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October 2018 Archives

What to look for on an IRS audit notice

Last year, the IRS audited about 1 million tax returns. While overall the 0.5 percent rate is low, the rate increases for high income earners. On the other end of the spectrum, those who claim an Earned Income Tax Credit (EITC) are also more likely to get an audit notice.

Charitable record keeping depends on the value of the gift

Over the summer, the IRS published final regulations with charitable contribution substantiation and reporting rules. You should now keep a record for all cash gifts that you will use as a tax deduction – a letter from the organization or a bank statement is usually enough.

FATCA conviction shows long arm of U.S. offshore crackdown

The Foreign Account Tax Compliance Act (FATCA) came with a stick as well as carrots. The federal law requires foreign financial institutions to share U.S. taxpayer information for holdings whether through direct ownership or another foreign entity. The aim was to make it harder to hide assets offshore to avoid federal tax.