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Goldburd McCone LLP
New York City Tax Lawyers

August 2016 Archives

More than half of bank FATCA filings have mistakes

If you have foreign bank accounts, you are probably already aware of how important it is to report these accounts to the U.S. Government. Under the Bank Secrecy Act (BSA), any United States person (citizen or resident) who has a financial interest in or signature authority over any financial account in a foreign country with an aggregate value of over $10,000 at any time during the calendar year, must file a FinCEN Form 114 Report of Foreign Bank and Financial Accounts or "FBAR".

Facebook potentially facing billions in tax liabilities

Facebook's current market value is estimated at $350 billion. Given its sustained success, Facebook may be in a better position than most companies to deal with the rigors of an audit. With this said, it could be facing a tax debt of many billions of dollars. In a quarterly report released last month, Facebook revealed the IRS claimed it owed between $3 billion and $5 billion. This figure does not include penalties and interest.

The IRS Is Changing Its Approach to Business Audits

The IRS has devoted fewer resources to auditing business taxpayers in recent years. While this fact is cold comfort to any company that has endured or is enduring IRS scrutiny, the fact remains that the IRS has not devoted the time or personnel to business audits that it once did.

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