As a follow up to the blog Ringing In the New Year, the IRS just released the final version of Form 8938, Statement of Specified Foreign Financial Assets, and its instructions. Individuals must refer to these instructions to report specified … read more
The IRS intends to amend Internal Revenue Code Section 6050W that requires annual information reporting for payment card transactions beginning January 1, 2011. The amendment serves to respond to concerns about the administrative burden of the new reporting requirements. Section … read more
The IRS has given taxpayers yet another chance to step forward and report income from offshore accounts without facing criminal prosecution. The first two Offshore Voluntary Disclosure Initiatives (OVDI) that were launched in 2009 and 2011 brought in over $4.4 … read more
After filing Form 8832, Entity Classification Election, the IRS will send a letter of acceptance or rejection usually within 60 days. If the election is accepted, you are required to attach a copy of Form 8832 to your tax return … read more
As we look to the hope and promise that a new year may offer, we must also look to the IRS website for new international tax reporting changes. IRS mandates new reference ID requirements for foreign information returns The IRS … read more
The IRS FBAR and Title 31 Helpline connects practitioners and filers, both domestic and abroad, with a team of specially trained technicians, examiners and specialists to answer technical Title 31 questions To reach the FBAR and Title 31 Helpline, dial: … read more
Pursuant to Revenue Ruling 2011-19, the IRS confirmed that the UK remittance based charge is eligible for a foreign tax credit in the US. A taxpayer wishing to have the U.S. tax offset must comply with all other aspects of … read more
Starting in 2011, those taxpayers with foreign bank accounts and/or direct holders of foreign investments will have to file another informational tax form. This Form will be attached to their Form 1040, and does not replace the FBAR Form that … read more
The IRS is offering a second voluntary disclosure opportunity for those with offshore accounts. Those who wish to comply with the disclosure must do so by August 31, 2011. The program requires taxpayers to bring all tax filings up to … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
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