Don’t forget about your Right to Retain Representation

October 2018

Taxpayers have a Taxpayers Bill of Rights: ten fundamental rights available to them when dealing with the IRS.  They are:   https://www.jdsupra.com/legalnews/don-t-forget-about-your-right-to-retain-27313/

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CPAs: To Host or Not to Host

October 2018

A CPA providing “Hosting Services” to “attest” clients could potentially threaten a CPA’s independence.   https://www.jdsupra.com/legalnews/cpas-to-host-or-not-to-host-88622/

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Understating Form W-7 and the ITIN

October 2018

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for Social Security Numbers (SSNs).   https://www.jdsupra.com/legalnews/understating-form-w-7-and-the-itin-31274/

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In or Out of the Bank?

October 2018

With whom we do business can be critical to combating identity theft, financial fraud, money laundering and terrorism.  Vetting individuals and entities is necessary for preventing financial crimes.    https://www.jdsupra.com/legalnews/in-or-out-of-the-bank-67853/

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IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if…….

October 2018

When IRS reviews a criminal tax case, consideration is given to various factors such as whether a voluntary disclosure was made, whether prosecution exists, the health, age and mental condition of the Taxpayer and whether a solicitation of tax returns

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FATCA certifications due December 15 and it is best to certify

October 2018

A FATCA certification consists of answers to one or more series of questions that the Responsible Officers (RO) of certain entities must answer and submit to the IRS to confirm the entities’ compliance with the requirements of FATCA.  https://www.jdsupra.com/legalnews/fatca-certifications-due-december-15-47004/

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Cybercriminals are after Tax Professionals and Taxpayer Data

September 2018

Cybercriminals are attracted to Tax Professionals’ databases because they can access Taxpayer data and use compromised IP addresses and computers of the Tax Professionals to file a tax return with IRS.   https://www.jdsupra.com/legalnews/cybercriminals-are-after-tax-98496/

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Why am I being audited by the IRS?

September 2018

An IRS Audit is designed to be an impartial review to assess tax return filing accuracy. IRS selects returns for audit to determine the reporting accuracy of income, expenses, and/or refundable credits.   https://www.jdsupra.com/legalnews/why-am-i-being-audited-by-the-irs-94435/

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Do I have to file an FBAR if I own Cryptocurrency? Not clear!

September 2018

Both the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA) have written letters (3/19/18 for the ABA and 5/30/18 for the AICPA) to the IRS to obtain further definition and clarity on foreign reporting requirements for Cryptocurrency.

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Is calculating the 20 percent deduction for pass-through businesses simple?

September 2018

Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or business operated directly or through a pass-through entity.  The types of entities and professionals  https://www.jdsupra.com/legalnews/is-calculating-the-20-percent-deduction-26991/

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Let’s Understand Filing FBARs

September 2018

The jurors in the Paul Manafort case had questions regarding the complex Foreign Bank Account Reports (FBARs) regulations.  This was evidenced by the jury’s questions to the judge addressing the responsibility to file an FBAR if a person owns less

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IRS ENDS OVDP right when some Taxpayers GET IT!

September 2018

On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52).  OVDP has been available to Taxpayers that willfully failed to report foreign financial assets and pay all tax

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