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The IRS announced today that it is expanding its “Fresh Start” initiative to provide for more flexible terms to its Offer in Compromise (OIC) program. In general, an OIC is an agreement between a taxpayer and the IRS, settling the taxpayer’s tax liabilities for less than the full amount due (subject to compliance with the […]
On May 22, 2012, the IRS announced that the interest rates will remain the same for the calendar quarter beginning July 1, 2012. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate underpayments; and one-half […]
In a previous article, we explained the basics of criminal tax investigations. In this article, we will examine further two investigatory methods available to the IRS. Search Warrants IRS Special Agents may request for a search warrant in certain cases. In order for a search warrant to be granted, IRS Counsel generally must first approve […]
Starting tax year 2011, the IRS imposed a new tax reporting requirement on individual taxpayers who hold specified foreign financial assets with an aggregate value exceeding a relevant threshold. In its instructions to Form 8938, the IRS lists five main categories of taxpayers and assigns distinct reportable threshold to each category. Let’s explore each category.1. […]
The Foreign Account Tax Compliance Act (FATCA), was enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, and mandates new reporting requirements, and amends existing IRC Sections. Recently, the IRS issued final regulations and guidance regarding the reporting interest paid to nonresident aliens by certain financial institutions, as well as […]