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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Ouch Rubin on Tax: Taxpayers who fail to file FBARs can of course incur a 50% penalty on the balance of the unreported accounts. In one of the largest penalties in this blogger’s experience, a New York business […]
(Bloomberg) An emeritus professor of business administration in Rochester, New York, pleaded guilty to hiding $200 million in assets from the Internal Revenue Service by using offshore accounts at a bank that people familiar with the matter identified as Credit Suisse Group AG. Dan Horsky, 71, entered the plea Friday in federal court in Alexandria, […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Victims of October’s Hurricane Matthew in parts of Virginia may qualify for tax relief, the IRS said. Following the recent disaster declaration for individual assistance issued by FEMA, the IRS has said that affected taxpayers in the independent cities of Chesapeake, Newport News, Norfolk and Virginia Beach will receive tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued final regulations on controlled foreign corporations to provide rules about the treatment of U.S. property held by the CFC in connection with transactions involving partnerships. The final regulations provide rules for determining whether a CFC is considered to be deriving rents and royalties during […]
We have all heard that the definition of insanity is to repeatedly do the same thing expecting different results. Using that definition, the U.S. Congress can now be considered officially insane. Seven years after it proved to be a disaster, the use of outside debt collectors has again been approved by Congress for use by […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has issued an urgent alert to tax professionals who use IRS e-Services to beware of an e-mail asking them to update their accounts and directing them to a fake Web site. The subject line for the fraudulent e-mail is “Security Awareness for Tax Professionals.” The “From” line is […]
The Internal Revenue Service convened a meeting of its Security Summit partners in the tax preparation industry and state tax authorities Thursday to discuss additional steps they can take to safeguard tax refunds from identity theft next filing season. John Koskinen The measures include new data elements that will be transmitted by the tax industry […]
Internal Revenue Service examiners confront some steep barriers when trying to audit the transfer pricing strategies used by multinational corporations to reduce their taxes, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found that some IRS employees may not be consistently following the IRS’s Transfer […]
The IRS’s recent Audit Techniques Guide for the Tangible Property Regulations can help business taxpayers avoid problems with IRS examiners in interpreting the 2014 regulations on how to treat expenses incurred for materials, supplies, repairs and maintenance. Most taxpayers have finalized implementation of the Tangible Property Regulations over a year ago. These regulations covered how […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The National Association of Enrolled Agents opposes the recently announced IRS hike on user fees, specifically the proposed six-fold increase in the price of taking the EA Exam. “The IRS has repeatedly stated that the tax administration system benefits from more enrolled agents, so why on earth are they making […]
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