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The term “foreign financial accounts” is described expansively and includes any bank, brokerage, securities, securities derivatives and other financial instruments accounts located outside of the United States and its territories. In the instructions to the FinCEN Form 114 Foreign Bank Accounts Reporting (FBAR) formerly Form TD F 90-22.1, the IRS also includes in this definition […]
On August 19, 2010, the IRS announced that interest rates for the calendar quarter beginning October 1, 2010, will remain the same as follows: 1. Individual underpayment and overpayment: 4%; 2. Corporate overpayment: 3% 3. Large corporate underpayment: 6% 4. Portion of corporate overpayment exceeding $10,000: 1.5% The interest rate is determined on a quarterly […]
If you are getting married this year, this may have a significant impact on your tax returns for the year 2010. While you are likely to deal with most of these changes when you will be filing your tax return for the tax year 2010, there are some basic administrative actions that you should be […]
On July 26, 2010, the IRS instituted a one-time relief program under which that small nonprofit organizations at risk of losing their tax exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by October 15, 2010. The IRS also posted on its website […]
In this article, I will discuss five most important issues that you need to know before you sign a fee agreement with tax lawyers in St. Paul. 1. How is the lawyer’s fee paid? There are three main models of payment that lawyers use: hourly fee, contingency fee, and flat fee. The hourly fee is […]