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News Articles and Reports
Features News Articles and Reports − keeping you up-to-date with local and international tax-related matters.
Contingency Plan for IRS partial shutdown
The IRS has a contingency plan in place, the Lapsed Appropriations Contingency Plan, in preparation for the US government shutdown. The 120-page document details what areas of the IRS will shut down, and what activities will be affected.. Gina Gatchell summarizes the key points.
First prosecution under FATCA – Landmark Case
Eight years after the Foreign Account Tax Compliance Act (FATCA) was enacted as part of the 2010 Hire Act, the Eastern District of New York has prosecuted an executive of Loyal Bank for wilfully circumventing the reporting requirements of FATCA.
Foreign Trusts Reporting – IRS To Target
United States citizens and other residents of the United States with foreign trusts requiring the annual filing of such forms as Form 3520 and Form 3520-a have been selected by the IRS Large Business and International division (LB&I) for six compliance campaigns.
IRS Ends Offshore Voluntary Disclosure Program
The Internal Revenue Service has announced the end of the Offshore Voluntary Disclosure Program (OVDP). The deadline for full and final submissions has been announced as 28 September 2018.
US Passport Revocation – Unpaid Taxes
The 2015 enactment of the Fixing America’s Surface Transportation (FAST) Act gave the Internal Revenue Service the authority to start revoking or denying passport applications of taxpayers with ‘seriously delinquent tax debts’.
US tax update – Senate passes tax reform bill
Stunning changes to the US tax code are underway, resetting the global stage for capital investment. Gina Gatchell explains.
US Tax Reform Started by Trump Administration
Highly anticipated tax changes under the Trump administration have been kick-started. On November 16 a bill was passed by the House containing many changes to both individual and corporate taxation.
New IRS Enrolled Agent on our staff
We are pleased to advise that we have a new Enrolled Agent on our staff. Matthew Twine has gained Enrolled Agent status with the Internal Revenue Service.
US issues Revenue Procedure – CbC report filing
Revenue Procedure 2017-23 was issued by the Internal Revenue Service on 19 January 2017 and sets out the process for filing Form 8975 Country-by-Country Report.