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May 2011 Archives

IRS warns of "Dirty Dozen Tax Scams" for 2011

The Internal Revenue Service (IRS) recently highlighted some the top abusive tax scams for 2011. Activities such as, hiding income in offshore accounts, identity theft, return preparer fraud and filing false or misleading tax returns forms the Service's the annual list of "dirty dozen" tax scams in 2011.

IRS warns of "Dirty Dozen Tax Scams" for 2011

The Internal Revenue Service (IRS) recently highlighted some the top abusive tax scams for 2011. Activities such as, hiding income in offshore accounts, identity theft, return preparer fraud and filing false or misleading tax returns forms the Service's the annual list of "dirty dozen" tax scams in 2011.

Money Hidden Offshore? IRS Offering Limited Amnesty

With the rollout of the 2011 Offshore Voluntary Disclosure Initiative (OVDI), the Internal Revenue Service is offering "incentives" through reduced penalties to those who have either knowingly or unknowingly failed to report income from monies in foreign bank accounts. This is the second such initiative in the last few years by the IRS to recover unpaid taxes. The Miami Herald reports that $345 billion in taxes is not paid to the federal government each year because of foreign bank accounts.

Money Hidden Offshore? IRS Offering Limited Amnesty

With the rollout of the 2011 Offshore Voluntary Disclosure Initiative (OVDI), the Internal Revenue Service is offering "incentives" through reduced penalties to those who have either knowingly or unknowingly failed to report income from monies in foreign bank accounts. This is the second such initiative in the last few years by the IRS to recover unpaid taxes. The Miami Herald reports that $345 billion in taxes is not paid to the federal government each year because of foreign bank accounts.

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