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IRS releases new program for certain U.S. Expats
IRS releases new program for certain U.S. Expats

This week the IRS released a new program to give certain expats relief from taxes in specific situations according to Mary Beth Lougen COO of Expat Tax Tools. The new program is aimed at “accidental Americans” and should provide relief from U.S. taxation to many currently affected.

Accountants move into cryptocurrency
Accountants move into cryptocurrency

Accountants are delving into the complexities of digital currencies such as Bitcoin and Ethereum to help their clients keep track of cryptocurrency assets.

IRS has begun sending letters to virtual currency owners advising them to pay back taxes & file amended returns
IRS has begun sending letters to virtual currency owners advising them to pay back taxes & file amended returns

WASHINGTON — The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.

Court dismisses challenge of deal that helps U.S. nab tax cheats in Canada
Court dismisses challenge of deal that helps U.S. nab tax cheats in Canada

The federal government has shared more than 1.6 million Canadian records with the U.S. tax service A Canada-U.S. deal that lets Canadian financial institutions send customer information to U.S. authorities to help track down tax cheats does not violate the Charter of Rights and Freedoms, a judge has ruled.

Federal Court of Canada Justice Anne Mactavish dismissed an appeal from two American citizens, Gwendolyn Louise Deegan and Kazia Highton, who now live in Canada and have no real ongoing connection with the United States.

The U.S. Foreign Account Tax Compliance Act, or FATCA, requires banks and other institutions in countries outside the United States to report information about accounts held by U.S. individuals, including Canadians with dual citizenship.

Everything Old Is New Again As IRS Releases Form 1040 Draft
Everything Old Is New Again As IRS Releases Form 1040 Draft

Just six (or so) months after the Internal Revenue Service (IRS) released the much talked about – and maligned – form 1040 for the 2018 tax year, there’s a new draft in town. Here’s a quick peek at the latest version, intended for the 2019 tax year.