Filing Tips & Deadlines | Global Tax News | Customer Case Studies
Five Stone is attending the 62nd Annual Taxation Conference held yesterday, December 3, 2014 and today, December 4, 2014. Yesterday included a great lecture from Nina Olsen, the National Taxpayer Advocate and the voice of the taxpayer before the IRS and Congress.
When interviewing a taxpayer that has offshore compliance issues with the Internal Revenue Service, practitioners (Attorneys, CPAs, Enrolled Agents) take a myriad of approaches to develop the case to be able to provide a recommendation for compliance.
With yet another cut to the IRS budget one out of every two taxpayers that try to call in for assistance will find themselves unable to connect with an IRS representative. It is likely that in addition to the decreased ability to serve taxpayers there will be more tax schemes aimed at those people who cannot find the assistance they seek.
There is still time! With less than two weeks left in 2014, many taxpayers aren’t even thinking about ways that they can lower their tax liabilities for 2014 and beyond. Five Stone Tax Advisers has compiled some last minute items for all taxpayers to review in an effort to help minimize tax liability for 2014 and maximize financial growth.
As we are heading into the holidays and the New Year, I have received several questions from current clients, prospective clients and other practitioners regarding the disclosure period for Offshore Voluntary Disclosure Program and Streamline filing compliance procedure.
Below is a quick summary of the more common issues presented in formation and how Five Stone Tax Advisers can help you avoid unexpected or less than ideal outcomes.
Persons with undisclosed foreign accounts should be aware of the whistleblower program and corresponding awards. If a taxpayer worked with a facilitator or representative in a foreign jurisdiction, that individual may choose to open a whistleblower case if they know the facts and circumstances of another taxpayer’s case with regard to failure to report foreign financial accounts.
“As part of its agreement with DOJ, Bank Leumi must provide the names of more than 1,500 of its U.S. account holders.”
Today’s clients expect and deserve proactive, knowledgeable practitioners who understand not only the technicalities of accounting and law, but also the nuances of their individual clients’ businesses and sometimes personal finance situations.
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