Former IRS Commissioner, Douglas Shulman, told C-SPAN in an interview back in 2010 that he does not prepare his own taxes; instead, he hires a preparer. You’d think, as the then-current IRS Commissioner, he would prepare his taxes himself just to see what other taxpayers experience, but he admitted he can’t.
The articles details the most public figure to renounce U.S. Citizenship to date. The combination of the Department of Justice/IRS offshore initiative and FATCA has spurned a lot of “Accidential-Americans,” dual-citizens and expats to renounce their citizenship.
This article describes the possibility and drawbacks of running multiple businesses under the umbrella of one LLC.
FATCA has created a storm of controversy over the last year. Many predicted that foreign jurisdictions would not cooperate, but the opposite has been true. With the first exchange deadline approaching (March 31st, 2015), FATCA will begin to make an impact on those Americans with undisclosed offshore accounts, further closing the loop on Offshore Tax Evasion.
Yesterday, March 31, 2015, it was announced that BSI SA of Lugano signed the DOJ Non-Prosecution Agreement (NPA). Here is a summary:
This article discusses the extension of the Section 179 depreciation provision that allows business owners to accelerate depreciation on certain assets against business income in year one. This predominantly benefits new, small businesses, allowing them to deduct a large portion of upfront asset acquisition.
The Congressional Budget Office recently appointed a new director. This director faces many challenges as he assumes this role, one of which is a recently changed method of budget analysis.
This article is meant to provide some transparency to the FATCA reporting (Foreign Account Tax Compliance Act) process through clarifying how the forms interrelate to the processes on the front end and IRS enforcement on the back end.
If a taxpayer ever receives an email designated from the IRS, they should immediately contact the IRS generally or the Treasury Inspector General to determine the validity.
With tax season coming up for American expats and other U.S. tax persons, we’d like to highlight a few things regarding preparing your returns.
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