Showing posts with label irs foreign audits. Show all posts
Showing posts with label irs foreign audits. Show all posts
March 16, 2014
July 18, 2013
WHAT IRS LOOKS AT TO DETERMINE IF IT WILL AUDIT YOUR TAX RETURN
Great flow chart graphic (see link below) showing the statistics and criteria for audit by the IRS. Note that foreign bank accounts are one of the criteria. The IRS has recently significantly increased teh audits of expatriates living abroad . Those audits are conducted by mail, phone, etc. You will need written documentation to support anything they question on your return (without written documentation you will lose the deduction).
The IRS will often test your reported income by asking to see your bank statements, etc. to determine how much money is going through those statements and compare it with your reported income. Any difference must be explained. Your lifestyle (home costs, living expenses, etc) must also be supported by your income or you may have to explain and prove where the additional funds to support it come from.
LINK TO AUDIT CRITERIA AND STATISTICS http://www.entrepreneur.com/article/227437.
Email us if you need experienced attorney/CPA tax audit representation
The IRS will often test your reported income by asking to see your bank statements, etc. to determine how much money is going through those statements and compare it with your reported income. Any difference must be explained. Your lifestyle (home costs, living expenses, etc) must also be supported by your income or you may have to explain and prove where the additional funds to support it come from.
LINK TO AUDIT CRITERIA AND STATISTICS http://www.entrepreneur.com/article/227437.
Email us if you need experienced attorney/CPA tax audit representation
January 30, 2012
India Signs International Tax Treaty to Exchange Tax Info with IRS
The new treaty will provide for mutual assistance and exchange of information between India and the other members of the Agreement. One member is the USA. It not only provides for exchange of information between the taxing agencies (IRS) but also provides for assistance in recovery of taxes.
It provides for simultaneous tax examinations in other countries and sharing of relevant information. It also allows tax officials from one member country to enter the other to interview individuals and examine records. The information received from another country can be used also for money laundering investigations.
Read more and the names of the Member nations in this Article from The Hindu
If you have been living in India and not filing your US tax return on your worldwide income even though you are a US Citizen or Green Card Holder, now is the time to catch up and become current with your returns. In the past few years we have helped hundreds of US taxpayers catch up and saved them untold sums in penalties and interest.
DOWNLOAD OUR EXPATRIATE TAX RETURN QUESTIONNAIRE HERE, and send it to us for a fee quote subject to your approval. It can be used for all past unfiled tax years.
It provides for simultaneous tax examinations in other countries and sharing of relevant information. It also allows tax officials from one member country to enter the other to interview individuals and examine records. The information received from another country can be used also for money laundering investigations.
Read more and the names of the Member nations in this Article from The Hindu
If you have been living in India and not filing your US tax return on your worldwide income even though you are a US Citizen or Green Card Holder, now is the time to catch up and become current with your returns. In the past few years we have helped hundreds of US taxpayers catch up and saved them untold sums in penalties and interest.
DOWNLOAD OUR EXPATRIATE TAX RETURN QUESTIONNAIRE HERE, and send it to us for a fee quote subject to your approval. It can be used for all past unfiled tax years.
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