Agostino & Associates' January tax newsletter contains two articles: 1. Jeremy Klausner discusses the new IRS policy on civil forfeiture of structured funds. The new IRS policy regarding forfeitures seems to indicate that the government will no longer seek to forfeit legitimate source funds that are involved in structuring. The open questions, however,are how this…
Read more
OVDP Program Open Indefinitely For Taxpayers Hiding Money or Income Offshore!
The Internal Revenue Service today January 28, 2015, said in its news release (IR-2015-09), that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. "The recent string of successful enforcement actions against offshore tax cheats…
Read more
Taxpayer Advocate Delivers Annual Report to Congress and Cites Offshore Voluntary Disclosure Program Inequities.
National Taxpayer Advocate Nina E. Olson today released her 2014 annual report to Congress, which expresses concern that taxpayers this year are likely to receive the worst levels of taxpayer service since at least 2001 when the IRS implemented its current performance measures. The report recommends that Congress enact a principles-based Taxpayer Bill of Rights,…
Read more
IRS Launches International Data Exchange Service
The Internal Revenue Service announced in IR-2015-01 the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the…
Read more
