IRS Increases Offshore ‘Amnesty’ Penalty From 27.5% To 50% for Certain Taxpayers Effective August 4, 2014
As discussed in our post on June 24, 2014, the IRS has announced important changes to its offshore voluntary account programs. These changes were announces as FATCA took hold worldwide on July 1, 2014. One of the biggest changes announced by the IRS was the changes made to the main disclosure program knows as the […]
Tax News: IRS To Limit Number of Direct Deposit Refunds Into a Single Account
The IRS has announced that beginning in January 2015, only 3 direct deposit refunds will be able to go into any single financial account. The fourth and following refunds will automatically convert to a paper check that is mailed to the taxpayer. This change is an attempt to prevent fraud and identity theft issues. Frequently, […]