How the IRS Plans to Track Down Secret Offshore Accounts
Investing AnswersFebruary 29, 2012
In 2010, the IRS and the Treasury Department passed legislation called the Foreign Account Tax Compliance Act (FATCA), and those regulations will force many foreign banks to divulge the identities and account information of US customers with sizeable ...more »
IRS Caught $1.6B in Erroneous Homebuyer Tax Credits
Accounting TodayFebruary 29, 2012
“Examining homebuyer credit claims that pose the greatest compliance risk is an effective use of limited IRS resources and avoids burdening compliant taxpayers with an examination.” TIGTA also found that, in some instances, the IRS's use of ...more »
Offshore Account? How New Laws Affect Your Money
Investing AnswersFebruary 29, 2012
In 2010, the IRA and the Treasury Department passed legislation called the Foreign Account Tax Compliance Act (FATCA), and those regulations will force many foreign banks to divulge the identities and account information of US customers with sizeable ...more »
Audit: IRS oversight of homebuyer credit could have been better
The Hill (blog)February 29, 2012
By Bernie Becker - 02/29/12 01:39 PM ET The IRS threw out $1.6 billion in mistaken claims for a house buying tax credit, according to a new federal audit, but could have also done more to evaluate questionable claims.more »
Bloomberg BNA Offers Comprehensive Update on International Tax Reporting for ...
Bradenton HeraldFebruary 29, 2012
"As a result, tax departments at multinational companies must constantly review their global operations and filing responsibilities to stay in compliance with the US tax laws." Designed for tax practitioners new to the international tax area or looking ...more »
Obama's FATCA Legislation Has Officially Killed Banking Privacy
Business InsiderFebruary 29, 2012
... Honorable Barrack Hussein Obama passed into law in 2010 as part of the “Hiring Incentives to Restore Employment Act”. There were no hiring incentives, and there was no restoration of employment. But any vestiges of banking privacy were destroyed.more »
Bloomberg BNA Offers Comprehensive Update on International Tax Reporting for ...
Sacramento BeeFebruary 29, 2012
"As a result, tax departments at multinational companies must constantly review their global operations and filing responsibilities to stay in compliance with the US tax laws." Designed for tax practitioners new to the international tax area or looking ...more »
Correspondence audits need some work, tax community tells IRS
Journal of AccountancyFebruary 29, 2012
By Ann Marie Maloney The IRS' use of correspondence audits to resolve issues with tax returns has mushroomed over the past decade—but taxpayer satisfaction with the program is fairly low. According to the Treasury Inspector General for Tax ...more »
Healthcare history: How the patchwork coverage came to be
Sun-SentinelFebruary 28, 2012
Everyone is required to have health insurance, and all but the poorest citizens face a tax penalty if they don't comply. For liberals, the act is a culmination of the dream to complete the work of PresidentFranklin D. Roosevelt's New Deal.more »
Contraception rule could lead to $100 fines, Hill report says
PoliticoFebruary 28, 2012
According to the research service, insurers and employers that do not comply with the contraception coverage rule could face federal fines of $100 per day per employee. Continue Reading Text Size - + reset But it may not take federal action to enforce ...more »
Bloomberg BNA Offers Comprehensive Update on International Tax Reporting for ...
MarketWatch (press release)February 28, 2012
"As a result, tax departments at multinational companies must constantly review their global operations and filing responsibilities to stay in compliance with the US tax laws." Designed for tax practitioners new to the international tax area or looking ...more »
Preparing for Health Insurance Reporting Rules [Compliance Week]
Insurance News Net (press release)February 28, 2012
"Many employers do not charge for on-site medical clinic services, creating difficulties when it comes to assembling all of the necessary information to comply with the reporting requirements," she says. The IRS notice does offer some relief for ...more »
Taxpayers Squaring Their Foreign Accounts With The IRS
Mondaq News Alerts (registration)February 28, 2012
In order to encourage taxpayers who have avoided or ignored required filings in the past, the IRS offered amnesty type programs in 2009 and 2011 which resulted in in 33000 taxpayers coming forward to comply with the law. In January of 2012 the IRS...more »
Road Rules
EntrepreneurFebruary 28, 2012
Which might help explain why compliance with IRS rules on autos is less than perfect. When the risk of an audit is 1 percent, Soled says, many taxpayers are content to bend the rules and take their chances. We would go on, but we've run out of room.more »
Anti-Crime Loans Buy Seniors Karaoke as 250 Banks Reap Credit
BloombergFebruary 28, 2012
The foundation's nine full-time staff members draw their paychecks from USI Alliance, the IRS filing shows, meaning that none of their salaries are publicly disclosed. Two members of USI Alliance's four-member board are also on the foundation's ...more »
