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Posts tagged "tax compliance"

Pass Through Entities Become Focus of New IRS Compliance Campaign

The Internal Revenue Service (IRS) recently launched a new compliance campaign focused on S corporations and shareholder distributions. The three areas of concern include failure to report gain upon the distribution of appreciated property, failure to correctly determine the taxability of a dividend, and the failure to report non-dividend distributions in excess of their stock basis subject to taxation. The IRS will be conducting issue-based examinations and reaching out to stakeholders on this topic. For more information, click here.

IRS Announces New Virtual Currency Compliance Campaign

The Internal Revenue Service (IRS) is going to be taking a closer look at virtual currency transactions in a new compliance campaign focusing on education and guidance efforts about reporting requirements for convertible transactions involving digital currency such as Bitcoin. "Taxpayers with unreported virtual currency transactions are urged to correct their returns as soon as practical," the IRS said in its press release. For more information, click here.

U.S. Supreme Court Declines FATCA Case - What This Means to Individuals with Offshore Accounts

What do a U.S. Senator, the owner of an Albanian brokerage firm, an attorney who is a dual citizen of America and Israel, and a group of current and former U.S. citizen now living in Canada, Switzerland, and the Czech Republic all have in common? They have been denied review by the U.S. Supreme Court in their jointly failed attempt to enjoin the enforcement of the Foreign Account Tax Compliance Act (FATCA), certain intergovernmental agreements (IGAs), and the foreign bank account reporting (FBAR) penalty.

Top FTB Tax Delinquents Owe California Over $505 Million

The Franchise Tax Board (FTB) recently published its updated list of California's top 500 tax debtors, comprising both individuals and businesses that now collectively owe the state more than $505 million in income tax. Since October 2007, this list is updated twice annually. Taxpayers who receive notice of the FTB's intent to include them on the list and then make arrangements to pay their tax debt are removed from the publication.

Pilot Program to Fix Wage and Hour Problems

The U.S. Department of Labor (DOL) recently launched the Payroll Audit Independent Determination (PAID) program, which is designed to quickly resolve unintentional minimum wage violations under the Fair Labor Standards Act (FLSA) without penalty to qualified participants. Workers will benefit by swiftly receiving back wages that are owed, and employers can get into compliance without paying penalties. Employers must act quickly, however, since the pilot program is scheduled to end in about six months.

Bitcoin Secrecy a Bust

The U.S. District Court for the Northern District of California recently ordered Coinbase Inc., the world's largest cryptocurrency exchange and storage platform, to provide information to the Internal Revenue Service (IRS) about accountholders who have entered into transactions valued at $20,000 or more between 2013 and 2015. Cryptocurrency or virtual currency, such as bitcoin, has come under significant scrutiny by the IRS lately.

Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Partnerships and Pass-Through Entities to Come Under Greater IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS to Develop Practice Unit on Large Land Development Accounting

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Long-Term or Short-Term Capital Gain? IRS Plans to Take a Closer Look

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

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