8938 and Form TD F 90-22.1. Read more…
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Penalty Relief for the Unemployed and Greater Accessibility to Installment Agreements
The IRS has announced, in IR-2012-31 (3/7/12), a significant expansion of its “Fresh Start” initiative that was begun last year to assist financially distressed taxpayers by providing new penalty relief to the unemployed and making installment agreements more accessible. Now, certain taxpayers who have been unemployed for 30 days or longer will be able to…
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