Clik here to view.
Changes to Arizona’s Anti-Deficiency Law
I received the information copied below from Scott Stein, who is a real estate attorney I know and thought it was worth sharing. All of us have clients or know someone who has been affected by the...
View ArticleClik here to view.
ASCPA and ABA Joint Mixer
I had the privilege of attending the joint mixer with the Arizona Society of CPAs and the State Bar of Arizona that was held at the Tempe Center for the Arts yesterday evening. As always the ASCPA...
View ArticleClik here to view.
Practicing Accounting without a License
The Journal of Accountancy reported on January 5, 2010 that “The IRS on Monday announced plans to require mandatory registration of all paid, signing tax return preparers as well as competency testing...
View ArticleClik here to view.
Government Launches New Consumer Fraud Website
In November of 2009 President Obama established the Financial Fraud Task Force to investigate and punish individuals responsible for the nation’s current financial crisis, and to put the regulations in...
View ArticleClik here to view.
IRS suspends reporting on Forms 8621 and 8938
IRS released Notice 2011-55 yesterday. FATCA under HIRE Act brought about many changes to the Passive Foreign Investment Companies (PFIC) reporting regime and made Form 8621 mandatory for all taxpayers...
View ArticleClik here to view.
Hiding income offshore is the top tax scam – IRS reminds taxpayers
IRS Tax Tip 2011-08 lists tax evasion due to hiding of income offshore as the top tax scam. We would like to remind all US citizens and permanent residents that their worldwide income is subject to tax...
View ArticleClik here to view.
A New Era for Business Valuations
The U.S. Government has had a AAA credit rating for the last 70 years, but that ended on Friday, August 5, 2011. With Standard & Poors downgrading the United States debt rating to AA+ from AAA...
View ArticleClik here to view.
Form 8938 – Draft instructions released by IRS
HIRE Act of 2010 enacted Code Section 6038D that provided that individuals as well as certain domestic entities with interest in “specified foreign financial assets” must attach a disclosure statement...
View ArticleClik here to view.
Are safe deposit boxes and artwork foreign financial assets for Form 8938?...
Last week IRS updated the FAQs on its website regarding reporting on Form 8938 and added few more questions. Few noteworthy clarifications are: Tangible assets held for investment (e.g., art, antiques,...
View ArticleClik here to view.
IRS releases draft version of Form W-8IMY for FATCA compliance
IRS yesterday released a draft version of Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding, to accommodate the...
View ArticleClik here to view.
IRC 956 income is not qualified dividend – Fifth Circuit affirms
In Osvaldo Rodriguez et ux V. Commissioner, the fifth circuit recently upheld the decision in a transaction involving inclusion of IRC 956 income with respect to the taxpayers’ Controlled Foreign...
View Article
