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Earlier this month, the IRS issued the option IRS 2018 standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Earlier this month, the IRS issued the option IRS 2018 standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or […]
On December 5, 2017, the IRS announced that the First Quarter 2018 IRS underpayment interest rates and overpayment interest rates will remain the same as they were in the last quarter of 2017. This means that, the First Quarter 2018 IRS underpayment interest rates and overpayment interest rates will be as follows: On December 5, […]
Since January 31, 2017, all of the denied and abandoned OVDP Preclearance requests have become the target of a special IRS compliance campaign. Let’s analyze in more detail this important development and attempt to predict what may be its main consequences for noncompliant or formerly noncompliant US taxpayers. Denied and Abandoned OVDP Preclearance Requests: OVDP […]
The Irish Revenue is expanding its tax enforcement capabilities through new Irish software. This new Irish software will provide the Irish Revenue with a unique type of a multilateral analysis of a taxpayer in order to combat offshore tax evasion. This is definitely a new development in international tax enforcement and it is the one […]
Reducing Form 5471 penalties has become a big headache for US shareholders of foreign corporations due to a very aggressive enforcement stance by the IRS. In this essay, I would like to explore the main option for reducing Form 5471 penalties – the Reasonable Cause Exception. Reducing Form 5471 Penalties: What is Form 5471? 26 […]