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

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).

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

IRS Criminal Investigation Issues Annual Report: 18% Gain in Prosecutions and Convictions Rose More Than 25% Compared to the Prior Year

It was announced by the Internal Revenue Service on February 24, 2014 (IR-2014-18) that the Criminal Investigation Division (CI) has released its Annual Report for Fiscal Year 2013 (IRS-CI Fiscal Year 2013 Annual Business Report).

Continue ReadingIRS Criminal Investigation Issues Annual Report: 18% Gain in Prosecutions and Convictions Rose More Than 25% Compared to the Prior Year

National Taxpayer Advocate Issues Annual Report to Congress: Emphasis Needs to be Placed Taxpayer’s Rights

A report shows less than half of taxpayers know they have rights before the IRS. Direct Tax Relief assists clients that have audits or balances due with the IRS and educate them on their taxpayer's rights

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Offer In Compromise Submissions To IRS Increase As Does Acceptance Rate

The Internal Revenue Service Data Book (Publication 55B issued March, 2013) for the Fiscal Year, 2012 noted that for the fiscal year (October 1, 2011, through September 30, 2012) the number of offers submitted rose 8% from 59,000 in the fiscal year 2011 to 64,000 for the fiscal year 2012.

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