Latest Blog Posts for IRS Tax Audit News

• New Blog Address
  on May 9, 2012 in irs tax audit
  Please see our new blog at GSWLAW.com/blog...
• Foreign Grantor Trusts - 2010 HIRE Act
  on Aug 31, 2010 in int tax compliance offshore trusts FATCA foreign grantor trust Form 3520 HIRE IRS
  The 1996 Small Business Job Protection Act (“1996 Act”) established new reporting requirements for Foreign Gifts and Foreign Grantor Trusts.  The 2010 HIRE Act included the Foreign Account Tax Compliance Act which imposed new foreign grantor tru...
• Foreign Grantor Trusts – 2010 HIRE Act
  on Aug 31, 2010 in int tax compliance offshore trusts FATCA foreign grantor trust Form 3520 HIRE IRS
  The 1996 Small Business Job Protection Act (“1996 Act”) established new reporting requirements for Foreign Gifts and Foreign Grantor Trusts.  The 2010 HIRE Act included the Foreign Account Tax Compliance Act which imposed new foreign grantor tru...
• U.S. Tax Compliance - Foreign Grantor Trusts - Foreign Gifts
  on Aug 25, 2010 in int tax compliance offshore trusts FATCA foreign gift foreign grantor trust foreign trust HIRE IRS QI Qualified Intermediary tax compliance
  If a Foreign Trust has a U.S. grantor, and one or more U.S. beneficiaries, under IRC §679 the Trust is classified as a foreign grantor trust and all Trust income, deductions and credits must be reported on the U.S. Grantor’s personal tax returns (...
• U.S. Tax Compliance – Foreign Grantor Trusts – Foreign Gifts
  on Aug 25, 2010 in int tax compliance offshore trusts FATCA foreign gift foreign grantor trust foreign trust HIRE IRS QI Qualified Intermediary tax compliance
  If a Foreign Trust has a U.S. grantor, and one or more U.S. beneficiaries, under IRC §679 the Trust is classified as a foreign grantor trust and all Trust income, deductions and credits must be reported on the U.S. Grantor’s personal tax returns (...
• Casualty (Theft) Loss: Decrease in Fair Market Value
  on Jul 29, 2010 in casualty loss fair market value IRS tax loss taxes
  Taxpayers, who have been defrauded, may be eligible for a tax loss deduction for their fraud damages if the fraud is considered theft under their state’s law (see Gerstell v. Commr. 46 T.C. 161 (1966)). The IRS has published detailed guidelines for...
• FATCA: Qualified Intermediary Reporting Requirements
  on Jul 23, 2010 in FATCA foreign account HIRE IRS Qualified Intermediary W-8 W-9
  Under the 2010 HIRE Act (IRC §1471(c)(1)), a foreign financial institution that is a party to a qualified intermediary agreement with the IRS must report the following information regarding each U.S. account maintained by the institution: 1. The na...
• Swiss court confirms transfer of UBS data to the US
  on Jul 21, 2010 in UBS tax evasion unreported income
  The Swiss Federal Administrative Court has announced that an agreement with the US, allowing Swiss bank UBS to disclose account information of clients suspected by the US Government of tax evasion, is binding. A Jurist report states that the agreemen...
• FATCA: Foreign Financial Institutions Tax Withholding
  on Jul 19, 2010 in FATCA foreign account foreign entity IRS W-8 W-9
  Under the new law with respect to each U.S. account (any financial account held by one or more specified U.S. Persons or U.S. owned foreign entities (IRC §1471(d)(1)(A)), the foreign financial institution must provide information about account gross...
• FACTA - Penalty for Failure to Report
  on Jul 15, 2010 in FATCA FACTA foreign account foreign trust HIRE IRS
  The minimum amount of penalty for failure to report information or file returns for foreign trusts is increased to $10,000. If any notice or return required to be filed under IRC §6048 is not filed on or before the due date, or does not include all...

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