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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What is an Audit Representation?

Have you received a notice from the IRS stating your return has been selected for examination or audit? 

IRS audits should be taken seriously because they often lead to additional tax years being selected for examination and other tax deductions not originally stated in the audit letter.  IRS tax auditors are experts at evaluating nervous taxpayers and discovering things not covered in the initial audit notice. Having a tax professional on your side can significantly increase the odds of you getting a better outcome in your audit. Having a tax professional represent you before the IRS can be a great decision and can actually end up saving you money.

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