Entries by Manager

IRS Announces Procedures Adjusted for APA and Certain Competent Authority Requests

March 31, 2012 in , /by

The Internal Revenue Service, Deputy Commissioner (International), Large Business and International Division (“LB&I”), announced certain organizational and administrative changes and transitional procedures in connection with the creation of the Advance Pricing and Mutual Agreement (“APMA”) program. Prior to February 26, 2012, the Advance Pricing Agreement (“APA”) program was part of the Office of the Associate […]

Official Treasury Currency Conversion Rates of December 31, 2011

March 24, 2012 in , /by

The U.S. Department of Treasure recently published its official currency conversion rates for December 31, 2011 (they are called “Treasury’s Financial Management Service rates”). These rates are important for many reasons, but one reason especially stands out for persons who are required to file the FBARs. The latest (January 2012) FBAR instructions require the use […]

IRS Form 944 Basics

March 10, 2012 in , /by

General Obligations To Deposit Payroll and Income Tax Withholdings Under federal law, employers must withhold Social Security, Medicare and Federal income taxes from their employees’ paychecks and deposit them with the federal government (together with the employer’s own payroll tax contributions). In addition to the deposit requirements, the employers are also obligated to file Form […]

New FBAR Form: January 2012

March 5, 2012 in , /by

In January of 2012, the IRS issued a new version of the Treasury FinCEN Form 114 formerly Form TD F 90-22.1, popularly known as the “FBAR” (the Report on Foreign Bank and Financial Accounts). This is a third revision of the FBAR in less than one year.  In March of 2011, the IRS made substantial […]