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Yearly Archives: 2016

OECD Ready to Act on Leaks From Panamanian Law Firm Mossack Fonseca

April 11, 2016

Government officials from around the world have called on the OECD to convene a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network to explore possibilities of co-operation and information-sharing, identify tax compliance risks and agree collaborative  action, in light of the “Panama Papers” revelations.

The so-called “Panama Papers” refer to the Huge Leak From the Panamanian Law Firm Mossack Fonseca!  According to Forbes, the offshore planning world was set on fire last week with the news that 11 million documents were leaked from the Panamanian law firm Mossack Fonseca.

The meeting, to be held in Paris on Wednesday 13 April, will bring together senior tax administration officials from countries worldwide.

JITSIC is a network of tax administration officials with responsibility for responding to global compliance risks through active collaboration and fast and effective information exchange with other tax administrations.

The “Panama Papers” revelations contain an unprecedented amount of information, including more than 11 million documents covering 210,000 companies in 21 offshore jurisdictions.  Each transaction spans across a number of different jurisdictions and may involve multiple entities and individuals.

The meeting at the OECD presents tax administrations with a first opportunity to act on the considerable body of information revealed by the “Panama Papers” release.  As a network of tax administrations, committed to sharing intelligence and working together to tackle common risks, the JITSIC Network is well placed to take on this challenge.

While the neither the BBC article, nor a more detailed series of articles from the International Consortium of International Journalists, reference any U.S. client;, U.S. persons will probably show up, given that Mossack Fonseca apparently maintained a branch in Las Vegas, Nevada, under the name of M.F. Company Services and Mossack Fonseca Company Services is currently attempting to fight a subpoena brought in the U.S. District Court for the District of Nevada seeking information on at least 123 companies that it created.

Do You Have Undeclared Income 
From A Foreign Company
Formed By Mossack Fonseca ?
 

 
 Want to Know if the OVDP Program is Right for You?

 
Contact the Tax Lawyers at 
Marini& Associates, P.A.  
 
for a FREE Tax Consultation

at: www.TaxAid.us or www.TaxLaw.ms or
Toll Free at 888-8TaxAid (888) 882-9243

 

 

              

Read more at: Tax Times blog

How The IRS Collects Delinquencies?

April 11, 2016

Afraid To File Your Return Because You Owe IRS? Here's How IRS Collects Delinquencies - Forbes preview image

Afraid To File Your Return Because You Owe IRS? Here's How IRS Collects Delinquencies - Forbes

Many taxpayers are about to file tax returns with balances due on them. The IRS Collection Division attempts to collect delinquent taxes as inexpensively and rapidly as possible. To accomplish this task the IRS makes extensive use of computers.
Only when automated methods have failed to collect a tax is the matter assigned to an individual for collection.
 Have a Tax Problem?
 
 
Contact the Tax Lawyers at
Marini & Associates, P.A.
 
 for a FREE Tax Consultation Contact US at 
www.TaxAid.us or www.TaxLaw.ms
or Toll Free at 888-8TaxAid (888 882-9243).
 

 
 

Read more at: Tax Times blog

Tax Time Guide: Easy Electronic Payment & Payment Agreement Options!

April 11, 2016

As it is tax time we thought that it would be a good time to remind taxpayers that it’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available.

Taxpayers who owe taxes can now choose among several quick and easy electronic payment options, including the following:

  • Electronic funds withdrawal allows taxpayers to E-file and pay from their bank account when using tax preparation software or a tax professional.  EFW is only available when e-filing.
  • Direct Pay. Available at IRS.gov/directpay, this free online tool allows individuals to securely pay their income tax directly from checking or savings accounts without any fees or pre-registration. Payments can be made 24 hours a day and scheduled up to 30 days in advance. Any taxpayer who uses the tool receives instant confirmation that their payment was submitted. Direct Pay has successfully processed more than 10 million payments totaling over $30 billion since its debut in 2014.
  • Credit or debit card. Taxpayers can pay online, by phone or using their mobile device through any of the authorized debit and credit card processors. A convenience fee is charged by the processor. The IRS doesn’t receive or charge any fees for payments made with a debit or credit card. Go to www.IRS.gov/Payments for authorized card processors and their phone numbers.
  • IRS2Go. TheIRS2Go mobile app is free and offers taxpayers the option to make a payment with Direct Pay, or by debit or credit card through an approved payment processor for a fee.
  • Electronic Federal Tax Payment System. This free service gives taxpayers a safe and convenient way to pay individual and business taxes by phone or online. To enroll or for more information, call 800-316-6541 or visit www.eftps.gov.
  • Cash. Taxpayers without bank accounts or if cash is their only option can pay using the new PayNearMe option. Payments are limited to $1,000 per day, and a $3.99 fee applies to each payment. Because PayNearMe involves a three-step process, the IRS urges taxpayers choosing this option to start the process well ahead of the tax deadline to avoid interest and penalty charges. The IRS offers this option in cooperation with OfficialPayments.com/fed and participating 7-Eleven stores in 34 states. Details, including answers to frequently-asked questions, are at IRS.gov/paywithcash.    

An automatic extension of time to file will be automatically processed for those taxpayers who choose to pay all or part of their taxes electronically by the April due date. An extension of time to file is not an extension to pay. Taxes are still due by the original due date. Taxpayers can get an automatic extension when making a payment with Direct Pay, Electronic Federal Tax Payment System or by debit or credit card and select Form 4868 as the payment type.

Taxpayers who choose to pay by check or money order should make the payment out to the “United States Treasury.” Also, print on the front of the check or money order: “2015 Form 1040”; name; address; daytime phone number; and Social Security number.

To help ensure that the payment is credited promptly, also enclose a Form 1040-V payment voucher.

The IRS advises taxpayers to file either a regular income tax return or a request for a tax-filing extension by this year’s April 18 deadline (April 19 for residents of Maine and Massachusetts) to avoid late-filing penalties. This penalty can be ten times as costly as the penalty for paying late.

Taxpayers who owe, but can’t pay the balance in full, do have options. Often, they qualify for one of several relief programs, including the following:

  • Most people can set up a payment agreement with the IRS online in a matter of minutes. Those who owe $50,000 or less in combined tax, penalties and interest can use the Online Payment Agreement to set up a monthly payment agreement for up to 72 months. Taxpayers can choose this option even if they have not yet received a bill or notice from the IRS. With the Online Payment Agreement, no paperwork is required, there is no need to call, write or visit the IRS and qualified taxpayers can avoid the filing of a Notice of Federal Tax Lien if one was not previously filed. Alternatively, taxpayers can request a payment agreement by filing Form 9465. This form can be downloaded from IRS.gov and mailed along with a tax return, bill or notice.
  • Some struggling taxpayers may qualify for an offer-in-compromise. This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay. To help determine eligibility, use the Offer in Compromise Pre-Qualifier, a free online tool available on IRS.gov. Details on all filing and payment options are on IRS.gov.

Owe Tax - Need Help?
Contact the Tax Lawyers at 
Marini & Associates, P.A.
 
for a FREE Tax Consultation
at www.TaxAid.us or www.TaxLaw.ms
or Toll Free at 888-8TaxAid (888 882-9243)
 
 
 

    Read more at: Tax Times blog

    Get Ready For The US Proposed Plan to Require Banks to Identify Owners of Shell Companies!

    April 7, 2016

    U.S. Plans to Require Banks to Identify Owners of Shell Companies

    According to a  blog post entitled  U.S. Plans to Require Banks to Identify Owners of Shell Companies, the United States government is close to issuing a rule that will for the first time require banks and other financial institutions to find out the identities of people hidden behind shell companies.
     The rule is meant to close a major loophole in the American banking system that enables the sorts of secretive financial maneuvers that were thrust into the spotlight this week with the leak of millions of documents from a law firm in Panama.

    That firm, Mossack Fonseca, is one of the largest incorporators of shell companies in the world. The trove of leaked documents, analyzed by more than 100 news organizations worldwide, revealed offshore companies tied to 143 politicians, their families and close associates.

    The documents also showed scores of shell companies doing business with major international banks, including UBS, Credit Suisse and HSBC, that rely on access to the American banking system.

     
     
    Have a Tax Problem?
    Contact the Tax Lawyers at 
    Marini & Associates, P.A.
     
    for a FREE Tax Consultation
    at www.TaxAid.us or www.TaxLaw.ms
    or Toll Free at 888-8TaxAid (888 882-9243)
     
     

    Read more at: Tax Times blog

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