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Pursuant to the Bank Secrecy Act, 31 U.S.C. §5311 et seq., the Department of Treasury (the “DOT”) has established certain recordkeeping and filing requirements for United States persons with financial interests in or signature authority (and other comparable authority) over financial accounts maintained with financial institutions in foreign countries. If the aggregate balances of such […]
Estimated tax payments for the second quarter (April 1 – May 31) of 2012 are due on June 15, 2012. The estimated tax payments should be made using Form 1040-ES. Note, if the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time […]
Every year, the President has to submit a budget request to U.S. Congress for federal agencies, including the Internal Revenue Service. In February of 2012, the IRS posted the following information regarding its budget. Administration’s fiscal year (FY) 2013 budget request for the Internal Revenue Service is approximately $12.8 billion, a $944.5 million increase (8%) […]
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 […]