Senate Hearings and Department of Justice/IRS Actions Likely to Drive up Reports of Foreign Banks and Financial Accounts (FBAR)

43,000 Taxpayers have disclosed their offshore accounts to IRS as Senate wants numbers to rise. Direct Tax Relief (DTR) assists clients with FBAR requirements On February 26, 2014 the Senate Permanent Subcommittee on Investigations held a hearing on “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts” (The Permanent Subcommittee on Investigations-Hearings-2/26/14).
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IRS Increases Number of Audits by Over 12% Resulting in $38 Billion in Additional Tax Due From Taxpayers

The Internal Revenue Service’s Statement of IRS FY 2012 Fiscal Performance Results (Last revised and updated December 31, 2013) listed that the IRS increased examinations across all categories by more than 12% in Fiscal Year 2012 (October 1, 2011 through September 30, 2012). The Internal Revenue Service Data Book
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