1 (844) 312-8670

1 (844) 546-2615

info@expattaxtools.com

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.

The CRA sent more than 700,000 documents to the IRS in 2017
The CRA sent more than 700,000 documents to the IRS in 2017

Intergovernmental agreement between Canada and the U.S. targets offshore tax evasion

The Canada Revenue Agency (CRA) sent more than 700,000 records to the U.S. Internal Revenue Service (IRS) in 2017 as part of a tax-information sharing deal between the two countries, said a CRA official during a roundtable discussion at the annual national conference of the Canadian arm of the Society of Trust and Estate Practitioners (STEP Canada) in Toronto on Friday. The figure is current as of April 2019.

In 2014, the Canadian government signed an intergovernmental agreement (IGA) with the U.S. to exchange tax information on each other’s tax residents on an annual basis…

IRS Announces Tax Season Start Date Despite Government Shutdown
IRS Announces Tax Season Start Date Despite Government Shutdown

The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 28, 2019. The IRS will begin accepting paper and electronic tax returns that day.

The IRS made the start date announcement despite the ongoing government shutdown. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig…

IRS fines Toronto man $165,000 for not filing forms; CRA helped collect

By Patrick Cain
National Online Journalist, News Global News

A U.S. federal court has upheld a $165,000 penalty against a Toronto man for not filing forms reporting his Canadian business on his U.S. tax returns.
Donald Dewees, a 76-year-old U.S. citizen, has been living in Canada since 1971. He had been paying taxes in Canada, but not filing U.S. tax returns, which U.S. law required him to do.
His lawyer, Mark Feigenbaum, calls it “a rule that a lot of people don’t know about.”

Read the full article at Global News.