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July 2016 Archives

Decision in federal tax refund lawsuit may prompt IRS reforms

Tax controversies that go to trial may result in favorable precedents, possibly even impacting IRS procedures. In a recent example, commentators question whether a federal tax refund lawsuit brought by Wells Fargo & Co. may spur other refund claim filings and/or reforms. The dispute involved the application of underpayments and overpayments from a business unit that Wells Fargo had acquired by merger.

Can one's credit score be restored after a tax lien filing?

Being on the receiving end of a federal tax lien can be unwelcome, for a variety of reasons. The lien will show up on an individual’s credit history check, with the likely result being either denied credit or qualifying for new credit only under an exorbitantly high rate of interest. A federal tax lien may also last for up to ten years, although the IRS generally will release it within 30 days of receiving payment of the tax debt at issue.

Is the IRS losing revenue by discouraging voluntary compliance?

American taxpayers with foreign bank accounts might face steep penalties for failing to report their assets to the Internal Revenue Service. Pursuant to a 2010 law called the Foreign Account Tax Compliance Act, foreign banks must file reports or face penalties themselves. FATCA has helped the IRS learn about many taxpayers’ previously undisclosed accounts.

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