On January 31, 2017, the IRS announced the initial rollout of its new audit strategy and identified 13 specific issues (campaigns) it will be targeting. The IRS is moving toward
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Beginning January 2017, Disregarded U.S. LLC’s with Foreign Owners Must Report Tax Information to IRS
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The Treasury Department recently released final regulations requiring U.S. single member LLCs owned by a foreign person to be treated as corporation for purposes of filing Form 5472, Information Return…
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Israel, the Republic of Korea and Saint Lucia Will Now Provide IRS Information on Bank Interest paid to Nonresident Aliens
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The IRS released an advanced version of Revenue Procedure 2016-56 that requires three more countries – Israel, the Republic of Korea and Saint Lucia – to participate in the automatic…
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Court Authorizes IRS to Seek Identities of Bitcoin Users and Users of Other Virtual Currencies
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On November 30th, a federal district court in California entered an order authorizing the IRS to serve a John Doe Summons on Coinbase Inc. seeking information about U.S.
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IRS Unveils Fast Track Mediation Collection Program, Offering Expedited Resolution for Certain Collection Cases
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Effective November 18, 2016, Revenue Procedure 2016-57 established the Small Business/Self-Employed (“SB/SE”) Fast Track Mediation Collection (“FTMC”) program to allow taxpayers and the IRS to resolve disputes quickly with an…
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IRS Announces Major Changes to Appeals Procedures
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In October 2016, the IRS declared that in-person conferences will no longer be the default method for Appeals conferences. The IRS also made several key Collection and Examination policy clarifications…
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Trends in IRS Compliance Activities Through Fiscal Year 2015
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On September 8, 2016, the IRS issued its final report on taxpayer compliance through fiscal year 2015 (the federal government’s fiscal year begins on October 1 and ends on September…
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IRS Contracts with Private Collection Agencies
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According to a July 2015 report by the U.S. Government Accountability Office, inactive tax receivables have ballooned to $380 billion, a 23 percent increase since 2009. As a result, the…
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