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House Panel Approves Bill, Which Has a 12% Chance of Passage, Requiring Entities to Identify Beneficial Owers

Advocates of the Bill have long claimed that tracking beneficial ownership is the key to combating illicit financial flows and have criticized the U.S. for failing to enact reporting rules in keeping with the common reporting standard promoted by the Organization for Economic Cooperation and Development.
The Report Also Noted That In Any U.S. State,
More Information Is Required To Obtain A Library Card Than To Register A Company.
 
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Marini & Associates, P.A.

 
for a FREE Tax Consultation Contact Us at:
or Toll Free at 888-8TaxAid (888 882-9243).

Read more at: Tax Times blog

Finally the Senate To Vote On Tax Treaties Previously Blocked by Senator Rand Paul

 
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Marini& Associates, P.A. 

 
 

for a FREE Tax HELP Contact Us at:
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Read more at: Tax Times blog

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 told an audience of over a thousand accountants in his keynote at the American Institute of CPAs’ 2019 Engage conference.

“Last year we collected $3.5 trillion -- 95 percent of the gross revenue of the U.S. government,” he explained. “We cannot have a functioning government without a functioning IRS.”

That is beginning to be recognized in Washington, he noted: “There is a bipartisan feeling that we need a fully functioning Internal Revenue Service,” he said, noting that Congress is seeking $12 billion in appropriations for its next budget. “Though we’d like to see it raised!”

Regardless of the final budget figure, he thinks the service is better-positioned than some might think.

"This Is Not The Old IRS -- Yes, We Have Fewer Employees And Fewer Resources, But This Is 2019.
 
Data And Analytics -- I Could Leave It There, But The Things We Have Internally Are Fantastic," He Said.

“I thrive on tax,” said Rettig, who was a tax attorney for three decades before becoming commissioner. “I read the cases every day and I read the guidance -- I’ll never lose my passion for tax.”

As a practitioner himself -- the first to helm the IRS in 20 years, since Margaret Milner Richardson in 1997-1998 -- he called on the audience at Engage to work more closely with the service.

"Taxpayers Who Are Trying To Do It Right Will Have My Support," He Promised.
 
 
"Those Who Wake Up With An Idea Of A Creative Way Not To Pay Tax -- I’m Paying Attention To That.
 
 


We will have a much greater presence on enforcement than before. We will be in every neighborhood that we can be, we’ll be touching people -- but a fair touch.”

Beyond those goals, Rettig hopes to leave the IRS much improved when his term is up in 2022.

“I believe we have a real opportunity to make the tax system to better,” he said, before adding:

"And We’re Hiring!
We’re Hiring Across The Board --
In LB&I, Criminal Investigation, And Many Other Areas.

How many jobs do you have where you can make a real difference for people you’ll never meet? I can go home at the end of the day and say, ‘I did this today -- do you know how many people it will help?’”

Have a IRS Tax Problem? 



  
Contact the Tax Lawyers at 

Marini& Associates, P.A. 

 
 

for a FREE Tax HELP Contact Us at:
orToll Free at 888-8TaxAid (888) 882-9243



Source:

AccountingTODAY
 

Read more at: Tax Times blog

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 extension by the April due date. This penalty is usually 5 percent of tax for the year that’s not paid by the original return due date. The penalty is charged for each month or part of a month that a tax return is late. But, if the return is more than 60 days late, there is a minimum penalty, either $210 or 100 percent of the unpaid tax, whichever is less.

We Advised Taxpayers To Always File their Return,
Even Where They Cannot Pay Their Tax in Full!
 
The failure to file penalty is 5% per month, while the failure to pay penalty is .05% per month.
 
Penalty Relief May Be Available for the Late Filing Penalty

Taxpayers who have filed and paid on time and have not been assessed any penalties for the past three years often qualify to have the penalty abated pursuant to First-Time Penalty Abatement
provisions.

A taxpayer who does not qualify for the first-time penalty relief may still qualify for penalty relief if their failure to file or pay on time was due to reasonable cause and not due to willful neglect.

The IRS also expanded the penalty waiver for those whose 2018 tax withholding and estimated tax payments fell short of their total tax liability for the year. The penalty will generally be waived for any taxpayer who paid at least 80 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90 percent to avoid a penalty.

In addition to penalties, interest will be charged on any tax not paid by the regular April due date. For individual taxpayers it is the federal short-term interest rate plus 3 percentage points, currently 6 percent per year, compounded daily. Interest stops accruing as soon as the tax is paid in full. Interest cannot be abated.

For available IRS payment plans see our post Available IRS Payment Plans - Part I and Available IRS Payment Plans - Part II

Need Time To Pay Your IRS Taxes?  

   Contact the Tax Lawyers at 
Marini & Associates, P.A. 
 
 
for a FREE Tax HELP Contact us at:
Toll Free at 888-8TaxAid (888) 882-9243

 

Read more at: Tax Times blog