The IRS has over the last few years strengthened implementation of reporting requirements for foreign financial assets held by US citizens/residents. While the FBAR (Foreign Bank Account Reporting) rule has been in force since 1972, FATCA (Foreign Account Tax Compliance Act) was enacted in 2010 to enforce United States Persons living in the US and […]
How to know if an IRS audit is round the corner?
With ever-improving improved detection systems and computerized checks, the IRS can more easily identify red flags that trigger the IRS audit. Contact typically starts with a letter requesting more information and can lead to in-person meetings. It is usually triggered by a tax return that contains something unusual, such as an above-average deduction or […]