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IRS Committed to Stopping Offshore Tax Cheating, Remains on List of Tax Scams for 2017

For the third year, the IRS has compiled an official list of top tax scams, dubbed the Dirty Dozen. And again, offshore tax cheating has earned a place on the list. Recently, the IRS boasted of obtaining more than half a million disclosures of unreported offshore money from dodgers and recovery of $9.9 billion

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IRS Dirty Dozen Tax Scams 2016

Every year the IRS compiles a Dirty Dozen list of the most prevalent tax scams for the previous year. Topping the recently published 2017 report are phone scams, phishing, and one that really hits home: Return Preparer Fraud. “The vast majority of tax professionals provide honest, high quality service.” But there

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What To Do Before The Tax Year Ends Dec. 31

WASHINGTON – As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2016 tax returns. For example, charitable contributions

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New Phishing Scheme Mimics Software Providers; Targets Tax Professional

New Phishing Scheme Mimics Software Providers; Targets Tax Professional   WASHINGTON — The Internal Revenue Service today alerted tax professionals to an emerging phishing email scam that pretends to be from tax software providers and tries to trick recipients into clicking on a bogus link. The email scheme is the

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Second Circuit holds taxpayer not subject to IRS summons

In a decision limiting the ability of the IRS to compel a taxpayer to produce summonsed documents, the Second Circuit vacated and remanded a district court order compelling the defendant, Steven Greenfield, to comply with IRS summonses to produce documents related to his offshore accounts, holding that the foregone-conclusion doctrine

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IRS Offers Tips to Help You Prepare for Hurricanes, Natural Disasters

With hurricane season underway, the IRS offers advice to those impacted by storms and other natural disasters. Here are some tips to help you prepare for such events: Use Electronic Records. You may have access to bank and other financial statements online. If so, your statements are already securely stored

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Itemized Deductions Can Trim Taxes

Itemized deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are

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Strategies for Decreasing U.S. Tax Obligations When Living Abroad

Strategies for Decreasing U.S. Tax Obligations When Living Abroad For U.S. residents that do not wish to renounce U.S. citizenship, but that will be living and working abroad, it is necessary to file all worldwide income with the U.S. for taxation purposes. Understanding exactly which deductions are applicable can help

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2016’s dirty dozen tax scams

By Sally P. Schreiber, J.D.  February 17, 2016 Every year, the IRS releases a list of what it calls the worst tax scams of the year. Beginning Feb. 1 and ending on Feb. 17, the IRS issued a news release each day highlighting a scam. These “dirty dozen” scams can

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New YouTube Videos & Online Tax Resources Available

WASHINGTON — With the June 15 filing deadline for Americans abroad fast approaching, the Internal Revenue Service is launching three new online videos and expanding other online resources designed to help taxpayers, especially those living abroad, meet their U.S. tax obligations. By law, Americans living abroad, as well as many

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What Were the Biggest Developments for the Tax Profession in 2014?

The two issues that immediately come to mind are IRS-related. The first is the latest development in the service’s efforts to increase tax preparer oversight. [Ed Note: in October, a federal court dismissed a lawsuit that the AICPA had filed challenging the IRS’s Annual Filing Season Program (AFSP). Promoted as

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US Expat Taxes for US Employees on Foreign Assignments

US Expat Taxes for US Employees on Foreign

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Expatriating in the Middle of the Year

Expatriating in the Middle of the

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US Expat Taxes: The Foreign Tax Credit (Form 1116)

The Foreign Tax Credit (Form

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The Foreign Earned Income Tax Exclusion

The Foreign Earned Income

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The Bonafide Residence Test for US Expat Taxes

The Bona Fide Residence

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US Expat Taxes Explained: The Physical Presence Test

The Physical Presence

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