Monthly Archives: June 2012

eFile an FBAR? Use Internet Explorer, Not Firefox or Chrome

Posted on June 28, 2012 by Russ

Some of my clients have had problems efiling the FBAR on the BSA system. The FINCEN support group have confirmed that the system works only using Internet Explorer. So if you need to file an FBAR, use Internet Explorer, not … Continue reading →

Posted in International | Tagged | 1 Comment

IRS Announces New Procedure on RRSPs; Jaywalkers Apparently No Longer Subject to Firing Squad

Posted on June 27, 2012 by Russ

The IRS announced yesterday a new procedure to deal with “low compliance risk” taxpayers who have innocently not filed FBARs or tax returns noting their RRSPs (a Canadian retirement account similar to a 401(k) or IRA). While the full details … Continue reading →

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Can Online Gambling Help Solve State Debt Woes?

Posted on June 25, 2012 by Russ

That’s the question this FoxBusiness report asks. (I am quoted in the story.) Of course, convincing politicians that enacting something that the public actually wants and that brings in tax revenues that the public wants to pay should be a … Continue reading →

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Stockton Likely to File Chapter 9 Bankruptcy This Week

Posted on June 25, 2012 by Russ

I used to work in Stockton, California. It’s a city east of the San Francisco Bay Area in central California. It’s in the San Joaquin Valley, and in recent years grew into a bedroom community for the Bay Area. And … Continue reading →

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49ers Sacked by Santa Clara County

Posted on June 25, 2012 by Russ

The San Francisco 49ers want a new stadium instead of playing at Candlestick Park. And in 2010 voters in Santa Clara approved the financing of a stadium. However, a monkey wrench was thrown into the plans last week when Santa … Continue reading →

Posted in California, Property Taxes | Tagged | 1 Comment

Charging Money for Canadians to Commit US Tax Fraud Doesn’t Work Well

Posted on June 24, 2012 by Russ

Have I got a deal for you! Did you know that even if you have never submitted a tax return in the US that you can get a refund? Yes, thanks to the magical (and mythical) bank account sitting at … Continue reading →

Posted in Tax Fraud | 1 Comment

California Cigarette Tax Voted Down

Posted on June 24, 2012 by Russ

Proposition 29 on the June ballot in California would have increased cigarette taxes in the state by $1 per pack. On Friday, supporters officially threw in the towel and conceded defeat. Though there are 110,000 votes still to be counted, … Continue reading →

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Indians Win One Against New York

Posted on June 24, 2012 by Russ

No, it’s not the Cleveland Indians beating the Yankees; rather, the St. Regis Mohawk Tribe beat the New York Tax Department. After the New York cigarette tax on name-brand cigarettes sold on Indian lands some tribes decided to make their … Continue reading →

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FBAR Due Next Saturday, June 30th

Posted on June 24, 2012 by Russ

Anyone with $10,000 in one or more foreign financial accounts (determined by taking the maximum balance of each account at any time during the year, summing the maximums, and comparing the sum to $10,000) must file Form TD F 90-22.1 … Continue reading →

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Corruption Alleged at Canada Revenue Agency

Posted on June 19, 2012 by Russ

There may be some shenanigans happening north of the border. Canada’s Globe and Mail reports that the Royal Canadian Mounted Police are investigating officials at Canada Revenue Agency over a a $1 Million alleged kickback scheme. The allegations revolve around … Continue reading →

Posted in Canada | Tagged | 1 Comment