Irs Filing & Compliance. Legal news and articles for August 21 - 31, 2011

Spending Less Time on Tax Compliance, and More Time on BusinessExtension of Time to Enter the IRS Offshore Voluntary Disclosure Initiative ...Foreigner's Tax Dilemma from Flipped PropertyFor US Persons With International Investments/Bank Accounts, Times Are A ...Hurricane Irene Blows Back OVDI DeadlineGuest Post: Income Tax PlanUS Markets Open, Libor, Insider Trading, BofA: ComplianceLibor, Insider Trading, BofA, Morgan Stanley, Impala: ComplianceLast chance to avoid foreign account woesIRS sweep US citizens victimized'Rehab' best bet for tardy US tax filers hereIndian American community delegation meets the IRS offcials on OVDICity's Non-Taxable Property Hits $4.3BFinancial ReportUS sticks to stand on disclosure of foreign accounts

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Spending Less Time on Tax Compliance, and More Time on Business
Dallas Blog (blog)August 31, 2011

... Taxpayer Advocate at the IRS, notes that “[s]mall businesses are burdened with a particularly bewildering array of laws. They face a patchwork set of rules that govern the depreciation of equipment, onerous filing requirements for employment taxes, ...more »

Extension of Time to Enter the IRS Offshore Voluntary Disclosure Initiative ...
MarketWatch (press release)August 31, 2011

"The extra time is a positive development for US taxpayers living in the US and abroad who want to come into compliance with US filing obligations," said Jim Mastracchio, Co-chair of Baker Hostetler's nationwide tax controversy practice. ...more »

Foreigner's Tax Dilemma from Flipped Property
Fox BusinessAugust 30, 2011

To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) ...more »

For US Persons With International Investments/Bank Accounts, Times Are A ...
Expat ForumAugust 30, 2011

As per the Foreign Account tax Compliance Act (FATCA) enacted in 2010, US taxpayers holding non-US financial assets with an aggregate value higher than $50000 must report those assets to the IRS. This requirement is effective for assets held in tax ...more »

Hurricane Irene Blows Back OVDI Deadline
JD Supra (press release)August 29, 2011

In recognition of the anticipated disruption to come from Hurricane Irene, the IRS has pushed back the compliance submission deadline for its 2011 offshore voluntary disclosure initiative from August 31, 2011 to September 9, 2011. ...more »

Guest Post: Income Tax Plan
ForbesAugust 29, 2011

At IRS, I participated in the review and audit of federal estate tax returns. I even took the lead on a successful audit. At audit, opposing counsel read my report, looked at his file and said, “Gentleman, she's exactly right.” I nearly fainted. ...more »

US Markets Open, Libor, Insider Trading, BofA: Compliance
BusinessWeekAugust 29, 2011

IRS Extends Offshore Disclosure Deadline to Sept. 9, Cites Storm The Internal Revenue Service extended the deadline for US taxpayers to declare their offshore accounts until Sept. 9, citing the potential impact of Hurricane Irene, the agency announced ...more »

Libor, Insider Trading, BofA, Morgan Stanley, Impala: Compliance
BloombergAugust 29, 2011

IRS Extends Offshore Disclosure Deadline to Sept. 9, Cites Storm The Internal Revenue Service extended the deadline for US taxpayers to declare their offshore accounts until Sept. 9, citing the potential impact of Hurricane Irene, the agency announced ...more »

Last chance to avoid foreign account woes
Hartford BusinessAugust 28, 2011

Secondly, the act places substantial compliance responsibilities on all foreign financial institutions. All such institutions will be asked to enter into an agreement with the IRS which requires them to identify all US accounts and report certain ...more »

IRS sweep US citizens victimized
Windsor StarAugust 26, 2011

The IRS might be ready to slap thousands of Americans living in Canada with penalties because they haven't filed US income tax returns. But the Canada Revenue Agency isn't about to help trap them in what amounts to a witch hunt against people who don't ...more »

'Rehab' best bet for tardy US tax filers here
Winnipeg Free PressAugust 26, 2011

In 2012, FATCA (the Foreign Account Tax Compliance Act) comes into effect. Under this initiative, all Canadian banks and financial institutions have agreed to report to the IRS the presence of any accounts held by US citizens at their institutions. ...more »

Indian American community delegation meets the IRS offcials on OVDI
Times of IndiaAugust 24, 2011

The meeting at the IRS headquarters in Washington, DC was arranged by the office of Congressman Steve LaTourette of Ohio. IRS was represented by Ms. Rosemary Sereti, Director of International Individual Tax Compliance; Attorney Advisors to Deputy ...more »

City's Non-Taxable Property Hits $4.3B
New Haven IndependentAugust 23, 2011

Others simply give without any consideration of the tax advantages, and don't worry about keeping tax records for filing their deductions with the IRS. Even among households that earn more than $120000 per year, only about 40 percent itemize their ...more »

Financial Report
Times DailyAugust 21, 2011

The workshops are coordinated by Auburn University and designed especially for administrators or volunteers who are responsible for a small or medium-sized organization's tax compliance. The workshops are led by experienced IRS exempt organizations ...more »

US sticks to stand on disclosure of foreign accounts
TwoCircles.netAugust 21, 2011

Also IRS agents who deal with the tax payees are not empowered to separate wilful non-compliance from innocent non-compliance. The delegation also shared the community's fear of being singled out as targets of IRS inquiry and suggested that as a first ...more »

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