Taxpayers Receive Notice That IRS Is Resolving Form 3520 Processing Issues
The IRS plans to send out letters to taxpayers who filed Form 3520 or Form 3520-A as it attempts to close out outstanding inquiries/correspondence involving Form 3520 prior processing issues
Published on July 31, 2013
Penalty Relief for Delinquent FBARs and Forms 5471 Ends August 31
The IRS has provided penalty relief in guidance related to its latest offshore voluntary disclosure initiative. The focus of this item is on who qualifies for penalty relief and procedures for obtaining this relief.
Published on June 30, 2011
The Tax Adviser August 2013
Articles 2013 Tax Software Survey Paul Bonner Rev. Proc. 2013-13: A New Option for the Home Office Deduction Michaele Morrow, Timothy Rupert, a
Published on September 16, 2013
New Foreign Trust Tax Form Project 1041NR
IRS representatives recently approved a joint project with the AICPA Foreign Trust Task Force. Together they will design a new Form 1041NR, U.S. Income Tax Return for Foreign Estates and Trusts, which tax return preparers and IRS personnel will find easier to understand, prepare, and process.
Published on May 10, 2010
FBAR Penalties Reduced for Six Months
The IRS has provided a framework for voluntary disclosure requests containing offshore issues, such as previously undisclosed foreign financial accounts and entities.
Published on January 28, 2011
IRS Provides Guidance on Return Preparer Penalties
The IRS has provided guidance (Notice 2008-46) on the implementation of the return preparer penalties under Sec. 6694.
Published on May 12, 2010
Delinquent U.S. Foreign Information Returns Is Filing Under the 2011 OVDI Appropriate
This item explains the process by which taxpayers may take advantage of an opportunity to avoid a substantial portion of the penalties that would otherwise be due on previously unreported offshore accounts, entities, and income.
Published on January 13, 2012
New Reporting for Specified Foreign Financial Assets
Effective for tax years starting after March 18, 2010, new Sec. 6038D requires individual taxpayers to report any interest in “specified foreign financial assets” if the value of these assets in aggregate exceeds an applicable threshold amount.
Published on August 24, 2012
IRS Releases Procedures Allowing Appeals Review of International Penalties Prior to Payment
The IRS has made it a priority to improve voluntary compliance with the international tax provisions and to reduce the tax gap attributable to international transactions. This focus on international compliance has led to increased enforcement of international information-reporting requirements and the associated penalties.
Published on January 28, 2011
Significant Recent Developments in Estate Planning (Part II)
This article covers gift tax, generation-skipping transfer (GST) tax, trust developments, and the annual inflation adjustments for 2011 relevant to estate and gift tax.
Published on April 17, 2012