On May 17, 2013 Governor Rick Scott signed into law one of the main agenda goals of his term in office. Specifically, Sec. 212.08(7)(kkk), Florida Statutes (F.S.), was enacted to allow a 100% exemption for machinery and equipment purchased for the use in Florida based manufacturing and processing companies. A simply exemption certificate can…
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325% Cost Where IRS Discovers Your Offshore Account! — Do You Feel Lucky?
There are both civil and criminal penalties for failure to file a Foreign Bank Account Report 90-22.1 (FBAR). Criminal Penalties: FAQ #6: What are some of the criminal charges I might face if I don't come in under OVDP and the IRS examines me? Possible criminal charges related to tax returns include tax evasion (26 U.S.C.…
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An IRS Debt May Cost You Your US passport in the Future!
Anthony Parent posted that tacked into a highway bill that has recently passed the U.S. Senate has a provision that would allow the State Department to deny passports to US taxpayers who owe delinquent tax debts to the IRS. If you owe more than $50,000 to the IRS, and if this Bill is signed into…
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Swiss-US Tax Treaty – Think You Need to Declare Your Swiss Bank Account NOW?
There have been new developments in the resolution of the ongoing tax dispute between Switzerland and the US: the Swiss government confirmed it will set out parameters for the cooperation of Swiss banks with the US within the existing legal framework and the Swiss Supreme Court, for the first time, considered a group request made…
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