The streamlined IRS offer-in-compromise program will decrease the required financial information from taxpayers in an effort to bring more of them into the program, Faris Fink, IRS Small Business/Self Employed Division commissioner, said Sept. 15. Speaking at a tax controversy conference in Washington, Fink said IRS would raise the threshold to include individuals with an…
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IRS Audits Will Focus on High-Income, High-Wealth Taxpayers, SB/SE Official Says
The Internal Revenue Service's examination team will focus on high-income, high-wealth taxpayers, paying close attention to those with a tax liability that is significantly reduced through the use of multiple entities, an official said Sept. 15. The agency is paying attention to individuals with an income level that is not “huge,” but has wealth and…
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Offshore Voluntary Disclosure Initiative Draws 12,000 Taxpayers
The Internal Revenue Service said in a news release (IR-2011-94) announced Sept. 15 that his agency's program to encourage taxpayers to tell the government about their offshore assets has attracted 12,000 participants. On top of that, IRS said it has garnered an additional $500 million in taxes and interest as down payments for the 2011 program,…
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IRS Extends Time for Executors of Estates to File Returns and to Pay the Estate Tax
The Internal Revenue Service issued Notice 2011-76 Sept. 13 granting executors of estates of people who died in 2010 and who timely file Form 4768 an automatic extension of time to file an estate tax return and to pay the estate tax due. The notice also revises the due date of Form 8939, Allocation of…
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