According to Anthony Parent -- The US Department of Justice (DOJ) scored yet another victoryin its crusade against Offshore tax evasion. Christopher B. Berg of Portola Valley, Calif. plead guilty in U.S. District Court in San Jose, California of one count of willful failure to file, in 2005, the required report of foreign bank account (FBAR)…
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What … More Reporting Requirements in Addition to the Dreaded FBAR Report?
Besides having to file FBAR reports for a US taxpayer's Interest in Foreign Accounts, US Taxpayers also have the following Reporting Requirement for their Investments in Foreign Entities: · Form 5471 –Used to report that you are a 10% or more shareholder in a foreign corporation. · Form 5472 –Used to report that a US…
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Do You Qualify to Settle Your IRS Tax Debt For Pennies on the Dollar?
Now you no longer need to guess because the Internal Revenue Service has introduced a new tool for determining a taxpayer’s eligibility for an offer in compromise that can help lower the taxpayer’s outstanding tax debts. The IRS’s new Offer in Compromise Pre-qualifier toolHelps Tax Practitioners determine a taxpayer’s eligibility for an offer in compromise…
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Get Ready for the EU TIN … Comming To Europe Soon!
The European Commission requested consultations from the pubic regarding establishing an EU Taxpayer Identification Number (TIN). Comment Are Requested: Use of an EU Taxpayer Identification Number (TIN) Title Consultation on the "Use of an EU Taxpayer Identification Number (TIN)" [short-name: EUTIN] Policy fields Taxation Target groups All citizens and organisations are welcome…
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