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September 2017 Archives

Is the FATCA hurting small businesses?

The Foreign Account Tax Compliance Act became law in 2010. It requires that foreign financial entities report certain accounts that are owned by citizens of the United States. A failure to comply with this law can result in stiff penalties, including a 30 percent withholding tax on income from the United States.  

Three lessons for tax preparers from recent federal case

Four tax preparers are facing prison time for tax crimes connected to their tax preparation services. The accusations included putting together faulty tax returns and cashing in on fraudulent refunds. The Department of Justice (DOJ) discussed the case in a recent press release, noting that the government is coming down hard on those who break tax law in this manner.

DOJ, IRS investigating Swiss banks, insurers for tax issues

American authorities at the Department of Justice and the Internal Revenue Service are continuing their ongoing investigation into Swiss banks to determine compliance with the regulations set forth by the Foreign Accounts Tax Compliance Act (FATCA). Their investigation has now branched out to include Swiss insurance companies.

High court may face issue of state taxation of all Internet sales

Earlier this week, the South Dakota Supreme Court issued a decision that is likely to end up before the U.S. Supreme Court. The issue before the high court would be whether a state can impose a sales or use tax on purchases by state residents from out-of-state merchants with no physical presence in the state. 

IRS warns of latest tax scam: 3 ways to avoid becoming a victim

The Internal Revenue Service (IRS) and Federal Bureau of Investigations (FBI) recently announced that the public should be on the lookout for the latest scam. The scam is successful because it is deceptively realistic. It involves an email with a claim that one of these federal agencies is attempting to contact the recipient. The email provides the recipient with a questionnaire. When the recipient clicks the link to download the questionnaire, ransomware is installed onto the computer.

Lawmakers move forward proposal to rein in IRS seizures

The United States House of Representatives recently voted to approve a proposal that would make it more difficult for the Internal Revenue Service (IRS) to seize assets in structuring cases. The law is designed to revise the authority of the IRS to seize property “that has been structured to avoid Bank Secrecy Act (BSA) reporting requirements.”

IRS announces tax relief options for victims of Hurricane Harvey

Estimates for damage caused by Hurricane Harvey are already close to $200 billion. These estimates are more than just numbers; they represent people’s homes and livelihood. A recent report by USA Today notes that individuals are scrambling to figure out where to live, what pieces of property are salvageable and whether or not their jobs will continue to exist after the storm clears out.

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