Persons with undisclosed foreign accounts should be aware of the whistleblower program and corresponding awards. If a taxpayer worked with a facilitator or representative in a foreign jurisdiction, that individual may choose to open a whistleblower case if they know the facts and circumstances of another taxpayer’s case with regard to failure to report foreign financial accounts.
“As part of its agreement with DOJ, Bank Leumi must provide the names of more than 1,500 of its U.S. account holders.”
Today’s clients expect and deserve proactive, knowledgeable practitioners who understand not only the technicalities of accounting and law, but also the nuances of their individual clients’ businesses and sometimes personal finance situations.
In the upcoming filing season, the IRS will be managing more compliance items such as the ACA (affordable care act) and FATCA (foreign account tax compliance act) with a reduced budget and staffing.
The Annual Report discusses the ten most litigated tax issues and three case studies of which centers around the impact of audits on small businesses. Here are some facts to consider:
With over 145,000 registered international banks and foreign financial institutions, the IRS has officially opened their International Data Exchange Service (IDES).
Taxpayers need to develop a comprehensive approach to the 2014 filing season that includes the following:
More than 6 million Americans live abroad and have an annual tax filing obligation with the IRS for either the US Individual Income Tax Return 1040 or FinCEN form 114 Report of Foreign Bank and Financial Accounts (FBAR).
Taxpayers should be very careful with (1) do-it-yourself tax preparation software or (2) using a tax preparer that is unfamiliar with the reporting, measuring, and timing provisions of the affordable care act. Based on this article, it is easy to see that there are critical missteps that can occur if information regarding health care coverage is not properly conveyed to the IRS.
Attempting to get personal or business finances in order, after neglecting them for a period of time, can seem like a daunting process. January is a prime time to make a resolution and create a plan.
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