Latest Blog Posts for The TaxChannel

• Revised Wedsite
  on Jan 7, 2016 in International Tax Compliance IRS Tax Audit
  Please see our newly revised website at gswlaw.com...
• Biggest tax mess of 2012 – The 1099-C woes
  on Mar 12, 2012 in IRS Tax Audit 1099-C
  by Barbara Delinsky According to the latest reports by the IRS, the biggest tax debt mess is about to happen in 2012 as an approximate number of 6.5 million 1099-C forms that reported cancellation of debt income has been given out to the taxpayers. T...
• Biggest tax mess of 2012 – The 1099-C woes
  on Mar 12, 2012 in IRS Tax Audit 1099-C
  by Barbara Delinsky According to the latest reports by the IRS, the biggest tax debt mess is about to happen in 2012 as an approximate number of 6.5 million 1099-C forms that reported cancellation of debt income has been given out to the taxpayers. T...
• IRS Audit Items
  on Dec 8, 2010 in IRS Tax Audit i unreported income
  Chances of being audited by the IRS are greater under the following circumstances: 1) You have large amounts of itemized deductions on your tax return that exceed IRS targets. 2) You claim tax shelter investment losses on your tax return. 3) You have...
• IRS Audit of Tax Returns
  on Dec 1, 2010 in IRS Tax Audit DIF score
  IRS Audit of Tax Returns Tax returns are selected for audit based on the following criteria: 1) High DIF Score – An IRS numeric score (“DIF Score”) is assigned to taxpayers (by a computer program called the Discriminant Income Function). A...
• Qualified Intermediaries – Foreign Recipients of U.S. Source Income
  on Nov 17, 2010 in International Tax Compliance foreign account qualified intermediary
  Qualified Intermediaries – Foreign Recipients of U.S. Income Foreign financial institutions that enter into an agreement with the Internal Revenue Service, known as qualified intermediaries (Qls), may serve as withholding agents. If so, they ar...
• FATCA – IRS Audits and Statute of Limitations
  on Nov 12, 2010 in FATCA IRS Tax Audit PFIC Statute of Limitations tax audit unreported income
  Foreign Account Tax Compliance Act (FATCA): IRS Audits and Statute of Limitations I. Pre-FATCA 1. Three year statute of limitations for the IRS to propose assessments after a tax return was filed. 2. Six year statute of limitations if 25% or greater...
• IRS Tax Audits Increase (2011)
  on Nov 10, 2010 in IRS Tax Audit
  Increased IRS Tax Audits (2011) In 2007, the IRS increased tax audits which produced 22% more tax revenue (2007: $59B, 2006: $48B). 2007 IRS Tax Audit rates increased for both individuals and businesses as follows: Individuals 1. Audits of individual...
• IRS Estate Tax – 2010
  on Nov 9, 2010 in IRS Tax Audit estate tax tax audit
  IRS/Estate Tax Audits In 2010, the average amount of additional tax the IRS recommends Taxpayers owe after an estate tax audit is $363,149. Estate tax filings by Taxpayers with estates of at least $3.5M increased 33% between 2001 (9,440) and 2007 (14...
• New IRS Tax Audit Targets 2010
  on Nov 8, 2010 in IRS Tax Audit foreign account UBS unreported income
  New IRS Audit Targets (2010) The IRS does not conduct random audits but does conduct “research audits” that will test compliance in business tax categories. In 2010, IRS research audits target payroll taxes. In 2009, the IRS increased tax audits...

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