What Should Taxpayers Do When the IRS Queries Their Tax Affairs? –
FIRSTLY, IT IS recommended that any request for information or documentation be reduced to writing as this will help set the parameters of the audit going forward.
The taxpayer should also check which tax years are involved and which taxes.
Where the IRS requests information beyond a typical three-year period, a defense may lie under the appropriate tax provision that a statutory limitation period may apply where a taxpayer may successfully argue that it does not have to provide any information or documentation, as the period for raising any additional assessments may have prescribed in that the original tax assessment has become final and conclusive. Obviously, the taxpayer Read more
According to a recent Deloitte webcast China is simplifying its procedures for outbound payments.
