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IRS Reminds Taxpayers Abroad to Report Foreign Accounts
The IRS reminds taxpayers in a news release (IR-2011-30) to report their foreign bank accounts on Schedule B of their income tax return and to file a Foreign Bank Account Report (TD F 90-22.1) if they...
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IRS Explains Options if You Cannot Pay Your Taxes
The IRS has been running a series called “IRS Tax Tips” since January 1, 2011. In their most recent iteration, the IRS covers a topic near and dear to us at M. Robinson & Company, P.C. “Read This...
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IRS Commissioner Douglas Shulman Discusses the Future of Tax Administration
IRS Commissioner Douglas Shulman’s most recent two speeches are worth a few minutes to read. The Commissioner explained to the National Press Club (click here to read the speech) his vision for a...
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FBAR Filing Deadline Extended for Certain Financial Professionals
The IRS announced that a small subset of financial professionals will be granted a one-year extension to file the Foreign Bank Account Report (FBAR). Generally, any U.S. person with $10,000 in a...
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IRS Removes Tax-Exempt Status from Thousands of Organizations
The IRS removed tax-exempt status from approximately 275,000 organizations which did not file information returns with the IRS for the last three years. An article in The New York Times suggested that...
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IRS Offers Disaster Relief to Victims of Massachusetts Tornadoes of June 1, 2011
The IRS announced (press release MA-2011-30) that victims of the tornadoes that occurred in Western Massachusetts on June 1, 2011 are entitled to extensions for filing tax returns and depositing tax...
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IRS Summertime Tax Tips: Disaster Preparation, Summer Jobs, Day Care Expenses
The IRS recently published three Summertime Tax Tips. How to Prepare Before a Disaster – see also my previous blog post on point. Tax tips from the IRS for Students Starting a Summer Job Summer Day...
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Innocent Spouse Relief: IRS Extends the Time Limit
The IRS announced yesterday that the Two-Year Limit No Longer Applies to Many Innocent Spouse Requests. For technical details, see Notice 2011-70. Innocent Spouse Relief is available to one member of a...
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“Does the IRS Have Money Waiting for You?”
The IRS published Summertime Tax Tip 2011-13: “Does the IRS Have Money Waiting for You?” The IRS gives instructions to taxpayers who could have claimed the Earned Income Tax Credit but didn’t, or who...
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Swiss Banks Under Pressure From U.S. to Give Up Tax-Evading Americans
Swiss Bank, Julius Baer Group, announced yesterday that it may face financial penalties in the face of allegations that it helped its American clients cheat on their United States taxes (read the...
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