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Author Archives: Andrew Aldridge

Data and tax lovers: IRS 2016 stats

The IRS has just released its Fiscal Year 2016 (Oct 2015 to Sept 2016) Data book.  For those of you who love data – what can you read behind these facts (hint: less audits)?  At the end of the post, I’ll give you some stats from 100 years ago about US tax rates which you […]

Be Careful What You Wish For – US Estate Tax Reform

A variety of tax reform proposals are currently being considered by Congress and the Trump administration, one of which is the repeal of the US Estate Tax. With a life-time exclusion amount of currently $5.5 million, a married couple (both of whom are US citizens) can pass almost $11 million to their family and friends […]

How likely are you to be audited by the IRS?

We are constantly asked what is the likelihood of a return being audited.  The answer is vague, but generally, less than 1% of all returns are audited.  That said, a higher number of international returns are flagged for audit. Reasons for audits include underpayment, higher income and failure to report a foreign bank account. The […]

Government report indicates another increase in US expatriation

The IRS Commissioner has indicated that funding cuts have resulted in a loss of over 15,000 IRS employees.  Because of this, audits are down by 22% and a resulting loss in revenue to the government of $4 billion a year between 2011 to present, considerably less than the costs the government has saved in budget […]

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 […]

Will the US eliminate Estate Tax?

On April 16th the House of Representatives passed a bill (the Death Tax Repeal Act of 2015) to eliminate the Estate Tax and the Generation Skipping Tax. But don’t hold your breath – it is not clear if or when it will be considered by the Senate, where it does not appear as if there […]

Warning from the US government on web portal email scam

This week, we received an announcement from USA.gov, the US government’s official web portal, announcing scammers using their name.  Please read the letter below: USA.gov will never request your personal information Beware: scammers are using the USA.gov name as part of an e-mail phishing scam to collect your personal information on a fake IRS website. […]

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