Taxpayers with Foreign Assets May Have FBAR and FATCA Filing Requirements in June

IR-2015-86, June 10, 2015 WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets. The IRS encourages …

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IRS CP-2100As for 2013 regarding backup withholding have been sent out

Many businesses have recently received a letter from the IRS notifying them about incorrect payee information and that they may need to begin backup withholding. Here is an explanation of what these notices mean. The bottom line is this is a warning and a reminder to request correct Social Security numbers or federal EIN’s from …

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Revenue Procedure tangible property regulations

Blog | REUVEN I. RUBINSON, CPA, MBA ­ The IRS has just issued a new Revenue Procedure so that businesses with less than $10,000,000 of annual gross receipts will not have to file a Form 3115 and can choose to apply the tangible property regulations prospectively starting on January 1, 2014. Here is a link …

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Reasons to incorporate in a state the officers do not live in

First, the CYA – I am not providing legal advice. What I am stating is my understanding as a CPA and former CFO of a publicly-traded company. Before you take any actions, you should consult with counsel. Two weeks ago I posted a Blog stating that a CA corporation generally cannot save taxes by incorporating …

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Can you avoid CA taxes by incorporating in Nevada?

I have recently had a couple of conversations with people about incorporating in Nevada and I wanted to share them. Scammers are making money and putting companies at risk. First, the CYA – I am not providing legal advice. What I am stating is my understanding as a CPA and former CFO of a publicly-traded …

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