Monthly Archives: September 2015
Continued efforts by the IRS to get what’s due
The IRS is employing every tool it can to find taxpayers with outstanding tax liabilities, abroad as well as in the US. One governmental report researched a sample of American citizens employed in a foreign country and resident aliens who who are subject to US income tax but who may have improperly claimed exemptions. The […]
The IRS extends FATCA’s Withholding Requirements
On September 18, 2015 the Department of Treasury and the IRS announced the intent to amend regulations relating to FATCA’s withholding rules to extend the following: The date for when withholding on gross proceeds and foreign passthru payments will begin The use of limited branches and limited foreign financial institutions (limited FFIs) The deadline for […]
Class Action Lawsuit Brought Against IRS Over Data Breach
A proposed class-action lawsuit has been brought against the IRS. As we shared over the past two months, the Internal Revenue Service (IRS) suffered a four-month long cyber data breach in which hundreds of thousands of taxpayers’ accounts were compromised through the Get Transcript application, and the citizens are striking back. In the suit, brought […]