Showing posts from January, 2017

Beware IRS Audits Of Offshore Account Filings

Perhaps you only recently became aware that the IRS wants you to report your worldwide income on your taxes, and (separately) to report your foreign accounts. Perhaps you only woke up to it because of FATCA, the massive 2010 American tax law that took effect in countries and banks worldwide June 1, 2014. If this is all new to you, you have some catching up to do. The IRS has been pushing hard for nearly a decade, and it is becoming harder to claim ignorance.

The gasping and scrambling largely started in 2009. The IRS and Justice Department took on Swiss banking, and in 2008, started to win big in court. With huge potential exposure for helping Americans, on February 18, 2009, UBS settled with the U.S. government for a fine of $780 million. Since then, vast numbers of Swiss and other banks have either faced criminal charges or settled with big civil settlements. And American taxpayers have too. There have been several different IRS ‘amnesty’ programs to encourage individuals to come f…

IRS Taxes. Security. Together. Tax Tip Number 11: IRS, States, Industry Urge Taxpayers to Learn Signs of Identity Theft

IRS, States, Industry Urge Taxpayers to Learn Signs of Identity Theft

No matter how careful you are, identity thieves may be able to steal your personal information. If this happens, thieves try to turn that data quickly into cash by filing fraudulent tax returns. The IRS, state tax agencies and the nation’s tax industry ask for your help in their effort to combat identity theft and fraudulent returns. Working in partnership with you, we can make a difference. That’s why we launched a public awareness campaign called “Taxes. Security. Together.” We’ve also started a new series of security awareness tips that can help protect you from cybercriminals.
Here are a few signs that you may be a victim of tax-related identity theft: Your attempt to file your tax return electronically is rejected. You get a message saying a return with a duplicate Social Security number has been filed. First, check to make sure you did not transpose any numbers. Also, make sure one of your dependents, for examp…