Who can taxpayers trust anymore? Add to the list of items our federal government employee’s posts on www.IRS.gov including answers to frequently asked questions.
Tag Archive for FAQs
08
Jun 2017
IRS Says FAQs Not Legal Authority – Finally!
In May 2017, the IRS Small Business Division issued a memo to field directors to remind them that FAQs and other items posted to the IRS website are not legal authority unless published in the Internal Revenue Bulletin (IRB)! [SBSE-04-0517-0030 (5/18/17)]
Finally!!
11
Oct 2015
IRS Offers FATCA Guidance For Trusts & Partnerships
The IRS posted FAQ’s today on the effective dates of FATCA agreements for entities that apply on or after April 1 to be withholding foreign partnerships or withholding foreign trusts.
Qualified Intermediaries: Withholding Foreign Partnerships/ Withholding Foreign Trusts
Q1. How does a Financial Institution that is not currently a Qualified Intermediary (“QI”), a Withholding Foreign Partnership (“WP”), or a Withholding Foreign Trust (“WT”) register to become one?
Q2. How do FIs that are currently QIs, WPs and WTs renew their agreements?
Q3. I am not currently a QI/WP/WT. Can I use the LB&I registration portal to register for Read more
17
Nov 2014
The Hunt For Snowbirds Is On – A Summary of The IRS’s FAQ On Amnesty Programs For Non-Compliant Taxpayers
Since announcing its amnesty programs for non-compliant taxpayers, the IRS has received over 45,000 applications from those who wanted to fulfil tax filing obligations. According to the IRS, this meant $6.5 billion in taxes, interest, and penalties. With FATCA and global bank transparency also in action, the IRS is expecting even more mula from the pockets of expats with foreign accounts.
Why are so many U.S. taxpayers willingly complying? Because the new streamlined program is broader than it was back in 2012. The revamped version even eliminates the necessary risk questionnaire and the rule that taxpayers have $1,500 at most of unpaid taxes per year. Even “better” is the fact that taxpayers can provide a non-willful certification to justify their failure to report their foreign assets in the past. If a taxpayer is found eligible: Read more
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Private Debt Collection: Hardship (Part 2 of 3)I have always had concerns about outsourcing tax debts to private collection agencies (PCAs). First, I believe tax collection is an “inherently governmental function” within the meaning of section […]
Participating vs Non-Participating Shares – Canada Tax FAQsWhy should I be concerned about participating and non-participating shares in my company? Shares in a corporation can be participating or non-participating, among other features. Participating shares […]
Tax Burdens Prompt More Americans To Ditch CitizenshipAmericans abroad have just about had it with Uncle Sam’s tax filing requirements. Those were the findings from a recent survey of more than 2,100 U.S. expatriates, according to Greenback Expat Tax […]
FBAR Instructions For U.S. Expats Filing FinCEN Form 114Americans living abroad are still required to file a U.S. tax return, and furthermore they may have to report their foreign bank and investment accounts by filing a Foreign Bank Account Report, or […]
Practice Ignition Training Webinar – Thursday, July 26thJoin me as I introduce Ryan Embree from Practice Ignition who will walk you through step by step instructions on how to use this super easy template software. What Practice Ignition has done is take […]
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