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| What are the rules regarding Foreign Bank Accounts? |
Dec 04, 2016 - 5:36 PM - by TaxGuru |
Here are the new the "New Rules regarding Foreign Bank Accounts." |
1. Does the taxpayer have a foreign bank account? Was the balance in the account(s) greater than $10,000 total? If the answer is yes to both, then the taxpayer would need to file what's commonly referred to as an "FBAR," a foreign bank account reporting form.
The new name is FinCEN Report 114, FinCEN being an acronym for Financial Crimes Enforcement Network.
... [Read More]
| How to handle removing Excess Contribution from IRA |
Nov 24, 2016 - 9:20 PM - by ajaykumar |
I am little confused and don't see any clear guidelines how to handle the situation. i am filing taxes online for many years. |
So here is the situation -
In 2013, i moved my previous employer 401k ( i worked till 2008 for that employer) to Regular IRA and received form 1099-R with Distribution Code 'G' for $5000.00.
But this months (nov 2016) received a letter from my previous employer stating there was error in calculating before tax amount and i should ask for... [Read More]
| Identity Theft an Ongoing Concern on the IRS Annual "Dirty Dozen" List of Tax Scams to Avoid |
Feb 02, 2016 - 12:32 PM - by TaxGuru |
The IRS today issued a filing season alert warning taxpayers to watch out for identity theft at tax time and highlighted the crime as the first scam in the agency?s ?Dirty Dozen? series. |
Over the course of the past year, as part of the Security Summit initiative, the IRS partnered with states and the tax industry to enhance coordination and create a more secure system for taxpayers.
Security Summit participants, including the IRS, will regularly share details of... [Read More]
| Here are 5 reasons why small business owners should put their spouse on payroll? |
Sep 23, 2015 - 12:38 PM - by TaxGuru |
Clearly, your spouse would be both a trustworthy and reliable employee would be perfect to work as an official employee of your business. By adding your spouse on the payroll you can gain potentially five tax benefits. |
1.Build up tax favored funds for retirement
Your company can deduct contributions made to a qualified retirement plan on your spouse’s behalf. If your company has a defined contribution plan, you can deduct contributions up to 25% of... [Read More]
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