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June 2014 Archives

IRS tweaks foreign account reporting rules, amnesty continues p2

We are continuing our discussion of foreign asset reporting and a few IRS rule changes that should make compliance easier for taxpayers. Most of the changes are the result of the Foreign Account Tax Compliance Act of 2010. The IRS is hoping that a streamlined process and some significant incentives will encourage taxpayers to report now, even if they have spent the last 10 years deliberately hiding assets deposited in foreign banks.

IRS tweaks foreign account reporting rules, amnesty continues

There is a kind of romance about Swiss bank accounts. Criminals and oil barons -- perhaps that's redundant -- deposited funds there, and that money could not be traced back. That meant the funds could sit there, accumulate interest and elude detection by the IRS. And that meant that the account holder did not have to pay taxes on the money.

Banks throughout the world agree to share information with IRS

From digital currency to foreign bank accounts, the Internal Revenue Service continues to develop its methods of collecting taxes. As we've previously discussed, if a foreign bank holds more than $10,000 of your assets, then you are required to use the Report of Foreign Bank and Financial Accounts (FBAR) to report those assets to the Treasury Department.

Could collection agencies start bugging you about tax debts?

It likely comes as no surprise that the difference between what the federal government is expected to collect in taxes and the amount that actually comes in is substantial. Known as the tax gap, this figure is probably bigger than many people might suspect: roughly $385 billion each year.

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