On October 28, 2013 the IRS revised the Internal Revenue Manual (IRM) providing guidance and clarification regarding the administrative review of FBAR penalties by the IRS Office of Appeals. See http://www.irs.gov/irm/part8/irm_08-011-006.html The IRM is essentially the operational manual providing guidance and procedures for the various functions carried out by the IRS. With respect to FBAR penalties…
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Bahamas Agrees to Enter into FATCA Agreement With the US!
In his contribution to the House of Assembly, on August 12, 2013, Minister of Financial Services Ryan Pinder said that the Bahamas Government has agreed that the country will achieve compliance under the United States Foreign Accounts Tax Compliance Act (FATCA) by negotiating and entering into a Model 1 Intergovernmental Agreement (IGA) with the United…
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DOJ Keeping Quiet On New Lists of US Depositors from Foreign Banks
U.S. taxpayers with unreported foreign bank accounts may not get warning that DOJ has knowledge of their account! The Justice Department's Tax Division has a lot of informationthat is not public regarding foreign bank accounts and is communicating with banks in countries that don't have a treaty relationships with the U.S., according to Assistant Attorney…
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When is the Best Time to call IRS Practitioner Priority Service?
Beyond415 posts that they have been calling the IRS Practitioner Priority Service (PPS) individual and business lines to measure and record wait times so we can let you know the best time to call. Here are some conclusions from our analysis of call wait times: Individual taxpayer PPS line (866) 860-4259, option 3 PPS operating…
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