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- How the IRS Investigates FBAR Violations
After the foreign bank reports the non-compliant taxpayer’s account information to the foreign taxing authority, the information is then provided to the IRS. For those countries without intergovernmental agreements (IGAs), the account holder’s information will be sent directly to the IRS.
- Colorado Probate and Estate Tax Laws
When someone passes away, it is important that the matter is settled quickly and easily so that the family and other dependents are given time to grieve and become situated with the circumstances. It is then vital that the next steps are taken to resolve any outstanding matters. The estate then must be settled and allocated as specified by a will or last testament.
- Colorado Consumer Tax Law
Taxes are collected by states on retail for items that are sold in shops and establishments. This may be similar to levied taxes on cigarettes smoked by consumers, gas needed for vehicles and alcoholic drinks consumed through individual purchases and when completed in a bar or pub. These taxes placed on items bought by customers are often used by the state to raise revenue for local projects.
- Tax Professionals Report More Audits as Stricter IRS Deadlines Approach
The tax code is incredibly complicated and intricate. Even when a business or an individual intends to be in compliance with tax requirements, cost-saving measures can easily slip over the line into illegal territory.
- U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS's assessment of multiple willful FBAR penalties against an American business man and bank director.
- IRS Assesses Another 150% Civil FBAR Penalty
The IRS has asserted multiple maximum civil FBAR penalties against Ashvin Desai, who failed to disclose the existence of offshore accounts or report interest income from the accounts on his tax returns. Desai, a sixty-four year old born in Mumbai, India, was sentenced last week to six months of imprisonment in his criminal trial.
- The Importance of Choosing the Right Business Entity
One of the first decisions a business owner or practicing professional faces is choosing the best business entity for their organization.
- Home Underwater? Four Steps You Can Take to Improve Your Situation
Unfortunately, many people are still suffering from the housing market crash that began in 2006. It’s particularly painful if you owe more on your mortgage than your house is worth.
- What Happens If I Don’t Pay Taxes for Several Years?
People may not pay taxes for a variety of reasons. They may think that they will not owe anything and the cost to prepare them will outweigh whatever small return they might receive. A recent divorce or death may make the process confusing. Someone may know that they will owe taxes and may try to avoid tax liability by simply not filing. Whatever the reason, the consequences for not filing taxes can be very serious.
- Why You Should Not Represent Yourself in an IRS Audit
Representing yourself or your company in an audit initiated by the Internal Revenue Service (“IRS”) is likely to be an exercise in futility. The IRS employs highly skilled revenue agents who will seek to take advantage of taxpayers who, understandably, are not knowledgeable on the rights and powers of the IRS.