Careful advance preparation can help reduce the scope of a tax audit or examination and can lead to a more favorable outcome. Although a thorough understanding of the underlying facts and applicable law is a must, understanding IRS procedures is critical to preserving a taxpayer’s rights. We summarize below and in Parts II & III,…
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US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's – We Can Help!
On June 21, 2016 we posted US Taxpayers Are Receiving Automated $10,000 Penalty Assessments For Late Filed Form 5471's & 5472's - We Can Help! where we discussed that we have been receiving a lot of calls from businesses who have recently received penalty notices regarding late filed or non-filed Form 5471 & 5472's. The Internal Revenue…
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Taxpayers With Foreign Assets Need to File FBAR by April 15?
The Internal Revenue Service released IR-2019-63 on April 4, 2019 reminding U.S. citizens and resident aliens, including those with dual citizenship, that if they have a foreign bank or financial account, April 15, 2019, is the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR). Here is a rundown of key points to…
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Former Tax Attorney Pleads Guilty to Tax Evasion – Really?
According to DoJ, a former Indiana attorney, who also prepared tax returns for Indianapolis-area clients, pleaded guilty on April 4, 2019 to tax evasion. Scott C. Cole, 54, of Brownsburg, Indiana, pleaded guilty to one count of tax evasion for his multi-year effort to evade the payment of taxes and penalties on income he failed…
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