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Tag Archive for John Koskinen

More Taxing Reasons To Guard Your Private Information

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Just two weeks after the January 19th start of Tax Season, on Wednesday, February 3rd, the IRS experienced an alleged “hardware failure” that according to USAToday.com, “knocked some of the tax agency’s computers out of service.” With all the troubles the IRS is already facing, this latest snafu just adds more fuel to the overwhelming frustration most taxpayers feel with this government institution.

As of February 4th, the day the USA Today article was posted, Read more

IRSAC Releases Its 2015 Annual Report

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Internal Revenue Service Advisory Council (IRSAC) held its annual public meeting this week and released its annual report for 2015 to the IRS Commissioner. The report includes recommendations on a wide range of tax administration issues.

The IRSAC is an advisory group to the entire agency. The IRSAC’s primary purpose is to provide an organized public forum for the Commissioner, senior IRS executives and representatives of the public to discuss relevant tax administration issues.

“Members of IRSAC volunteer their time and energy to provide us with valuable feedback and suggestions regarding the most important issues affecting all types of taxpayers,” said IRS Commissioner John Koskinen. Read more

June 30th Filing Deadline for Foreign Reporting is Approaching Fast!!

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Taxpayers With Foreign Assets May Have FBAR And FATCA Filing Requirements In June

WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets.

The IRS encourages taxpayers with foreign assets, even relatively small amounts, to check if they have a filing requirement. Separately, certain taxpayers living abroad may also have to file the FATCA-related Form 8938 with their tax returns by the June 15 Read more

Staff Reductions & Insufficient Funding Will Dramatically Impact IRS in 2015 And Beyond

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Last Tuesday, IRS Commissioner John Koskinen addressed the New York State bar Association Tax Section in New York. His comments provide keen insight into the going-on’s at the IRS. Mr. Koskinen’s most important announcement centered on the agency’s anticipated reduction in the number of rulemaking projects as a result of budgetary constraints.

Although releasing guidance is one of the agency’s core functions, there are simply not enough attorneys in the Office of Chief Counsel to shoulder the burden. Nor are there any plans on the horizon to hire more workers, in light of the agency-wide hiring freeze.

“Our office of chief counsel continues to make every effort to issue guidance in a timely Read more

Thinking of Hiding Money Abroad? Don’t Be A “Dirty Dog!”

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In a recent IR published on January 28, 2015, the IRS said that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its “annual list of scams known as the ‘Dirty Dozen’ for the 2015 filing season.” The article is quoted below:

WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season.

“The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help them shows that it’s a bad bet to hide money and income offshore,” said IRS Commissioner John Koskinen. “Taxpayers are best served by coming Read more

OVDP Program Open Indefinitely For Taxpayers Hiding Money or Income Offshore!

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The Internal Revenue Service today January 28, 2015, said in its news release (IR-2015-09), that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season.

“The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help them shows that it’s a bad bet to hide money and income offshore,” said IRS Commissioner John Koskinen.

“Taxpayers are best served by coming in voluntarily and getting their taxes and filing requirements in order.”

Since the first Offshore Voluntary Disclosure Program (OVDP) opened in 2009: Read more

IRS Launches International Data Exchange Service

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The Internal Revenue Service announced in IR-2015-01 the opening of the International Data Exchange Service (IDES) for enrollment.

Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable.

More than 145,000 financial institutions have registered through the IRS FATCA Registration System.  
The U.S. has more than 110 IGAs, either signed or agreed in substance. Financial Read more

Tax Scammers Alert

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WASHINGTON — The Internal Revenue Service issued a consumer alert last week providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.

These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don’t answer, they often leave an “urgent” callback request.

“These telephone scams are being seen in every part of the country, and we urge people Read more

Show Me The Money! Is The Source of OVDP Revenue Coming From Taxes Or Excessive Offshore Penalties?

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On June 18, 2014, IRS Commissioner John Koskinen disclosed that the 2009, 2011, and ongoing 2012 offshore voluntary disclosure programs have resulted in more than 45,000 disclosures and the collection of about $6.5 billion in taxes, interest, and penalties. On its face, the OVDIs appear to be bringing into the government’s coiffures an average of approximately 9,000 taxpayers a year with approximately $1.3 billion in revenue.

However, the last six months paint a very different picture. That period is marked by anemic growth. Indeed, there were only 2,000 additional disclosures and $500 million in additional revenue. That may lead one to speculate that the OVDI, at least for high net Read more

Video of IRS Commissioner Koskinen On The Filing Season

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Want to meet the new Internal Revenue Service Commissioner, John Koskinen? He has a YouTube video about the filing season. He even tells people in advance that they might not be able to get to your phone call due to limited resources. That’s too bad, but good to be transparent about it all.

He also thanks us all for filing our taxes! I think that’s great!

See Video Below

 

Read more

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