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October 2015 Archives

Can't pay your back taxes all at once? You have other options

You have just learned that you do, in fact, owe the Internal Revenue Service thousands of dollars. You received a letter pointing out a discrepancy, and you went back through the return and all of your tax records for that year. When you realized that the IRS was right, you got that tight feeling in your chest, or a headache took hold or you; you may even have blacked out.

Offshore account enforcement is paying off big for IRS

If you thought the Internal Revenue Service was being a little overzealous in its implementation of the Offshore Voluntary Disclosure Program, take a second look at the results. Since 2009, the IRS said recently, more than 54,000 taxpayers had reported foreign assets that they had not reported before. Those filings mean an additional $8 billion in tax collections for the agency. That is enough money, according to one local wag, to add a few people to the call center.

That audit letter may not be from the IRS, p. 2

Statistics about individual income tax audits are hard to pin down, but a 2006 report by the Office of the Legislative Auditor found that the state of Minnesota conducted early audits on about 4 percent of individual returns and post-processing audits on about 2 percent of returns. Back in March, Forbes reported that the IRS audits an average of about 1 percent of individual returns.

IRS sharing taxpayer info around the globe, looking for money

People who keep some of their money in foreign banks or investments had better make sure they are reporting that income to the proper tax authorities. The IRS has begun exchanging taxpayer information with their colleagues in as many as 34 other countries, The Wall Street Journal reports.

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