September 2016 Archives

IRS to hire private tax debt collectors for delinquent accounts

The IRS is hoping that the third time's the charm with private tax debt collection. Beginning in early 2017, private companies will be hired to pursue old, delinquent, outstanding accounts that the IRS doesn't have time to do itself. 

Most foreign banks aren't providing accurate FATCA filings

Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over any financial account in another country with an aggregate value that exceeds $10,000 at any point during the year needs to file a FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR).

How to prepare for, and survive, an IRS tax audit

If the IRS wishes to do an audit of your tax return, do not panic. In most cases, an audit is simply the government wanting to double check the numbers that were provided on your return. The IRS investigation will go smoothly if you have provided correct numbers for your calculations, income, deductions and write-offs - and have the documentation to prove it

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