An e-mail claiming to come from the IRS claims: “Our records indicate that you are a Non-resident, and that you are exempted from the United States of America Tax reporting and withholding on interest paid to you on your account and other financial benefits. To protect your exemption from tax on your account and other financial benefits, […]
Topics Covered: 1. Does The National Football League Deserve Tax-Exempt Status? 2. Hiding Money Or Income Offshore Among The List Of Tax Scams For The 2015 Filing Season 3. Programs And Plans Available To Taxpayers To Resolve Outstanding IRS debts And Avoid Collection Action 4. Questions From Our Listeners: a. Is there an advantage to […]
IRS Commissioner John Koskinen was proud to announce that “the recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help them shows that it’s a bad bet to hide money and income offshore and he encouraged taxpayers to come in voluntarily and getting their taxes and filing requirements in […]
Now here is a fact that is not so widely known – the National Football Association which you figure makes a ton of money is recognized by the IRS as a tax-exempt entity. Besides the match-up of the Seahawks and the Patriots in Super Bowl 49, people are excited over the entertainment and half-time show, […]
California is overtaking Brazil as the world’s seventh-largest economy, bolstered by rising employment, home values and personal and corporate income, a year after the U.S. most-populous state surpassed Russia and Italy. Brazil has a population five times bigger than California’s 38.3 million; yet the Golden State with GDP of $2.20 trillion in 2013, expanded last […]
Issues discussed: 1. IRS becoming less and less reachable and taxes getting more complicated at the same time. Is this setup for a disaster this tax year? 2. Itemizing deductions is one of the first filters the IRS uses to find people whom to audit. Consumer reports recently gave us this list of Do’s/Don’ts for […]
Topics Covered: 1. IRS Seizure Of Business Funds – The Plight Of Carole Hinders. 2. Beware Your Hobby Business Could Land You In Tax Court. 3. FATCA Enforcement – Sovereign Management In Panama Now Under DOJ/IRS Investigation. 4. Questions From Our Listeners: a. What should I be looking for in a tax preparer this tax […]
Process Of Appealing To U.S. Tax Court Under normal audit procedures, the IRS issues a 30-day letter, giving a taxpayer 30 days to file a protest and request an Appeals hearing. On the taxpayer’s failure to request a hearing or following an Appeals hearing, the Service issues a 90-day letter (officially called a “Notice Of […]
Anyone filing an “FBAR” (Report of Foreign Bank and Financial Accounts – FinCEN Form 114) or IRS Form 8938 (Statement of Foreign Financial Assets) for calendar year 2014 will be pleased to know that the official exchange rates for 2014 have been published. As U.S. law states that no other exchange rate is permitted, it […]
The IRS is using its extensive Big Data resources to pin-point their investigations to the wealthiest areas in San Diego County, California. The idea being that anyone who is selected for investigation in these areas will result in a higher tax liability than those who live in less affluent areas. The government is looking for […]
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