At Terrence A. Grady and Associates, we provide legal services for individuals, businesses, and more in Columbus, OH, including for those being audited by the IRS. Over the past few years, the IRS has hired hundreds of new Revenue Agents tasked with increasing the number of IRS audits. The IRS views enforcement of tax law to be the key component of the United States tax system.
International Tax Planning & Compliance
The IRS Taxpayer Advocate’s office released the Taxpayer Roadmap (TAS_Roadmap) that provides a very visual illustration of the many stages of interactions with the IRS. This roadmap details the process of filing and processing a tax return. The IRS audit process and the Taxpayer’s ability to contest and review IRS audit examinations and changes.
As we move into 2015 (a.k.a. “the second “transitional” year of the implementation of the Foreign Account Tax Compliance Act) it is very important to understand the impact this Act has on your business. This Act, known as FATCA, was implemented to attempt to curb tax evasion by requiring and encouraging the voluntary reporting of foreign financial assets by U.S.
The IRS has a huge arsenal of penalties that can be imposed against unsuspecting taxpayers related to their foreign bank accounts and investments. In the past, however, these penalties were only assessed (asserted and legally owing) if the IRS found problems with the taxpayer’s compliance during a regular audit examination.
One Of The Richest People In United States Sentenced For Failing To Disclose Offshore Account
Since the UBS offshore account scandal, and the implementation of the Offshore Compliance Initiative in 2008, the IRS has made no secret of its efforts to enforce the foreign bank account and investment reporting requirements under the Internal Revenue Code.