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IRS again outsourcing tax debt collection

In spite of repeated instances of tax debt collection scams - some of them serious enough to warrant specific warnings from the IRS - the agency has once again chosen to outsource tax collection efforts to private debt collectors. This means that, in theory, the phone calls and letters you get that you might be tempted to write off as a scam could be legitimate attempts to collect overdue tax payments.

Is this the end for the FATCA? New proposal repeals portions of this law.

President Donald Trump ran on the platform of "making America great again." Part of that platform involved moving forward with tax reform that would help achieve this goal. In an attempt to make this promise a reality, lawmakers are proposing various pieces of legislation that would impact current tax law. One such proposal deals specifically with the Foreign Account Tax Compliance Act (FATCA).

IRS collaborates with Dutch government over tax info

Government agencies around the globe are working together to find individuals that are hiding assets in an attempt to illegally reduce their tax obligations. A Justice Department statement recently provided an example of these collaborative efforts. It outlined how the Internal Revenue Service (IRS) is pushing a popular credit card company to provide the identity of account holders to the Dutch government.

Study finds location matters when it comes to IRS audits

It appears the old "location, location, location" adage for real estate holds true in the world of taxes as well. A recent study by professors out of two prestigious universities in the great state of Texas, the University of Texas at Austin and Texas A&M University, have found that the location of a business can impact the likelihood of a tax audit.

A review of the Offshore Voluntary Disclosure Program

It is no surprise that the Internal Revenue Service (IRS) is cracking down on those who have failed to become compliant with tax obligations for foreign assets. In fact, the federal agency continues to list attempts to hide assets through the use of foreign bank accounts as one of its "Dirty Dozen" tax scams for 2017.

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