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Tax Controversies Archives

Many expatriates share London mayor's outrage on global taxation

It’s been awhile since we wrote about the IRS’s ongoing efforts to collect taxes from U.S. taxpayers on income from outside the United States. Implementation of the Foreign Account Tax Compliance Act (FATCA) has raised the ante on those efforts in recent months.

Past-due returns, part 2: steps you can take to resolve tax debt

In the first part of this post, we began discussing the issue of past-due tax returns. As we noted, there are several actions the IRS can take against you when you don’t file. These include filing a substitute return and initiating collection proceedings.

Are new limits possible for individual retirement accounts?

Currently, no limits exist to the amount a U.S. taxpayer can accumulate in an individual retirement account. A recent report from the Government Accountability Office found that roughly 9,000 individuals have more than $5 million saved in IRAs. The value of a 314 accounts tops $25 million. However, the vast majority of IRAs contain less than $1 million.

IRS takes closer look at fringe benefits in company audits

Technology employers have been known to offer the benefit of free meals to encourage collaboration and also longer hours. While not all employers go to the extent of free meals, most do offer coffee, tea and the occasional gift card as perks to improve performance.

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