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Source: FinCEN Public Affairs, 703-905-3770 Immediate Release May 09, 2019 WASHINGTON—To provide regulatory certainty for businesses and individuals engaged in expanding fields of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC). The guidance is in response to questions […]

IRS reminds those with foreign assets of annual April 15 FBAR deadline  Source: Issue Number:    IR-2019-63   Inside This Issue WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, that if they have a foreign bank or financial account, April 15, 2019, is the deadline to file their […]

IRS: Failure to report offshore funds remains a crime; IRS includes topic on its 2019 ‘Dirty Dozen’ scams list   WASHINGTON — Hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019, the agency said today. Compiled annually, the “Dirty Dozen” lists a […]

Taxpayers Have a set of Fundamental Rights Source: IRS Issue Number:    IR-2019-44 Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. 1-The Right to Be Informed Taxpayers have the right to know what they need to […]

Source: IRS Issue Number:    IR-2019-44 Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. 1-The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. […]

IRS Issue Number:    IR-2019-42 WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid improperly claiming various business tax credits, a common scam used by unscrupulous tax preparers. Two credits often targeted for abuse by shady tax return preparers are the Research Credit and the Fuel Tax Credit. Each of these credits has specific eligibility […]

Source: IRS Issue Number:    IR-2019-23   Individuals who need passports for imminent travel should contact IRS promptly to resolve tax debt WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in […]

Source: IRS Issue Number:    Tax Reform Tax Tip 2019-15 Here’s how tax reform affects taxpayers who claim the child tax credit Many people claim the child tax credit to help offset the cost of raising children. The reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know. Credit […]

Taxpayers take to Twitter to voice frustration over tax refunds By: Michael Cohn Published: Accounting Today February 06 2019, 1:22pm EST   Taxpayers who ended up with unexpectedly large tax bills after the Tax Cuts and Jobs Act have been tweeting their displeasure. “I usually get back around 5k in tax refund,” wrote one Twitter […]